The Healthcare Leadership Experience
Planning Your 2022 Cost Savings Pipeline of Opportunities | E.20
Inflation is here and it's going to get worse. As we go into 2022 and 2023, cost focus, expense focus has to be a number one priority.
Episode IntroductionIn Episode 20 of The Healthcare Leadership Experience, Lisa is joined by her producer, Lisa Larter of The Lisa Larter Group, and Rich Dormer and Bryan Covert from the VIE Healthcare® team. Together they discuss planning your health system’s pipeline of cost savings opportunities for 2022.
This episode is sponsored by VIE Healthcare Consulting® which has proudly helped hospitals save $758 million since 1999.
Show Notes:
The need to identify the cost savings opportunities in the gaps – and why you need to aim higher on savings targets. ‘’If we put a 10 or 15% target and get there, do we miss out on the 22% target?’’
Why every hospital has to look beyond the norms when it comes to benchmarking.
The cost savings opportunities in the unexpected areas of your Physician Preference Items (PPIs) and purchased services spend (Hint: don’t negotiate in silos).
The three parts to a cost savings pipeline:
Getting the data organized – and why you can’t just build a pipeline on agreements that are due in the next year. Get some specificity around areas of spend. Prioritize your urgent issues - and the cost savings potential uncovered in COVID tests. ‘’Just because it’s new, doesn’t mean it can’t be benchmarked.’’
The critical need for strong project management in every hospital – and why you should never allow your contracts to auto-renew.
Why healthcare executive leaders need to be involved in every cost reduction initiative in 2022. (To quote Mike Tyson ‘’Everyone’s got a plan until they get punched in the face.’’)
The importance of planning dates to review your costs semi-annually.
Why engaging an outside party like VIE Healthcare® can help you identify cost savings opportunities - and achieve them.
Connect with Lisa:
📧 lmiller@viehealthcare.com