Establish More Transparent Supplier Relationships to Prevent Supply Chain Overspending.Are you paying too much for capital equipment, med-surg supplies, and outsourced services? If your relationships with your suppliers are too ...
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Establish More Transparent Supplier Relationships to Prevent Supply Chain Overspending.Are you paying too much for capital equipment, med-surg supplies, and outsourced services? If your relationships with your suppliers are too friendly, you may be.
Unhealthy ...
Analyze your spend and contracts to reduce leakage and save money.Healthcare organizations must control their non-labor spend to combat shrinking margins due to COVID-19. Purchased services—such as waste management, blood services, and elevator maintenance— account
10, 9, 8, 7… Countdown to savings.Saving money is one of the most popular personal New Year’s resolutions—right up there with exercising more. Saving money is also an important goal for healthcare organizations, particularly at a time when many hospitals are ...
The year 2020 has dealt a brutal blow to the financial health of healthcare organizations in the United States, many of which were already under enormous financial pressure as they struggled with trends such as heightened consumer demand, transitions to value-based
In an article titled “Servicing imaging technology in 2020 and beyond,” published in the Nov.–Dec. 2020 issue of DotMed Healthcare Business News, TractManager Clinical Expert Tom Watson talks about the changes in service agreements offered by manufacturers of ...
The COVID-19 pandemic has taken its toll on healthcare organizations’ financial health. In the first eight months of 2020, hospital operating margins were down 89% compared to the first eight months of 2019. The pandemic has also significantly impacted patient care
In a prior post, we analyzed the many potential spending pitfalls that healthcare organizations face as they work to recover from the financial hit the COVID-19 pandemic has delivered. As any healthcare executive knows, managing spending without compromising care ...
How to Establish Healthier Vendor Relationships During and After the Pandemic: The COVID-19 pandemic has upended every aspect of daily life. Health systems and hospitals are no exception, especially because the pandemic exposed the myth that healthcare is recession-proof.
Group Purchasing Organizations (GPOs) provide an important service for hospitals and health systems. History tells us the volume-based purchasing that GPOs offer does indeed garner discounted pricing.
However, hospitals and health systems should not assume a ...
Measure It to Manage It: Beginning the Journey to Hospital Financial Wellness
The financial health of your healthcare organization needs to be your top priority. Analyze clinical, financial, and operational data to uncover opportunities to improve your processes, systems, and bottom line.