3 Structure Foundations to Improve Your Cost Implementing changes to improve your cost structure to realize savings must be a priority for healthcare leaders. As the US stands on the cusp of a new era of price transparency, healthcare costs rose to $3.6 trillion in 2018[1], while rural hospitals saw a record number of closures
This video was brought to you by Lisa Miller. Unnecessary Cost Extraction In this video, we discuss three ways to extract unnecessary costs in your purchased services spend. 1. Pricing Analysis It’s not just pricing within your GPO, but rather a pricing analysis that extends across the complete marketplace. You need to choose a
This video was brought to you by Rich Dormer and Bryan Covert. Data Interpretation and Analyzation There are three major challenges that hospitals are facing in achieving cost savings: 1. Obtaining, Analyzing and Interpreting Data The issue behind this challenge for hospitals isn’t necessarily that they don’t know how to obtain, analyze and interpret data, but
This video was brought to you by Lisa Miller and Bryan Covert. VIE’s Approach to Healthcare’s Engagement In this video, we discuss VIE Healthcare’s approach to physician engagement. We often hear from our clients that they’re surprised by how effective our approach is in engaging physicians in cost reduction initiatives. Just one of the
This video was brought to you by Lisa Miller. Aggregate Spending Analysis In this video, we discuss why aggregate spend analysis and benchmarking from your agreement will leave money on the table and simply doesn’t work. Here’s an example. We had a client that asked us to look at their medical gas costs and
Improve Your Hospital Financial Performance A thorough guide on the steps your hospital can take to improve its financial performance and reduce costs. Table of Contents: Focus on reducing overall spending. Maintain a competitive edge. Utilize green initiatives. Keep readmissions down. Avoid wasteful testing and supply use. Enhance patient satisfaction. Make smart investments in health
Lean Consulting Is a Powerful Strategy This article was written by Lisa Miller. Today’s healthcare organizations face increasingly fewer resources and higher costs. Many struggle to operate efficiently without compromising either their operating margins or patient care. Lean consulting is a powerful strategy for your hospital which can transform these key areas. What is Lean
3 Bundled Payment Strategies This article was written by Lisa Miller. As the healthcare sector continues to explore its options for payment models, bundled payments are becoming more popular. To maximize profit from this type of payment model, I recommend three overlooked bundled payment strategies that I discuss below. The Rise in Popularity of Bundled
Improve Financial and Efficiency Performance in Hospitals This article was written by Lisa Miller. Enterprises across every sector are continually involved in the collection, processing, and analysis of massive flows of big data to improve efficiency and profitability. The healthcare industry, notably hospitals, is no exception as they attempt to balance quality health care delivery with
Innovation in a Pressured Environment This article was written by Lisa Miller. Innovation in healthcare is constantly changing and challenging the way in which hospitals operate but integrating that innovation into a pressured environment is a problem faced by many health systems. Healthcare ethnography can help your hospital to discover front line insights to transform
This article was written by Lisa Miller. High Performing Strategies to Save Costs As healthcare leaders direct their focus to 2021, implementing high performing strategies for cost savings has to be a priority. At the time of writing, 32 US hospitals have filed for bankruptcy in 2020[1]. Reimbursement challenges, falling patient volumes and financial challenges arising
This article was written by Lisa Miller. Saving Your Hospital Money with SDOH Strategies As the US healthcare sector continues to assess the fallouts from the pandemic, the impact of social and economic factors on patient health are being closely scrutinized. While your hospital plans its COVID-19 recovery strategy, I encourage you to include proven
