Here are 3 things hospitals can do to solve their cost savings problem on their own:
1. Thoroughly review your contracts and costs.
Be committed to reviewing your top dollar to bottom dollar and everything in between.
Even if you just renegotiated a contract or had something go through value analysis.
2. Building a strong supply chain team.
You might have to hire people who:
- have analytics capabilities
- are great negotiators
- can look at your departments strategically
You must also allocate enough resources to build their expertise.
3. Build discipline around your budgets.
Don’t just review the variations on the monthly budget.
Be committed and curious about what's going on line item details.
Address your cost issues by:
- Reviewing your contracts and costs.
- Building internal capacity
- Having discipline around your budgets.
Which of these is your organization already doing?
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