Taking Control of Purchased Services
Beverly Schierer, R.T.
Vice President, Research & Analysis
Regional Director of Contracting and Purchased Services
SJH Northern California
Hospitals allocate nearly 30 percent of their operating budgets to purchased services—totaling nearly $100 billion per year. With industry trends showing purchased services to increase by 13 percent over the next five years, budgets will undergo even more strain. However, hospitals can take control of its purchased services.
Studies show that purchased services can be reduced by 10 to 30 percent vs. the more typical 5 to 15 percent reduction for physician preference items. These savings can positively and directly be reflected in a facility’s P&L, and help to offset the looming reductions in reimbursements.
During this webinar, you will learn that with the right data, education, and resources, purchased services savings are attainable. Participants will also learn how many purchased services savings can be realized without the clinical involvement necessary for cost reduction projects in capital equipment and preference item expenditures.
After This Webinar You'll Be Able To:
- Define and categorize the appropriate purchased services with direct impact on your P&L.
- Outline a value analysis process to manage your purchased services initiatives.
- Effectively review purchased services proposals across all categories.
- Identify categories of high-impact purchased services for immediate review.
- Determine data, tools, and resources needed to achieve the potential savings.
- Recognize which, if any, purchased services categories have clinical implications (e.g., teleICU).
Tools & Takeaways
- Excerpt from a real-world contract review
- A sample of industry best practices documentation
- A sample of key performance indicators documentation
CFOs, COOs, finance VPs, operations VPs, supply chain VPs
Field of Study:
Specialized Knowledge and Applications
HFMA members: Free
Note: This on-demand webinar is available until July 26, 2014.