By  Amanda Geelhoed Papach, Marketing Director

A few weeks ago, I sat in on a webinar hosted by two of my co-workers, Lisa Miller and Rich Dormer. I was curious to attend this webinar, as I’ve observed significant growth in our Purchased Services software division over the past year. Many others and I were eager to gain insights from their expertise, and this webinar did not disappoint.

The session, titled “The 3 Key Drivers in Purchased Services Spend: Data, Decisions, and Deal-Making,” was both interesting and informative, and I found myself taking constant notes. After a week or so of reflection, I have pulled together three major themes from the webinar, each shedding light on the following critical aspects:

1. Strategic Collaboration: Lisa and Rich emphasized the importance of strategic collaboration across departments and functional areas. They highlighted the pivotal role cross-functional teams play comprising clinical, financial, and operational leaders. This collaborative approach ensures a holistic perspective and enables us to effectively leverage diverse expertise to drive cost saving initiatives.
2. Data-Driven Decision-Making: Another key takeaway was the emphasis on data-driven decision-making. Lisa and Rich highlighted the significance of leveraging data analytics to uncover insights, identify cost saving opportunities, and track performance. By harnessing the power of data, leaders can make informed decisions and optimize their purchasing strategies for maximum efficiency and savings. This type of decision-making provides substantial benefits by ensuring precision and accuracy in our cost saving initiatives.
3. Continuous Improvement: This webinar underscored the importance of continuous improvement in our cost saving efforts. Lisa and Rich emphasized the need for ongoing monitoring, evaluation, and refinement of strategies to adapt to evolving market conditions and organizational needs. By fostering a culture of continuous improvement, we can sustainably drive cost savings and deliver greater value to our organization. The session provided examples of organizations successfully implementing continuous improvement strategies, showcasing the tangible benefits.

Additionally, I found the high level of attendee engagement during the webinar noteworthy. The significant turnout underscores the importance of cost savings in today’s healthcare environment. The participants’ numerous questions demonstrate a genuine interest in furthering the exploration of cost saving strategies.

One question that particularly caught my attention concerned the future direction of our Purchased Services technology division, and our plans to leverage emerging technologies for further enhancement. This inquiry prompted a stimulating discussion on the potential applications of artificial intelligence and machine learning in optimizing procurement processes and achieving greater cost efficiencies. It was an excellent example of how organizations can explore new types of technologies to enhance their operations.

In conclusion, Lisa Miller and Rich Dormer’s webinar provided valuable insights and fostered meaningful discussions. As we navigate the dynamic healthcare landscape, the principles discussed will guide us in driving sustainable cost savings and delivering increased value to our organization.