Materials Standardization
Materials have a greater potential to reduce costs than many people believe, since each dollar saved in materials transfers to the bottom line. Whether your facility is tightening its proverbial belt or simply looking to efficiently and effectively shave overall costs in the long run, the most successful approach you can adopt is to plan ahead - wisely. With budgets and goals being only one piece of the metric puzzle, Soyring Consultants address the root issues and opportunities for improvement. The methodologies used will be focused on identifying and responding to the key processes having significant impact on supply-related cost reduction opportunities.
Implementing an efficient and sustainable approach to effectively assess and control supply/equipment costs can help hospitals quickly reduce waste while improving both short- and long-term bottom-line results.
Our Process
Classify areas of opportunity
Soyring works with your hospital to determine annualized savings goals. We then evaluate high dollar value items that will have the greatest impact. The opportunity for improved pricing presents itself in many forms. Some of the most common include:
- GPO compliance
- Vendor consolidation
- Product standardization
- Negotiations
Create internal value/buy-in
Creating internal value and fostering end user buy-in is crucial for any cost savings initiative. This is most effectively accomplished through the creation of a multidisciplinary panel, or Value Analysis Committee, that will determine which cost savings initiatives should be implemented and how. We realize the importance of engaging physicians, clinicians, management, staff, and administration.
Calculate potential savings
We use internal hospital and external resources to verify current usage and spending by category. Next we begin discussions with vendors, develop requests for proposals, and review responses from current and prospective vendors. Once proposals are in hand, Soyring consultants identify possible scenarios including potential implementation difficulties and quantify the end financial impact. Finally we assist with implementation.
Capture savings
By implementing an efficient and sustainable approach to effectively assess and control clinical supply/equipment costs we can help hospitals quickly reduce waste while improving both short- and long-term bottom-line results.
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Contact Soyring Consulting to learn how we can aid your organization in reducing these costs.
