Supply purchasing has been a target for cost reduction for several years. Despite some progress, it remains a rapidly growing spending category for many hospitals. With the rise of value-based payment programs, there is new pressure on hospital financial executives to stem supply cost growth and maximize internal savings.
While traditional strategies have focused on leveraging scale and volume commitments to gain lower prices from suppliers, hospitals could be risking relationships with suppliers and physicians while missing out on further gains.
Read this brief for ten strategies to achieve greater supply cost savings by increasing physician engagement and developing smarter partnerships with suppliers.