Identifying and achieving cost savings in your hospital needs to be done with care and constant monitoring. It needs a dedicated, strategic approach to ensure accuracy and success.
VIE Healthcare Consulting has formulated a 5 step strategic approach that your hospital can use as a blueprint for achieving results:
1. The Contract Review
It’s important to obtain all the contracts and addendums and to review them. You need to ensure you have price files, all the language and the parameters within the contract, specifically the penalties, the commitments and the incentives.
2. Comparing Contracts to Invoices
Usually, hospitals don’t have visibility to this crucial component of cost savings. Often, through a thorough review, you’ll uncover incorrect pricing which can lead to cost savings once it’s corrected.
3. The Optimization and Utilization
Hospitals need to not only look at the last 12 months, but specifically the last 1-3 months worth of invoices and line item details. This shows you, as Wayne Gretzky says, “where the puck is going” and not just where it is now.
4. The Discussions with End Users
Front line feedback is crucial in your cost-saving efforts. Click To Tweet
Getting inside the heads of front line users and gathering their insights provides your hospital with the information it needs to ensure nothing is being missed in the first three steps of the process and also to ensure details privy only to the front line are uncovered.
A lot of companies benchmark prior to engaging the first four steps in this process, which often leaves money on the table. We save this step for last to make it as efficient and accurate as possible. The most effective benchmarking can only occur with adequate information and data.
Watch the video above for greater detail on each step, examples, and a full overview of our industry-leading approach.
For a complimentary consultation, call our office today at 1-888-484-3332, Ext 500 or email us at [email protected].