A January article published by Healthcare Finance News posed the question: Can hospitals maintain high quality care while cutting costs? The author explains that hospitals must cut costs due to low reimbursement rates but must still maintain high quality to attract patients, especially the newly insured. These are real issues faced by hospital administrators across the country. Implementation of the Affordable Care Act has made health insurance available to thousands of people, representing a new market opportunity. However, the continuous decline of inpatient stays and new regulations to prevent readmissions has lowered revenue, forcing CFOs to evaluate hospital costs. All of this has brought the balance between high quality and cost cutting to the forefront.
Luckily, VIE Healthcare has already proved that high quality and low costs can co-exist. For nearly 15 years, VIE has partnered with hospitals across the nation to provide non-disruptive cost consulting. VIE’s evidence-based approach begins with a comprehensive spend analysis, identifying areas of opportunity that offer the most impact. VIE completes extensive research on local and regional spend, allowing clients to enter negotiations with unmatched knowledge and expertise. When hospitals have this upper hand, they secure cost reductions without sacrificing quality.
The results speak for themselves. One of VIE’s most recent clients achieved a 20% profit margin in the same year they were recognized with the Governor’s Silver Quality Award, a rise from last year’s Bronze Award. High quality care and cost cutting can go hand-in-hand, and VIE Healthcare helps hospitals get there. To learn more, visit www.viehealthcare.com or schedule a free consultation by calling Denise Bisogno at (732) 359-7646 ext. 500.