Cost Control 101

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As hospital margins tighten, hospitals and health systems can no longer view cost control efforts as short-term fixes—they must implement long-term measures that make lowering costs a strategic priority.

Learn how with our series designed for hospital, physician, and nursing leaders. You can watch the on-demand webinars and download the presentations below:

Go from cost-cutting campaigns to permanent savings

Hospital and health system leaders are facing an unavoidable margin-management challenge, and while revenue fuels the problem, expenses will be at the heart of the solution. Our research has found key strategies that will help providers slow operating expense growth and thrive amid challenging economics.

This presentation explores the drivers of the margin-management challenge and includes strategies to rebase spending on supplies, pharmaceuticals, and purchased services.

Presented September 2019: Watch the on-demand presentation.

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4 ways to contain labor costs (without alienating staff)

This presentation continues to explore hospitals' and health systems' long-term margin challenge. After rebasing spending on supplies and purchased services, organizations must tackle their largest operating expense category: labor.

Hospitals and health systems should seek to slow the growth of labor expenses rather than rebase them through undesirable tactics such as mass reductions in force or benefits changes. Slowing the growth of both administrative and clinical labor expenses will be central to an effective cost-containment strategy.

Presented September 2019: Watch the on-demand presentation.

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How physicians can help rein in costs

Health systems nationwide are facing considerable downward pressure on their operating margins. Reimbursement cuts, shifts in payer and case mix, and rising bad debt all require health systems to focus on managing enterprise costs to achieve long-term financial sustainability. Few organizations, however, have looked to their physicians as partners in their cost-containment strategy.

But with health systems reaching the limits of their traditional cost management tactics, engaging physicians in cost control is becoming an increasingly important part of the margin management playbook. This presentation provides practical guidance for reducing the cost of clinical variation by establishing expected clinical practice and translating standards into frontline care delivery.

Presented September 2019: Watch the on-demand presentation.

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4 ways nurse leaders can help save millions

Margin management is a top priority for most health system executives. The default strategy is to focus disproportionately on labor budgets—specifically nursing labor budgets. This isn't surprising, given that approximately half of hospital expenses are from labor, and nursing represents the largest segment of the labor workforce.

Yet nurse executives have other, larger cost savings opportunities. This webconference will address the cost opportunities associated with care variation reduction, and then turn to a lingering area of concern to nurse executives: premium labor.

Presented October 2019: Watch the on-demand presentation.

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