In Episode 25 of The Healthcare Leadership Experience, Lisa is joined by Rich Dormer from VIE Healthcare to discuss why prioritizing purchased services is essential for every hospital.
Audiogram A:
There are opportunities for hospital cost savings in areas such as physician preference items and bed surge items. However, the most significant cost savings opportunities are in purchased services; it has multiple layers and is the most challenging and therefore has the most opportunities for cost savings.
Audiogram B:
Many CFOs do not realize that the invoice line item details on their purchased services spend do not get into their ERP system. Consequently, leaders who oversee purchased services spend do not have the information they need in order to make an informed decision when approving spend.
Audiogram C:
The financial clauses section of a purchased services agreement is one of the least known, least talked about, and least analyzed parts. They become a massive problem for hospitals if they're not being inspected and questioned.
Audiogram D:
The average American household is spending $175 more per month for the same items than previously. Translating this into hospital spend, the impact is huge. It's vital for hospitals to stay ahead of the curve by prioritizing purchased services spend.
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