Name: Here Are 3 Cost-Saving Opportunities Within Physician Preference…
Uploaded: 2021-04-15T17:18:50+00:00
Description: Here are 3 cost-saving opportunities within physician preference items: 1. Cap the price: Whether it's in spine or orthopedics, the costs for any component or impla…

Here are 3 cost-saving opportunities within physician preference items:

1. Cap the price:

Whether it's in spine or orthopedics, the costs for any component or implant should be established at the same pricing to avoid fluctuations in physician preference items.

Sometimes, certain specialized items don’t get benchmarked appropriately and end up shooting up the cost per case. These exclusions need to be looked at carefully as well.

2. Review secondary vendors:

Hospitals sometimes overlook the smaller areas of spend or those that don't have a big service line, like craniomaxillofacial.

These price points could be largely out of competitive benchmarking.

But hospitals can pay list price or closer to list price for these and even have up to 50% reduction (yes, that’s possible).

3. Map your implant costs to your real reimbursement:

You can benchmark, capitate, and look at exclusions and secondary vendors. But sometimes, the reimbursement tells a different story.

You may need to go beyond benchmarking because your reimbursement is only providing a 5% margin or less.

You might need to go back and take a second look at these implant costs because your margins are thin due to changes in the landscape.

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