In these audiograms, taken from Episode 28 of The Healthcare Leadership Experience, Lisa Miller discusses trends in healthcare.
Audiogram A
At VIE, we receive a lot of calls from healthcare leaders who have a hunch something isn’t right with their contract management system. That might be in carrying out contract reviews, benchmarking, or cost analysis. It’s a large percentage of their spend. Another area we can help is acting as a buffer between healthcare organizations and vendors in contract negotiations. It’s not that they’re not capable of negotiating, it’s a smart strategic decision.
Audiogram B
Hospitals must be aware of the initial warning signs around cost management. For instance, expenses by department might be higher, hospital budgets are off, or a deep analytics review of surgical case profitability reveals thin margins. It’s also when your vendors increase prices or ask for amendments that raise costs. It might be physicians asking for more money for implants when only minor changes are made.
Audiogram C
In non-labor spend two key areas need to be looked at, Physician Preference Items (PPIs) and purchased services. The whole approach to purchased services cost savings in healthcare is wrong. Purchased services can’t be placed in a box to make it easy. The details you need are in your invoice line-item details. That needs a best practice line-item approach that goes beyond over simplified ratio benchmarking and categorization.
Audiogram D
Hospitals can self-contract. When GPOs were established 20 plus years ago, they were meant to help hospitals get better pricing and given Safe Harbor status. But there are areas of spend where hospitals must go back to a self-contracting strategy. GPO pricing might not be the best when it comes to PPIs and purchased services.
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