Today, I want to share why I am so proud of my team at VIE Healthcare®.
During the pandemic, we worked with an independent community hospital to identify potential cost savings in a period of crisis.
In just over 6 months, VIE Healthcare® identified $2 million in annual savings and recouped over $100,000 in over and incorrect payments in billing.
I want to share a letter of thanks we received for our work.
Our client is a mid-sized healthcare system located in rural America.
Many similar hospitals face financial pressures and are forced to close every year.
Our clients were initially skeptical when working with us.
We were asked to review vendor contracts for market competitiveness and accurate pricing.
The client believed our strategy was overly simplistic to yield meaningful results.
The experience and expertise of our team helped to identify critical areas where the hospital was losing money.
These areas included supply chain and purchased services.
The hospital CFO declared the success of our process based on the number of jobs saved as a result of the cost savings achieved.
This was a huge boost in the midst of massive furloughs and layoffs across the healthcare sector.
In my experience, hospitals are often unaware of three key areas where potential cost savings are missed.
These include product creep, utilization, and pricing errors.
We look forward to working with this client on the second phase of their cost savings project.
It’s examples like this that make me so proud of my team.
Thank you for allowing me to brag about a very humbling experience.
The credit is all due to the team at VIE Healthcare®, who put in the hard work.
VIE Healthcare® has been optimizing hospital operating margins and patient care through non-labor cost reduction strategies since 1999.
Our expertise has already saved our clients over $758 million by implementing exclusive strategies to drive margin improvement.
Reach out at [email protected] to discuss your cost savings goals and how we can support and accelerate cost savings opportunities in your organization.