Prioritizing Purchased Services | Ep.25

As Lisa comments: ‘’If you think about… inflation … hospitals need to be proactively prioritizing purchased services…because you're going to see the impact of inflation on purchased services spend.’’

This episode is sponsored by VIE Healthcare Consulting® which has proudly helped hospitals save $772 million since 1999.

In today’s episode you’ll hear:

Why healthcare needs to prioritize purchased services more than ever. Hint: the more complex something is, the greater the opportunity for cost savings.

Three challenges in analyzing purchased services spend:

The line item detail trapped in the invoices.
Understanding the terms of complex contracts.
How relationships with vendors affect hospital negotiations. ‘’A lot of times hospitals work side by side with representatives from vendor partners … it’s difficult to question, negotiate or push back on certain things on a contract.’’
Why every hospital needs to be ahead of the curve when it comes to inflation.

Why you need to implement the following steps before benchmarking:

Categorize the vendor services
Compare invoice details to contracts (Hint: This is a big step that a lot of people miss)
Don’t overlook end user conversations, ‘’They’re the ones that are living it day-by-day… they know all the little issues that are happening … which you wouldn’t see in the data.’’
Three essential modern purchased services strategies that CFOs need to consider right now.

The top two areas of focus for purchased services cost reduction in 2022 – and why financial clauses are problematic for hospitals. ‘….. even clauses that say, "We won't sell to your competitors, but we’re going to charge you several hundred thousand dollars a year not to….what happens is it gets embedded in the contract.’’

Why ratio benchmarking is bad advice when it comes to purchased services cost savings.


In this episode:

• Why healthcare executives need to prioritize purchased services now more than ever.
• Inflation
• Categorizing all spend
• Modern strategies for CFO's
• Outsourced staffing, updating technology and other areas that impact financials.
• CFO's are not getting the information they need
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The video is about Prioritizing Purchased Services but also try to cover the following subject:
- Purchased services agreements
- Medical inflation
- Purchased services spend

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