From the article “3 Big Wins from Healthcare Companies to Contain Costs”, here are three insights to help control expenses.
1. Treat your suppliers as strategic partners – not just vendors.
Instead of a large pool of generalized vendors, having key strategic, niche partnerships allows for greater engagement and transparency between the strategic partners.
In today’s marketplace companies need strong, dependable strategic partners. An outsourcer now needs to rely on their outsourcing partners as protectors of their brand, compliance agents and visionary teammates.
Providers are investing in innovative ways to reduce total cost of operations. Healthcare companies are also focusing on optimization by expanding the locations they serve. They are locating key healthcare centers to increase new markets and help get patients access to services needed.
3. Proactively Drive Compliance.
Security and regulatory compliance is huge in the healthcare industry. According to a UPS survey, regulatory compliance ranks as the top concern among healthcare companies. The key to a successful compliance program is to make sure you have the processes and procedures in place to mitigate risk and provide the most compliant service possible for your client.
There is no doubt that we need to be thinking differently in healthcare today to effectively manage expenses in order to be competitive. However, prioritizing and capturing little wins along the way will pave the way for big transformation. Having an ecosystem working together for the same goals, with the same values, will be the winning strategy.