In Episode 3 of The Healthcare Leadership Experience, Lisa Miller and VIE Healthcare’s team of experts discuss cost savings opportunities in healthcare purchased services spend.
Listen to the experts explore the challenges in finding cost savings, including:
Audiogram A: Outsourced physician services represents a big opportunity for hospitals to find cost savings. The challenge is the complexity of the contracts, including JV agreements. You can’t find cost savings opportunities just from looking at the agreement. It requires an indepth analysis of multiple areas of spend.
Audiogram B: Accurate analysis of outsourced physician services requires deep expertise of both the services and the components to understand where the money is flowing to and from. That understanding doesn’t come from carrying out a linear analysis.
Audiogram C: Don’t expect a one-size-fits all purchased services agreement. You must analyze the customized service requirements of each location, as well as your P&L, to avoid allocating additional costs into direct expenses. In categories such as food services and EVs there’s no way to secure competitive pricing with a one-size-fits-all approach.
Audiogram D: We tell all our clients to review their purchased services agreements regularly, not to wait until the contract renewal period. 95% of the time, when we carry out a line-item analysis of purchased services invoices we uncover issues. Finding pricing errors midterm is extremely common.
Audiogram E: Purchased services cost analysis is not for the faint of heart. It is difficult, roll up your sleeves work, requiring a deep line-item invoice analysis. Dollar for dollar, your providers will typically be charging their GPO fees directly to your hospital. Ask yourself, are you getting the best pricing or is it really a false sense of security?
Listen to Episode 3 of The Healthcare Leadership Experience here:
https://viehealthcare.com/healthcare-purchased-services-with-vie-healthcare-experts/
Subscribe Here: https://www.youtube.com/channel/UCB1WOnv5GlYGf39sMzrU6gw?sub_confirmation=1
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