- Human Biospecimens
- For Researchers
- For Biospecimen Contributors
- For Patients
July 28, 2015
In the wake of the Affordable Care and HITECH Acts, hospitals continue to face many operational and financial challenges and are being asked to do more with less. One of the biggest hits includes an ACA provision that cuts Medicare payments by $260 billion over 10 years. Yet at the same time, adopting new technologies to stay compliant and up-to-date is still a necessity. With full implementation of health reform provisions expected by 2022, it is clear that the road ahead will be paved with administrative expenses, payment cuts, and technology expenses. Ultimately, it should be worth it, with reform promising better care and lower costs in the long run.
As hospitals scramble to implement new programs directly based on reform requirements, it is important to understand the incremental benefits of all hospital programs, as the trickle over effect may bring unexpected benefits to certain reform goals. For example, each year, hospitals destroy millions of remnant human biospecimens that could be put to good use to advance research efforts. Hospitals that elect to repurpose remnant biospecimens into research are in a unique position to not only support medical discovery but also contribute to their bottom line – both advantageous results with regard to reform goals as well.
The infographic above details several different benefits from the iSpecimen technology as they relate to reform priorities. As hospitals continue look for synergistic programs to meet reform requirements and financial goals, it is helpful to look at the total picture of how discrete programs affect multiple operating areas.