In these audiograms, taken from Episode 12 of The Healthcare Leadership Experience, Lisa Miller is joined by Jacquelline Oberst of VIE Healthcare. Together they explore cost reduction in telecommunications and IT.
Audiogram A
Telecom and IT is a significant portion of hospital spend but consistent monthly billing doesn’t mean an absence of pricing errors. Compliance issues need to be monitored every month. We can retrospectively claim credits for historical errors but it’s not easy. Monitoring invoices monthly in real-time eliminates overspend.
Audiogram B
Benchmarking is important. Hospitals often use third party providers or engage directly with the vendor, so they need to know what access is available to benchmark. Annual price rises also need to be reviewed. Vendors will add 7-8% to their prices every year but those CPI increases need to align with the contract agreement.
Audiogram C
There are multiple levels of IT professional services. At VIE, we like to benchmark each of those costs to ensure hospitals are paying competitive prices. The focus is on maintaining line-item inventory of the contract, and one for each vendor. Accuracy of invoices can be verified this way to ensure the contract is within utilization.
Audiogram D
Renegotiating contracts mid-term is a cost savings strategy VIE has used successfully. We look at all agreements to ensure services are being used. Costs for certain services are often reduced, while extending the agreement for one or two years at the back end. This strategy is effective to secure credit from suppliers.
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