How Variables in Hospital Waste, Pricing & Usage Bring Cost-Saving Opportunities

Too many hospitals struggle to control wasteful behavior, vague pricing structures and under-utilized resources that significantly affect their bottom-line. Many aren’t even aware that certain variables within these obstacles actually expose cost-saving opportunities.

Where to Find Hospital Cost-Saving Opportunities

Variables such as disparate systems, misinterpreted data and confusing contract terms affect a hospital’s financial margins, but how can a hospital prevent leakages in every aspect of their supply chain operations without employing an army of experts to do so? Most importantly, how can a healthcare organization proactively search for cost reduction solutions within these very same obstacles?

How to Reduce Hospital Costs in the Supply Chain

The best way to discover health cost solutions in your hospital supply chain operations is to dive deep into your current procedures and expose all the problems. Click To Tweet

Once you’ve found the source, you’ll need to develop an action plan to fix it such as renegotiating hospital contract terms, streamlining procedures and/or eliminating under-utilized equipment and technology. Finally, you’ll want to set parameters to sustain your cost-saving efforts long-term.

Undoubtedly, this is a time-consuming and tedious process that requires expertise in various different fields and hours of manpower, which is why the more profitable hospitals outsource this part of their supply chain operations. VIE Healthcare, a group purchasing organization (GPO) that specializes in health cost reduction and health cost management strategies, exists for this very reason.

Improving Healthcare Finance Operations

VIE consists of experts in the more common areas of healthcare spend, such as purchased services. By leveraging successful strategies we’ve used for other healthcare organizations, we thoroughly analyze every detail of our client’s hospital management procedures to find areas where there is an opportunity for savings. Almost two decades in the trenches, VIE has developed some very solid cost-reduction strategies.

To see how VIE can improve your hospitals’ bottom-line, call our office at 1-888-484-3332 ext. 500 to speak with Lisa Miller or leave a comment below.

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