Purchased Services Strategic Approach – Conversations With VIE

by | Mar 19, 2021 | Conversations With VIE, Featured, Purchased Services, Videos

This video was brought to you by Lisa Miller and Rich Dormer.

In this video, Lisa Miller and Rich Dormer discuss the three purchased services strategic myths that hospitals are being advised on that are fundamentally flawed.

1. Category Spend Data

Category spend data is not a strategy. Hospitals are being told that category spend visualization is an effective way to find cost savings. However, this simply isn’t true. Hospitals need to roll up their sleeves and gain visibility to the line item details.

2. RFPs

Hospitals often tend to have an overreliance on RFPs. #HospitalFinance Learn more here: Click To Tweet

RFPs can be useful in some situations, but shouldn’t be used in every situation. RFPs can be used as a tool, but shouldn’t be relied on as a strategy.

3. Benchmarking

Obviously, it’s important to understand where the market is, however benchmarking alone is not a strategy. If your hospital is not doing a reconciliation and isn’t reviewing 12-18 months worth of invoices, money is being left on the table.

Learn more about these three myths in the video above and how VIE Healthcare Consulting can help your hospital in cost-saving initiatives.

For a complimentary consultation, call our office today at 1-888-484-3332, Ext 500 or email us at [email protected].

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