Physicians Need to Be a Part of Cost Savings Conversations

With healthcare costs rising, organizations need to engage their employees in their cost savings conversations.

Our team at VIE Healthcare® is successful in engaging physicians in cost savings initiatives for three reasons:

1. We present cost data relating to utilization and spend in an organized, structured way.

Physicians are scientists with high respect for evidence-based research and focus their attention on patient care.

2. We don’t suggest changes to their practice unless there’s a specific initiative around a standardization event.

Our process involves:

  • Delivering data and marketplace insights to physicians.
  • Present physicians with several options aligned to pricing.
  • Involve them fully in the strategic decision making process.

3. Numerous studies show how important physicians are in the cost savings process.

One study, Association between Surgeon Scorecard Use and Operating Room Costs, revealed the following:

  • The physicians in the group provided with cost insights reduced their costs by 6.54%. 
  • Those in the second group were not given access to cost data.
  • Their costs increased by 7.42% during the study.
  • That’s a fascinating14.02% in cost variance between the physicians who had access to cost data and those who didn’t.

Engaging your physicians in cost awareness offers numerous benefits including:

Greater efficiency and higher retention levels among your physicians.

Improved quality of patient care and better patient satisfaction.

An increase in patient referrals (3% rise in outpatient and 51% more inpatient referrals according to Gallup).

At VIE Healthcare®, we’re big believers in involving physicians in cost savings conversations.

Simply listing prices alongside implant items in the OR can lead to significant cost reduction.

That’s why we provide a Cost Playbook to the hospitals we work with, together with a comprehensive price comparison analysis.

Reach out at [email protected] to discuss your cost savings goals and how we can support and accelerate cost savings opportunities in your organization.

Lisa Miller

Lisa Miller

Lisa Miller is a consultant, speaker, and podcast host. Her consulting firm, VIE Healthcare, has provided services to over 1,000 hospitals and organizations since 1999.

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DOWNLOAD FREE REPORT

Discover 15 Effective Cost Savings Strategies That Most Hospitals Can Apply Right Now

Learn how these five principles can help you reduce costs immediately.

VIE Healthcare 15 Effective Cost Savings Strategies Report Cover Image

A strategy developed from analyzing over 5,000 hospitals

A simple step-by-step plan in plain language

Proven processes to organize and motivate your team to find savings

We protect your information

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DOWNLOAD FREE REPORT

Discover 15 Effective Cost Savings Strategies That Most Hospitals Can Apply Right Now

Learn how these five principles can help you reduce costs immediately.

VIE Healthcare 15 Effective Cost Savings Strategies Report Cover Image

A strategy developed from analyzing over 5,000 hospitals

A simple step-by-step plan in plain language

Proven processes to organize and motivate your team to find savings

We protect your information