By Denise Bisogno, Business Development Manager
How Does Your 2025 Cost Savings Plan Set You Up for Success?
As we approach 2025, the healthcare industry is abuzz with talk of new technologies, AI, and non-traditional patient care models. While these innovations offer exciting potential, they also come with steep costs. The challenge for healthcare leaders is ensuring these advancements deliver real value and do not become costly mistakes.
The Big Question: Will These Investments Pay Off in Five Years?
Many healthcare leaders struggle to predict which innovations will guarantee a return on investment (ROI). A strong focus on patient-centered advancements is essential, but it’s equally important to ensure that your financial foundation is solid before embracing new technologies. Without a robust cost-savings plan in place, these “shiny” new disruptors could become financial burdens rather than assets.
The key to long-term success is to build a cost-savings strategy with advanced controls that can predict and deliver future savings. Too often, organizations rush into adopting new tools without securing a reliable financial foundation, which can lead to serious challenges down the road.
The 2025 Value Story – Writing Your First Chapter
Every year, healthcare leaders work to improve their organization’s bottom line. In 2025, the focus should be on establishing a sustainable cost structure that predicts, presents, and delivers meaningful savings. This is the first chapter in your journey toward a successful future.
Only after building this foundation healthcare systems should bring in the advanced technologies and patient care models that will define healthcare’s next chapter. A comprehensive approach to achieving cost-savings will always outperform a reliance on isolated tools. By digging deeper into spending data, hidden inefficiencies and missed opportunities for savings can be uncovered. This includes addressing billing errors, overcharges, and contract-related profit leaks.
How to Achieve Top Results and Operational Growth
To drive operational growth and financial success, leaders need to focus on identifying and implementing cost-savings strategies. This starts with analyzing your purchased services spend and contractual agreements. Gaining clear insights into your performance, uncovering operational improvement opportunities, and monitoring results are all essential steps in growing your cost-savings.
The Winning Formula: Bringing in the Right Expertise
To accelerate a strategy and uncover hidden savings, it’s crucial to engage the right external expertise. SpendMend offers a patented, automated solution for purchased services cost-savings that target three key areas:
- Rapid Savings Identification – Instantly optimize value by quickly identifying and achieving high-dollar savings.
- Improved Control – Gain the ability to predict and present future savings opportunities.
- Deeper Contract Insights – Conduct detailed reviews to understand the financial and operational implications of contracts.
SpendMend’s approach is unmatched in the industry, providing a thorough analysis of each line item in healthcare system invoicing. This enables hospitals to achieve significant cost-savings and maintain a competitive advantage in the face of evolving healthcare challenges.
