Non Traditional Cost Reduction Areas
You don’t have to rely on the traditional and often-used methods to reduce costs in your hospital’s purchased services.
There are a few non-traditional areas that you may want to explore and could prove to be extremely beneficial for your savings.
The first is organic transplant costs. This may come as a surprise at first, but it makes total sense when you really take time to think about it. It’s not uncommon to look at blood, bone and other biological costs, so why should we omit organic transplant costs as something to take a deeper look into?
Another great area to look at is legal. Yes, I know, nobody wants to upset their attorneys or legal partners. But, this shouldn’t be looked at as a “witch hunt” or anything else of the kind. It’s simply gaining clarity around legal costs. What kind of fees are being added in? Are you being charged hourly? Are you paying for a legal element you may not need?
In our experience, many legal invoices contain errors, elements that are not aligned to the agreement, double work, and other discrepancies. Click To Tweet
So, hospitals shouldn’t be afraid to look at their legal invoices. Many, if not all of the Fortune 500 companies, have audits of these invoices, to ensure accuracy, why shouldn’t you?
Another great area to consider is air transport. It’s not an uncommon industry, in fact, it’s a rather competitive space. Why not take a look to see if you can get a better rate elsewhere? If you feel like you may be paying too much with your current arrangement, there are plenty of available options.
Finally, take a look at advertising. Whether it’s through billboards, print media, or other advertising channels, understanding how your advertising contracts are put into place is another big opportunity. Similar to legal contracts discussed above, there are often many moving parts to advertising contracts and you need to ensure that you’re keeping a pulse on yours to ensure you’re not overpaying.
There you have it, a few different avenues to consider looking at in order to cut your costs. Explore each of these options, if you haven’t already, and you may be surprised by just how much you can reduce your spending.
Let me know in the comments, what’s another non-traditional area to consider in order to reduce costs?