In these audiograms, taken from Episode 13 of The Healthcare Leadership Experience, Lisa Miller is joined by Luis Martinez to discuss purchased services cost management.
Audiogram A
One of the biggest challenges facing healthcare leaders is picking up again on initiatives that were put off during the pandemic. Hospitals that pushed their purchased services contract renewals out by 12 months have a much higher volume of contracts up for negotiation this year.
Audiogram B
A multi-year strategy without any detail in between is just a roadmap. Too often, hospitals allow contracts to auto-renew because they don’t have the resources to carry out data analysis. An ‘‘in between’’ strategy means hospitals capture the data that enables them to review vendor performance and negotiate more effectively. Don’t take the path of least resistance.
Audiogram C
The multi-year strategy for most hospitals is one of trying to keep up with contract renewals. In general, hospital supply chain leaders sign an agreement and forget about it until it’s up for renewal. - and that’s their strategy. If you don’t monitor vendor performance and manage your costs on a monthly basis, something gets lost.
Audiogram D
Managing purchased services spend needs a different approach. Services are delivered every week or month, but contracts are only negotiated once every 3-5 years. Even then, you’re not negotiating a line-item, you’re negotiating a contract. It’s not the same as a transactional negotiation. Purchased services cost management needs a different mindset.
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