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In this video, we discuss three ways to extract unnecessary costs in your purchased services spend.
1. Pricing AnalysisIt's important to understand where your pricing is compared to the market. Click To Tweet
It’s not just pricing within your GPO, but rather a pricing analysis that extends across the complete marketplace. You need to choose a partner who can provide you with a thorough insight into pricing and have the ability to extract line item details.
2. Utilization Review
You can’t just take a snapshot of a few weeks or a month. The ability to understand your line item spend for your historical 12-18 months is absolutely critical. You need to know your detailed line item utilization of a particular purchased service spend for at least 12 months to get an accurate picture in order to extract unnecessary costs.
3. Understanding Your Off Contract Spend
Your hospital needs to understand the items and services you’re using utilizing that aren’t on the contract. We often see this in reference labs in particular, where over time, more tests are being utilized and these items, which aren’t on contract, leads to paying more.
Learn more about these three critical steps in the video above and how VIE Healthcare Consulting can help your hospital in cost-saving initiatives.
For a complimentary consultation, call our office today at 1-888-484-3332, Ext 500 or email us at [email protected]