A recent post on Healthcare Finance News provides “Purchasing Insight” into the “growing hip implant market.” The senior analyst who authored the piece explains that hip implants are predicted to increase, and by purchasing intelligently, hospitals can increase their revenues and maintain profitability into the future.
One method for intelligent purchasing is standardization. Choosing one vendor to purchase hip implants from creates higher volume purchases and allows for greater negotiating power. Additionally, standardization can help reduce costly waste and mix-ups or errors. Standardization is often the most sophisticated level of cost reduction and can require significant management and clinician buy-in; however, it is also often the most profitable measure.
To maximize revenue, purchasers should find a trusted source who can verify that the hospital’s pricing is in line with the market. Standardization can be an intensive process, and it’s worth ensuring that the result is achieving the best possible pricing. But how do purchasing directors find a ‘trusted source’?
The most valuable sources have the most information – collected over years and updated regularly – available to share with their partners and clients. Databases should include national pricing information, but must also be organized regionally to ensure true market competitiveness.
However, it is not enough to be valuable – the ‘trust’ in a trusted source is equally if not more important, and comes from the foundation of solid relationships. A source should be an ongoing resource that the purchasing director can call upon when needed and trust to have the hospital’s best interests in mind at all times.
VIE Healthcare is honored to have the trust of many of our hospital partners. If you’d like to get to know us, call 732-359-7646 today.