Unparalleled Cost Savings in Your Purchased Services Spend
VIE Healthcare Has Been on the Frontlines of Reducing Purchased Services Spend Since 1999.
The VIE Healthcare Advantage -
The Only Comprehensive Cost Savings Solution™
Purchased services agreements are an essential part of hospital cost management. Many health care services include medical supplies procurement, third-party vendor services, pharmacy programs, and other service levels. While many of these purchased services are essential for U.S. healthcare organizations to succeed, they can also be financially taxing for health care providers. When your budgets are tied up by third-party services, medical supplies contract management, and supplier contract difficulties, it can impact stakeholders, affect supplier relationships, and lower patient satisfaction rates.
To remain profitable in today’s competitive industry, hospitals must innovate ways to save money on purchased services year over year. Unfortunately, every hospital and healthcare system is different, and no single tool or strategy can create cost-savings solutions for all. That’s why we fully customize an approach that allows you to concentrate on your core strength: providing exceptional patient care. We help hospitals achieve significant margin improvement through the industry’s best price benchmarking, contract analysis, data analytics, and the development of a thorough cost reduction strategy. When you can use key performance indicators to streamline your procurement process and hit national benchmarks, it’s much easier to empower your brand and your collaborators
To fully understand the savings potential of a comprehensive data solution, it’s important to fully understand purchased services in healthcare. Commonly, healthcare brands spend money within six primary categories. These are broken down into clinical services,
Our unique process:
- Achieves dramatic cost savings in high areas of spend. Common spend areas include physician preference items (PPI), personal protective equipment (PPE like surgical masks), services agreements and service costs, and supply chain department expenses.
- Centralizes the decision-making and purchasing process. When you consolidate your decision-making, it’s much easier to adhere to U.S. healthcare industry best practices.
- Consolidates different contracts for the same service. Contract consolidation is a critical component of any effective services program, primarily working with diverse suppliers that share a standard utility. Often, healthcare facilities don’t suffer from a lack of operational metrics. Logistics, human resources, and capacity limits impact how a team of experts interacts with data which can directly impact the dollars of savings your brand sees.
- Identifies your hospital’s current performance on key indicators. This means that you can review existing utility invoices, service contracts, supply chain payments, and vendor data benchmarks to determine how your brand handles the complexity of unique categories. Your response to your healthcare facility’s performance can affect how you move forward and promote cost-savings visibility.
- Implements appropriate financial controls to stop leakage of savings. From labor operating expense data to ambulatory surgery center supplier costs, finding the right price can help you offset savings leakage. No matter the service category or vendor, implementing financial controls offers more excellent savings opportunities throughout the health system.
- Prevents over-billing and cost overruns for purchased services. These services include advisory services, environmental services, medical supplies distributors, clinical services, and much more. Addressing your brand’s services expenses is often the first step that a healthcare organization should take to further its mastery of market intelligence.
- Achieve guaranteed margin improvement with our automated, patented technology, Invoice ROI™. When healthcare providers can improve their margins, it impacts healthcare executives like the CFO, hospital suppliers, and team members. These margin improvements allow you to reinvest in innovative services that can improve patient outcomes and offer more excellent reliability. In addition, when you hit margin growth, you can use your capital to streamline your supply chain department, improve your bottom line, and purchase practical analytic tools that keep your healthcare facility apprised of its financial performance.
Whether you’re trying to understand clinical services expenses, purchase orders, or other data within your contract portfolio, the right consultant can help you excel. To learn more about purchased services and supply chain spend and to interact with your brand’s most significant data sources, contact VIE Healthcare Consulting today. We help brands across the nation make critical business improvements that enable greater financial flexibility, industry viability, and patient care success. With the right cost-savings opportunities, you can invest in innovation, quality, and care within your healthcare brand.