Cost Saving Strategy: Purchase Services Are Key to Your Cost Saving Strategy
Hospitals must include purchase services under the supply chain.
Here’s why:
1. Gaining more visibility on line-item details:
Purchase services make up between 45-55% of a hospital's non-labor expenses.
It's majorly department-driven. It’s the owners of the revenue cycle, IT, and laboratory services.
But only about 15-20% of purchase services spent is managed by the supply chain.
That’s why they miss out on opportunities, such as cost benchmarking, line-item analysis, undergoing a formal RFP process, or contract renegotiation.
2. Negotiating on behalf of departments:
The department depends on these services for day-to-day operations.
So sometimes, it's hard for those department leaders to negotiate with those who they depend on.
And that's why the entire services spend must come under the supply chain to partner up with those departments.
That’s how we can ensure that the departments get the best pricing.
Let me know if you found this helpful!
Discussed Topics:
1. Cost Saving Strategy
2. Purchase Services Are Key to Your Cost Saving Strategy
3. Healthcare Management
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