Your Journey to VIE Healthcare The first ‘a-ha’ moment to start VIE Healthcare came when I saved the materials manager of a hospital $250,000 in one specific area. Those cost savings were the result of a single casual conversation. From that moment I was hooked on identifying cost savings for hospitals and healthcare organizations. My
Understanding the Clinical Financial and Operational Terms Understanding the clinical, financial and operational terms is the second of the four mission critical components essential to manage your outsourced agreements and identify vital cost savings for your hospital. Most of the time, we find that hospitals instinctively want to begin with benchmarking, but this is the
Overlooked Costs and Spending Sources Uncovering overlooked costs and spend sources is vital to ensuring your hospital maximizes its profit margins. US healthcare costs are projected to continue to rise by an average annual rate of national health spending growth of 5.5% through 2027 according to the Centers for Medicare & Medicaid Services (CMS). [1]
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
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
This article was written by Lisa Miller. Successful Hospital Cost Savings Strategy Robust cost management is now imperative for every hospital. Adopting VIE Healthcare’s 4 P’s (Plan, Process, Project Management, Performance) of a successful hospital cost savings strategy can help to drive margin improvement across your hospital. Increasing financial pressure on US hospitals There is no
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
Resources for COVID-19 This article was written by Lisa Miller. Identifying credible, sustainable and cost effective COVID resources remains a priority for healthcare organizations. At VIE Healthcare®, we offer a variety of resources to address the COVID-19 cost impact on your hospital including: Ways to accelerate and maximize your funding solutions. Proven supply chain cost management
Achieved Compliance With the Health Insurance Portability and Accountability Act VIE Healthcare Consulting is pleased to announce that it has taken all necessary steps to prove its good faith effort to achieve compliance with the Health Insurance Portability and Accountability Act (HIPAA). Through the use of Compliancy Group’s proprietary HIPAA solution, The Guard™, VIE Healthcare
How Do We Finacially Recover During Covid-19 This article was written by Lisa Miller. As the healthcare sector continues to navigate its way through the global crisis, hospitals are seeking ways to take steps to financial recovery during COVID-19. According to one report from the American Hospital Association, revenues and volumes “have fallen off a cliff.”
