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Don’t Lose Your Shirt On Purchased Services

Posted by Chris Heckler on Sep 16, 2016 7:01:55 AM

As hospital executives focus on surviving major industry changes such as new payment models and shrinking reimbursements, the cost reduction spotlight seems to be focused more on M&A activity and labor reductions rather than purchased services. This is despite the potential to achieve significant savings without disrupting patient care. 

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Topics: Purchased Services

Does Your Value Analysis Team Focus on Purchased Services?

Posted by Danny Claus on Jun 22, 2016 9:16:07 AM

Over the last 10-15 years, Value Analysis teams have successfully implemented cost savings initiatives for commodities, physician preference items, and even pharmaceuticals. However, an area that is often overlooked by Value Analysis committees is Purchased Services. 

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Topics: Purchased Services

4 Ways to Improve Spend Management Outside of GPOs

Posted by Chris Heckler on May 29, 2015 8:00:00 AM

In the healthcare world, group purchasing organizations (GPOs) have established their place for streamlining vendor selection and cost savings on products. However, these organizations do have their limits and can’t be relied on for every single aspect of your hospital’s spend management and cost control.

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Topics: Purchased Services

Techniques to Generate Revenue: Monetizing the Eyeballs in Your Hospital

Posted by Chris Heckler on May 26, 2015 8:00:00 AM

Most of the topics I have written about on this blog have been about how to save hospitals money, but in reality, the real goal is to increase their overall performance. So instead of listing out another purchased services area to help save your bottom line, today we will discuss an interesting way to increase top line revenue within your hospital by showing you the marketing value of the crowds of people walking through your organization every day.

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Topics: Purchased Services

How to Streamline Purchased Services Analytics

Posted by Chet Wilson on May 22, 2015 8:00:00 AM

Many times, data analysts and contract negotiators find themselves neck deep in what seems to be garbage or “uncategorizable” data. This leads to wasted time and increased frustration that could be better spent finding savings opportunities instead of data scrubbing.

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Topics: Purchased Services

How Much Are You Paying Your Collection Agency?

Posted by Chris Heckler on May 19, 2015 8:00:00 AM

While patient health is of primary concern, hospital management can't overlook the essential business side of running a hospital, which needs every incoming dollar to survive. In 2012 alone, U.S. hospitals provided $45.9 billion in uncompensated care, only 25 percent of which resulted from uninsured patients. What’s more, the average collections recovery rate for hospitals in 2013 was a mere 15.3 percent, according to ACA International.

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Topics: Purchased Services

Cost Reduction through Partnering with Med-Mal Insurance Providers

Posted by Matt Clark on May 15, 2015 8:00:00 AM

Medical malpractice is a phrase that makes doctors across the nation blanch. Whether from claims that are justified or frivolous, our society is all too happy to pull the trigger on initiating litigation against health care providers who we feel haven’t done their job correctly.

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Topics: Purchased Services

How to Benchmark Your Capital Equipment Service Contract Spend

Posted by Chris Heckler on May 12, 2015 8:00:00 AM

Investment in capital equipment is a decision that shouldn’t be made lightly, particularly for health care organizations. There are many factors to consider when selecting equipment that best suits your needs, with the bottom line being the consideration of total lifetime costs associated with its use. Other factors may include:

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Topics: Purchased Services

5 Ways Hospitals Increase Their Purchasing Power with GPOs

Posted by Chris Heckler on May 8, 2015 8:00:00 AM

Some businesses—think Wal-Mart or Amazon in the retail world—buy a lot of stuff. Their high-volume buying enables them to extract better deals from their vendors, the kind of deals that smaller businesses simply don’t have the clout to command.

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Topics: Purchased Services

3 Ways to Better Manage Your Purchased Services Spend

Posted by Chris Heckler on May 1, 2015 8:00:00 AM

If you don’t know where you are, you’ll have a hard time getting where you need to be. For getting from one physical location to another, smart phones and GPS have largely made this problem a thing of the past, but it’s just as true for non-geographical things, such as financial goals. Hospitals are being asked to find opportunities to cut spending—but if you don’t know the current state of your spending, how will you know where you should start cutting costs?

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Topics: Purchased Services

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