What are purchased services in health care? Purchased services make up more than 40% of a health system’s operating expenses. Despite being the highest expense for health systems beyond labor, it is often the most overlooked. Purchased services include any non-labor expenses that a hospital may contract, purchase or outsource
Value analysis serves as a cornerstone for fostering collaborative relationships between Integrated Delivery Networks (IDNs) and suppliers within health care. An article in The Journal of Healthcare Contracting details invaluable perspectives shared at the IDN Insights West panel that included Cheryl Anderson Smith, System Director of Value Analysis at Steward
In the ever-changing health care industry landscape, the strategic partnership between Advantus Health Partners and Delta Health System has emerged as a beacon of innovation and cost efficiency. Delta Health System, needing to reduce supply chain costs, was searching for an alternate option to augment their Group Purchasing Organization (GPO).
It’s no secret that health systems need more efficient ways to manage their supply chain products and spend in the operating room. And while ORs can drive significant revenue, inefficiencies in supply chain can undermine quality and affect patient outcomes. Successful OR management strategies update inventory, reduce waste and ensure
Going Beyond the Financials If your health system is looking to reduce supply chain costs, you’re not alone. Nearly half of health care leaders are prioritizing supply chain as the number one cost-saving initiative this year. Many health system leaders rely on their GPOs to leverage collective purchasing power. But
There’s too much variability in U.S. health care, which leads to waste and worse patient outcomes. As a surgeon, Dr. Jimmy Chung saw this problem firsthand. Dr. Chung’s journey into health care supply chain management was not a traditional path for a physician. After more than a decade in
Executives in the health care supply chain are challenging how things are done. They are thinking differently about supply chain, moving it from a line item to the bottom line. Recent years have been tough, with lots of challenges, like more drug shortages than we’ve seen in almost 10 years.
Health system leaders look to reduce their overall costs by targeting supply chain optimization — almost half say it’s their No. 1 cost-saving initiative this year. But amid financial challenges, inflation and supply shortages, that goal is much trickier to achieve today. The traditional group purchasing organization (GPO) approach fails
Combined GPOs expand purchasing power to support sustained cost reductions Cincinnati, Ohio and Louisville, KY (Feb. 6, 2024) — Advantus Health Partners, an end-to-end health care supply chain solutions company and Alliant Purchasing LLC have formed a strategic partnership that will expand the purchasing power for members. “Our vendor partnerships
Health systems are under pressure to reduce costs, especially in supply chain. While that can feel like a monumental task, it’s easier to achieve when you approach it with the right game plan. Move your supply chain from transactional to strategic and create a high performing supply chain. This infographic
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