6 strategies to optimize your hospital's clinical and nonclinical purchased services spend
The COVID-19 pandemic is affecting the nation's healthcare system on multiple fronts. In addition to delivering care to those in need among intensifying demand, hospital executives must also focus on their organizations long-term fiscal health as the pandemic has pushed the overall health of the economy into precarity.
It's estimated that indirect spend can account for 15 to 27 percent of total operating expenses. Meanwhile, U.S. hospitals overspend an average of $39 billion annually on clinical and nonclinical purchased services.
Purchased services, while commonplace in supply chain sourcing strategies, remain a final frontier for exploring spend optimization. With the possibility of quick time to savings and long-term strategic potential, we've identified six common themes among organizations with successful purchased services programs in place.
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