The hospital spent $463,331 in FY22 directly on the cardiovascular registries. The direct benefits totaled $917,270 for FY22. In aggregate, there is a monetary benefit to participating in cardiovascular registries. However, only three registries contribute to this positive outcome, pay for themselves, and resulted in a continued participation recommendation. To ensure quality and maintain sound stewardship of financial resources, an analysis was completed to understand the direct monetary costs and benefits of participating in the cardiology-related, national registries. Participants in this session will be able to apply the knowledge gained at the session to review the financial viability of national & state registry participation at their hospitals. With labor shortages and tighter reimbursement margins, understanding the investment compared to the impact on quality registries will be imperative for the financial health of hospitals and lines of business moving forward.
Problem: An academic medical hospital in the Midwest currently participates in eight cardiovascular surgery registries and 14 total registries across the entire hospital. No analysis had been completed to understand the monetary costs and benefits of participating in these registries, which is critical to capture the value of quality data
Measurement: A cost-benefit analysis was utilized for measurement. Data for monetary costs and business risks came from historic invoices, historic billing data, and historic case volume from the fiscal year 2022
Analysis: The scope was rigorously defined by including only costs and benefits which are directly impacted by the registries. Direct costs and direct benefits (or business risks) were identified and assigned a dollar value. Registries were considered valuable if the total annual return was positive
Implementation: An analysis template was created to analyze each cardiovascular registry which can be utilized across the hospital for any national or state registry. The difficult nature of accurately attributing indirect benefits was mitigated by phasing the analysis and monetizing indirect benefits only for select registries.