This article was written by Lisa Miller. Cost Effectiveness Outsourcing and Insourcing Outsourced, insourced or hybrid services? What is the most cost effective model for your hospital to maximize profit and continue to deliver exceptional patient care? Outsourced services can account for up to 40% to 50% of your organization’s non-labor spend. While outsourcing is regarded
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
Manage Your Outsourced Agreements Effectively This article was written by Lisa Miller. Getting in front of your cost savings is the fourth mission critical component to manage your outsourced agreements effectively. You’ve accessed your line item details, carefully scrutinized the terms of your outsourced agreements and renewed those contract terms to include substantial cost savings. You’ve
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
VBP Program Should Impact Supply Chain This article was written by Lisa Miller. Benchmarking is the third of the four mission critical components to manage your hospital’s outsourced agreements and uncover vital areas for margin improvement. In this article, I explain how to benchmark effectively for cost savings. The first component is gaining access to your
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
This video was brought to you by Lisa Miller and Sue Farkas. Optimizing the Operating Room In this video, Lisa Miller and Sue Farkas discuss the biggest opportunities to reduce costs in the operating room. Namely, the following: Standardization of products. Analyzing variability of resources. Reviewing service line profitability. Our operating room optimization process
Supply Chain Costs Have Become the #1 Cost in US Healthcare This article was written by Lisa Miller. Across the US healthcare sector, there is now unprecedented pressure to find cost savings opportunities. It is just one of the reasons why your hospital needs supply chain excellence. High performance hospitals invest in and build world class
Comprehensive Cost Awareness in the O.R. This article was written by Lisa Miller. Comprehensive cost awareness across a hospital requires an understanding of data and often vast amounts of information. To help to understand that information, we optimize cost management with Project CROS – Costs, Reimbursement, Outcomes and Social Determinants of Health. In this blog, we
Engaging Employees to Improve Patient Care and Engage Cost Reduction This article was written by Lisa Miller. Of the 30 fastest growing occupations from 2018-2028 revealed by the Bureau of Labor Statistics, 18 are in healthcare and associated jobs. [1] In the face of a severe skills shortage, adopting a focus on employee engagement enhances
MBE Certification Leader in cost reduction services for hospitals approved by New York & New Jersey Minority Supply Development Council September 23, 2020, New Jersey, USA VIE Healthcare® Consulting, a leading healthcare consulting provider, specializing in non-labor cost reduction and margin improvement, has been approved for Minority Business Enterprise (MBE) Certification. Minority owned businesses are
Innovating Cost Reduction This article was written by Lisa Miller. One thing that US healthcare leaders have learned through the pandemic is the importance of cost management through innovation. A 2019 report found that nearly two-thirds of hospitals are slow to scale innovation and less than half have a mechanism for moving forward in this area,
