What Has Happened So Far

For most hospital leaders, 2024 has not been as kind as we hoped. They are still facing significant cost challenges and high labor costs. Achieving margin improvement has been elusive, like chasing after a butterfly.

Where We Are Today

Healthcare leaders continue to focus on cost containment. The issue is far from new, but initiatives are evolving to adapt to growing needs around capacity and seeking stronger strategic opportunities. There is no single tool or strategy that can provide a magic bullet to solve all problems. However, developing a thorough cost reduction strategy at a granular level has become critical to achieving success and gaining a competitive advantage in today’s healthcare environment.

What We Found

Recent discussions with chief administrative and financial leaders from major hospitals and health systems have shown that there is a need to think “outside the box” and devise better strategies. Elevated intelligent solutions, designed to optimize revenue, promote growth, and sustainability, show how to predict and present future savings.

Mid-2024 and a Bright Light of Hope

Heading into Q3, many healthcare leaders are considering several changes. These leaders are reframing their mindsets around efficiency and cost-effectiveness, seeking next-level strategies to drive beyond old standard results and push past roadblocks where there have been no real answers until now.

The Financial Light is Getting Brighter

• Automation is being hailed for its accuracy and is the instant results driver that works faster, smarter, and brings needed effective changes for gaining rapid, improved performance.
• Purchased Services Analysis is an approach that many have found to deliver top value. Opportunities for driving improvements with deeper benchmarking, stronger contract analysis, next-level data analytics, and expert support lead with a comprehensive plan for success.
• New Methods and Optimized Approaches designed to specifically increase bandwidth in purchased services cost reduction have arrived, bringing new streams of previously trapped savings hidden in the financial landscape.

Here’s the Takeaway for You

The addition of automated capabilities to analyze thousands of line-item details instantly will uncover billing errors and unnecessary spending, identify historical overcharges, and eliminate manual processes, allowing teams to focus on better initiatives.

Instant results are key in today’s volatile and ever-changing market. What worked yesterday isn’t bringing value today. Automation has proven to be the critical driver to achieving success.

Optimizing speed to results with accuracy is crucial in the healthcare industry right now. You can’t optimize what you can’t see. This inhibits your advantage and reduces your savings capabilities.

Leaders today must receive real end-to-end engagement support, providing thorough outcomes and defined goals for savings achievement. Roadmaps combined with training and mentorship to make better purchasing decisions are the game changers for true sustainable change. Experts with knowledge of healthcare’s innate challenges, bringing strong insight and spend data visibility, are key.

At SpendMend, we have forged a new path and lead the charge to true financial change with cost savings success for today’s healthcare leaders to count on for the much-needed win.