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Top 10 Ways to Cut Medical-Surgical Supply Spending Now
Date:6/27/2011

LOUISVILLE, Colo., June 27, 2011 /PRNewswire/ -- Faced with growing medical-surgical supply costs as reimbursements shrink and healthcare reform looms, healthcare providers can reduce their medical-surgical supply spending immediately—and GHX is providing a list of what it recommends as the top 10 ways to do it. The healthcare technology company released its list at the HFMA ANI conference in Orlando, where it will focus on documented opportunities for cutting what has become the second highest and fastest-growing operating expense for providers. Many of the listed opportunities are designed to provide the kind of visibility necessary for organizations to meet new reporting requirements for the cost and quality of care they provide.

The GHX Top 10:

  1. Save an average $12.00-$27.00 per order by conducting as much of your purchasing electronically with as many of your trading partners as possible.
  2. Automate the procurement process, from the point of contracting to the point of payment, to streamline operations and boost efficiencies.
  3. Centralize purchasing across your organization to provide visibility into and control over as much of your supply spending as possible.
  4. Develop a master data management strategy, including the use of global industry data standards, to ensure that you are keeping critical information as up-to-date as possible and that you have “one source of truth” to feed clinical and financial IT systems.
  5. Understand the total cost of ownership of your supply chain; in addition to the price paid, consider the financial implications of procurement, logistics, inventory management, charge capture and reimbursement, among others.
  6. Create visibility into both the total cost and efficacy of the products being used in patient care, so that you can determine the role supplies play in both the cost and quality of the care your organization provides.
  7. Focus
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SOURCE GHX
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