Current trends in supply chain and contract management.

 

Episode Introduction

As Lisa comments, ‘’Hospitals that take that deep historical, analytical view and create a spend baseline… they are getting different results… than by getting a report from their vendors or just taking out a few invoices and renegotiating on that.’’

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

 

Show Topics

• The current staffing issues affecting the hospital supply chain, and the impact on cost savings, strategic initiatives and even linen loss. ‘’..sometimes that is due to traveling nurses who don’t know the process … so a lot of linens get thrown out.’’

 

• How Covid has disrupted contract management processes - and the subsequent rise in overdue contract renewals.

 

• Why utilization analytics is becoming a big driver for cost savings – and why a 12 to 24 month historical view is vital.

 

• How smart benchmarking requires hospitals to use two or three sources for accuracy – and why benchmarking is not a one-time event. ’’Sometimes these hospitals are making multimillion dollar decisions, the cost of the investment for two or three different sources is probably a very wise one.’’

 

• The challenge of inflation and the impact of CPI on your vendor agreements.

 

• Why hospitals need to ensure that costs don’t increase automatically. Hint: Don’t allow your contracts to auto-renew ‘’80% of the time we review renewals or contracts there are always opportunities – if you’re not looking for those opportunities, you’re not going to find them – it’s mindset.’’

 

• How one pharmacy proposed $200k cost savings for one hospital for a mid-term renewal.

 

• The growing demand for vendor negotiation and analytics coaching for supply chain professionals - and why it matters.

 

For more on trends in healthcare, listen again to Episode 28 of The Healthcare Leadership Experience.

 

 

Show Links

📧 lmiller@viehealthcare.com

🖥 https://viehealthcare.com

📱https://www.linkedin.com/in/lisamiller/

 

What To Do Next:

 

1. Subscribe to The Economics of Healthcare and receive a special report on 15 Effective Cost Savings Strategies.

 

    2.There are three ways to work with VIE Healthcare:

 

• Benchmark a vendor contract – either an existing contract or a new agreement.
• We can support your team with their cost savings initiatives to add resources and expertise. We set a bold cost savings goal and work together to achieve it. 
• VIE can perform a cost savings opportunity assessment. We dig deep into all of your spend and uncover unique areas of cost savings.

 

If you are interested in learning more, the quickest way to get your questions answered is to speak with Lisa Miller at lmiller@spendmend.com or directly at 732-319-5700