Our Hospital Cost-Saving Strategies Optimize Your Profits
We Benchmark Your Current Spending Against Your Vendor Contracts and Find Areas for Cost Improvement & Reduce Overpayments Hidden in the Line Items.
Our Industry-leading Healthcare Supply Chain Consulting Services Deliver the Best Strategies to Reduce Operating Costs & Improve Hospital Margins.
Supply Chain Management (SCM) in the Healthcare Industry Handled by Experts for Operational Success & Patient Satisfaction
Supply chain management for hospitals regularly requires a deft hand and years of experience. Health systems depend on top supply chain services for medical device procurement, shipment needs, and vendor relationships. With the right supply chain services, healthcare providers can develop a competitive advantage. However, your global supply chain can be a significant liability if you haven’t invested in effective inventory management and supply chain platforms.
In recent years, and mainly due to COVID-19, many suppliers, vendors, and stakeholders wonder how to meet customer needs best. As ventilator and PPE needs skyrocketed, administrators struggled to crunch the numbers, break deals, and craft a unique database of retail and service clients in their respective markets. It can be challenging to know the hospital supply chain costs. Often, with practical insights, advisory services, and networking, you can connect with supply chain leaders that can help you interpret your crucial data points, navigate logistics, and develop a better care delivery track record. However, to do so, you often have to focus on disparate concepts. These concepts include the quality of thought leadership you produce, how you navigate distributor shortages, and how you review your corporate strategy and supply chain contracts for cost-savings opportunities.
Best practices in healthcare contract management require the scrutiny of hundreds of legally binding documents to ensure terms and conditions are adhered to. VIE Healthcare Consulting provides over 20 years of expertise to critically analyze your hospital contracts and find areas where you are losing money through strategic benchmarking of line-item details.
Implementing hospital supply chain management best practices can increase profits, improve operational efficiency and enhance patient care.
As a Trusted Partner, VIE Healthcare Empowers Your Hospital Supply Chain With our Innovative Strategies to Dramatically Reduce Costs.
- Undertake a comprehensive assessment of independent supply chains. This is the first step in building a company profile, eliminating manual processes, and understanding supply chain costs.
- Identify opportunities for “big-bucket” operations savings.
- Implement critical non-labor expense reduction initiatives. Our implementation expertise makes it easier for your healthcare organizations to start attracting economic returns.
- Reduce clinical variation and purchased services spending. Healthcare organizations often struggle with this area of supply chain management because spend reductions aren’t always as clear or visible as other savings opportunities. However, when respondents can reduce spending, they’re less likely to be affected by shortages affecting global supply chain leaders.
- Develop active partnerships with physicians and clinicians. Active partnerships are a component of supply chain management strategies, especially for the global pro. If you want to boost your company profile, it’s essential to work with the right collaborators.
- Optimize the OR supply chain and improve inventory analysis. Inventory management is crucial for a successful company profile, and you must be able to optimize analysis.
- Independently benchmark prices and map reimbursements. When you can benchmark your company profile against similar businesses and healthcare organizations, it’s easier to see where you excel and where you can continue improving.
- Apply the latest data analytics technology. Modern healthcare organizations need to leverage innovations if they hope to maintain their competitive advantage. However, with rampant supply chain and contract overspending, it’s much more difficult for these businesses to properly invest their capital into patient care services, improved outcomes, and process-enhancing technology to collect and evaluate supply chain patterns accurately.
The Future of Hospitals Lies in Data-Based Decision Making.
As the cost of healthcare continues its relentless rise, hospitals’ margins are shrinking.
- In 2019, the cost of US healthcare rose to $3.8 trillion. Strategy consultants know that these costs will only continue climbing.
- Hospital expenses accounted for one-third of all spending. Between inefficient processes and contract overspending, there’s plenty of missed revenue opportunity. With greater hospital spending, you must review your financial performance against standard healthcare organization benchmarks.
- One in five hospitals is at risk of closure due to financial pressure. In addition, you must be able to stock your hospital with the supplies and devices you need. Financial stress makes it harder to afford the products, services, and tools you need to thrive in a competitive industry.
Transforming your supply chain management can reduce your hospital costs by up to 18% without impacting the quality of care. That equates to 11 million dollars every year.
Download our Infographic About the Future of Healthcare.
Better supply chain management leads to significant cost savings for your hospital and drives efficiencies in hospital care.
Conducting a Thorough Analysis of Your Hospital Logistics
By analyzing the Top 100 to the Top 1000 vendors, we can achieve dramatic cost savings through accurate benchmarking.
Our added hospital operations consulting includes benchmarking, leadership development & medical supply chain optimization.
Three Ways to Work with VIE Healthcare
- Benchmark a vendor contract – either an existing contract or a new agreement.
- We can support your team with their cost savings initiatives to add resources and expertise. We set a bold cost savings goal and work together to achieve it.
- VIE can perform a cost savings opportunity assessment. We dig deep into all of your spend and uncover unique areas of cost savings.
The Hospital Supply Chain is Critical to a Hospital's Overall Clinical, Financial, and Operational Performance.
A supply chain consulting firm can help you identify the independent key players or independent member firms that factor into your supply expenses, develop transformative supply chain solutions, and help implement a lower-cost supply chain strategy. With supply chain analytics, it’s easier for hospital systems to leverage new business models, address significant problems, and develop short-term and long-term chain management business strategies.
Since internationally-minded health brands need to focus on major global management trends and strategic sourcing, supply chain analytics are often the best ways to realize significant cost reduction while addressing data variables in real time. In addition, healthcare companies require data visibility to compete with supply chain leaders, improve patient outcomes, and navigate major disruptions like COVID-19. When you’re able to pivot around supply chain disruptions and overspending, you can reinvest your hospital’s capital into improved patient safety or patient outcomes, world-class operations, and management consulting.
If you’re ready to work with a trusted advisor and implement greater supply chain agility and traceability, VIE Healthcare Consulting is prepared to help. Our consulting firm can help you better understand your brand’s supply chain and enact process improvements. From regional brands to global enterprises, you need the know-how to withstand complex business challenges, develop a unique entrepreneurial vision, and take new approaches to everyday scenarios. VIE is a global strategy boutique with years of experience coaching CEOs, government entities, and chief executives on the intricacies of supply chain management for hospitals.
This New Hospital Supply Chain Podcast Series covers all aspects of the hospital supply chain, including People, Process, Technology, and Data Analytics
