Our firm has been responsible for hundreds of strategies, solutions and ideas for expense reduction.
Let’s take a look at five which can be actioned right away, or at least reviewed or looked into.
The first is unclaimed funds. You can go on your state’s website and look up your organization to see if you have unclaimed funds that are due to your hospital. Check your hospital name and check other affiliations. This may be a near instant way to bring revenue right back to your hospital.
The second, take a look at merchant cards. Your hospital and your affiliates accept credit cards. A great way to recapture some money is to reduce the cost of those fees. Merchant card reviews should be done on a periodic basis, and it’s a great way to drive revenue.
The third, and it often gets overlooked…bank fees.
We’ve had clients that have saved hundreds of thousands of dollars just by re-negotiating their bank fees.
Your real estate leases is the next item on the list. Again, this is an area that’s often overlooked. There are significant costs in CAM charges, the ones that get assessed on an annual basis for electricity, snow removal, lawn maintenance, and other fees that sit outside of the actual rent cost. It’s imperative to keep a pulse on this.
Again, our clients have saved hundreds of thousands of dollars just by taking an annual look at their real estate leases.
And finally, workers compensation costs. This is an area that needs to be audited on an annual basis. There are financial miscalculations, wrong classification codes, and wrong experience modification codes. You can drive additional savings and additional revenue by taking a deeper look into this area.
Get a handle on your expenses before they get out of hand!
What’s one other quick, but overlooked area to review potential savings?
The audio version of this entry is at the bottom of this post.