Purchased Services with VIE Healthcare | E.3
The six categories of purchased services spend and why areas such as outsourced physician services and joint ventures require in-depth forensic reviews and expertise.
In our third episode, Lisa is joined by VIE Healthcare team members Rich Dormer, COO, Bryan Covert, VP of Purchased Services Spend, and Pandu Mitre, Senior Business Analyst. Together, they discuss purchased services in healthcare. As specialists in healthcare cost reduction strategies, we see that in excess of 30% of all purchased services invoices are priced incorrectly from the agreed-upon contract terms, are not on contract, or have excessive extra fees added. As our CEO and Founder Lisa Miller observes, ‘’Purchased services is not for the faint of heart, this is difficult, roll up your sleeve work, this requires deep line item invoice analysis.’’ Today’s episode is sponsored by Invoice ROI, the only patented purchased services and indirect spend technology to manage, monitor and benchmark line item details. On this episode of The Healthcare Leadership Experience, you’ll hear:
- Identify if your hospital is getting the best pricing or if it’s just a false sense of security.
- Why putting together an RFP doesn’t mean you’re getting the best pricing and why bid analysis is vital.
- Why the only way to benchmark accurately is on the line item analysis. ‘’The biggest misleading area in purchased services is broad and irrelevant benchmarking.’’
- The cost savings available when quarterly or annual contract reviews are carried out (hint: we recommend you don’t leave your contracts to expire).
- Why real-time measuring and monitoring is essential for effective cost management of your purchased services spend. ‘’You could go weeks or months with incorrect pricing, and no one would know about it.’’
- How the renegotiation of a medical waste agreement helped identify a $34,000 billing error buried as a ‘’price increase’’ for one hospital.
Resources:
Connect with Lisa:
📧 lmiller@viehealthcare.com
📱https://www.linkedin.com/in/lisamiller/
Check out this episodes sponsor:
🖥 Invoice ROI - https://viehealthcare.com/category/invoice-roi/