In these audiograms, taken from Episode 21 of The Healthcare Leadership Experience, Lisa Miller is joined by her producer, Lisa Larter, and Rich Dormer and Bryan Covert from the VIE Healthcare team. Together they explore why hospitals should engage a healthcare consulting firm.
What Should Hospitals Expect When They Engage a Healthcare Consulting Firm?
First, to achieve and deliver actual cost savings. Your consulting firm should also provide insights into how other successful organizations are performing, while bringing new and innovative ideas to the table. A healthcare consulting firm should reduce your workload to help you achieve more.
The Three Levels of Healthcare Consulting Firms
The first is knowing your organization has a problem, for example, you have an RFP for nutrition services and select the best proposal. The second level is identifying opportunities. The consultant provides you with relevant data and recommendations. At the third level, you know you have a problem but don’t have the resources or expertise to identify it. In this scenario, your consultant partners with your hospital to deliver and implement solutions.
Three Key Questions for Client Outcomes
Every hospital should ask three key questions:
- Can we be sure we’re uncovering all margin improvement opportunities?
- How can we be confident about decisions and execution on financial management?
- Will we know we’re achieving exceptional results? (Results should always be above market outcomes).
If You Engage VIE As Your Healthcare Consulting Firm
At VIE, our job is to support healthcare organizations to succeed. We partner with hospitals and health systems, working in the background to extend their knowledge and provide relevant training. We have the privilege of supporting the business side of healthcare so our clients can focus on delivering exceptional patient care and saving lives. During the pandemic, VIE worked with an independent community hospital to identify potential cost savings. In just over 6 months, we identified $2 million in annual savings and recouped over $100,000 in over and in