By: Rich Dormer, Senior Director of Purchased Services
Last week, I moderated a Becker’s webinar that highlighted the C-level approach to cost savings for hospitals and healthcare systems. The session was educational and filled with valuable insights from industry experts Lisa Miller and Jake Thompson, who illuminated the intricacies of optimizing healthcare expenditures without compromising quality.
One key takeaway from the webinar was the importance of a comprehensive end-to-end approach to cost savings. Lisa emphasized the significance of involving multiple C-suite or VP levels in the process. She explained instances where the active engagement of CFOs, COOs, and CMOs led to remarkable traction in cost-saving initiatives. This collaborative effort, with weekly meetings and detailed assessments, proved instrumental in driving tangible results.
Lisa stressed the necessity of precision and accuracy in the initial assessment and target-setting phases. She expressed the importance of looking deeper into the details rather than relying on generalities, ensuring that cost saving strategies are grounded in through analysis. This meticulous planning phase lays the foundation for successful implementation and long-term sustainability of savings.
An intriguing topic Lisa discussed revolved around the challenges of negotiating pricing with purchased services vendors. Lisa pointed out the shift in approach by moving away from arbitrary demands to presenting a detailed, data-driven rationale for desired discounts. She shared a compelling anecdote where a hospital took a stand against a vendor’s refusal to accommodate reasonable requests, emphasizing the importance of fostering collaborative partnerships in the healthcare ecosystem.
Jake provided valuable insights into the role of technology, particularly Trulla pharmacy-procurement software, in automating product selection and optimizing vendor contracts. He explained how the software’s automation capabilities streamline the procurement process, ensuring the choice of the most cost-effective options while incorporating anticipated rebates into the decision-making process.
An interesting topic Jake highlighted is the complexity of purchasing medications, including dealing with thousands of different products from various manufacturers, price fluctuations, drug shortages, and compliance regulations. He discussed the strategies for product selection, margin optimization, and ensuring correct pricing. This emphasized the importance of having a dedicated team, utilizing automation tools, and engaging with wholesalers to address these challenges effectively.
With its product preference logic, Trulla empowers organizations to prioritize the most cost-effective options while ensuring compliance with contract terms. By leveraging real-time data and analytics, Trulla streamlines the procurement process, allowing healthcare systems to identify savings opportunities and negotiate more effectively with vendors. Trulla’s ability to provide actionable insights, simplify workflows, and drive measurable cost savings across the supply chain. With Trulla, healthcare organizations can enhance efficiency, reduce costs, and improve patient outcomes.
The webinar provided valuable insights on reducing non-labor cost savings for purchased services, physician preference items, and pharmacy spending. By focusing on collaboration, precision, and strategic planning, hospitals can navigate the complexities of cost optimization and pave the way for a more sustainable future in healthcare delivery.
If you are interested in learning more, I encourage you to reach out to Lisa or Jake with any questions or would like access to the OnDemand webinar video.
