Achieve Meaningful Costs Savings This article was written by Bryan Covert. The first step to achieve meaningful costs savings is to identify the initial opportunity, often helped by understanding data sources in healthcare. All healthcare organizations work with an overwhelming number of purchased services vendors, each one with their own unique nuances and contracting history. Identifying
Strategically Improving Healthcare Costs This research report was compiled by Lisa Miller. EXECUTIVE SUMMARY “As a general principle…about one third (of hospitals) have margins that are above zero, probably about one-third of hospitals are pretty close to zero…. and about one-third are running in the red.” – GARY J. YOUNG, DIRECTOR OF THE CENTER FOR
Costs Associated With Their Blood Service Agreement This article was written by Pandush Mitre. When was the last time you reviewed your blood services agreement with a view to reducing your blood service costs? Blood services are a big part of patient care, so hospitals will always incur costs associated with their blood service agreement. What
Real Estate Cost Reductions This article was written by Lisa Miller. Hospitals and healthcare systems regularly lease office and warehouse space to accommodate their needs but are not aware of the potential cost savings hidden in their lease agreements. Your hospital can achieve significant real estate cost reductions with RX Realty – a dedicated, specialist
Understanding and Navigating Merchant Services US hospitals accept debit and credit card payments but are not always aware of the total costs charged for these services. Understanding and navigating the system will ensure effective management of all costs associated with collecting revenue. Hospitals collect payments throughout their organization utilizing different methods. For instance, patient payments
VBP Program Should Impact Supply Chain This article was written by Jim Cagliostro. Whether you like it or not, CMS’s Hospital Value-Based Purchasing (VBP) Program should impact the way your hospital does business and affects your supply chain. More specifically, the VBP Program, implemented on October 1, 2012 by the Centers for Medicare and Medicaid Services
Investing In Supply Chain This article was written by Lisa Miller. By 2020, supply chain costs are expected to overtake labor expenses as the #1 cost in US healthcare, making it vital to invest in your supply chain in 2019. A 2018 report also suggests that each healthcare institution could potentially save around $11 million
Approaching Improvements to Cost Structure This article was written by Lisa Miller.Escalating costs are contributing to record levels of hospital closures but a targeted approach to improving your cost structure can radically transform your healthcare system’s ability to achieve sustainable cost savings and improve your patient care.Research suggests that the US spends significantly more on healthcare than
Optimizing Clinical Laboratory Expenses This article was written by Pandush Mitre. Hospitals rely heavily on clinical laboratory services to deliver patient care but in the process overlook their inherent deficiencies that can result in reduced margins. That can be reversed by taking steps to optimize clinical laboratory cost savings and transforming patient care. With the current
Reinforcing Critical Cost Management of Medicare Costs This article was written by Bryan Covert. Recently published data from the American Hospital Association (AHA) reinforces how critical it is for all hospitals to be managing costs to Medicare. Its annual hospital survey, released in January 2019, clearly demonstrates how American healthcare systems continue to be underpaid by
Long Term Sustainability of Any Healthcare Organization This article was written by Lisa Miller. Establishing an agile cost transformation structure is essential for long term sustainability of any healthcare organization. As CEO and founder of VIE Healthcare® Consulting, I have identified seven key components to achieve this. Component One: Appoint a Dedicated VP of Cost
Accurate Telecommunication Innvoices For Healthcare Systems Each month, healthcare organizations receive volumes of telecommunication invoices, some of which exceed 1,000 pages, but consistent monthly costs do not guarantee accurate billing. Due to the overwhelming amount of data, the process of invoice approval generally consists of comparing costs with the previous month to validate consistency and
