3 Easy Steps to Spending Smarter
Take the time to analyze what you're spending and how to implement the steps for increasing your dollar's buying power!
By: Donato Santangelo, Veira Account Manager
1.Analyze your Contracts and Purchased Services
Know your spending
Purchased Services is usually equal to supply spending for the average organization. Make sure every service you use is relative to increasing the quality of care and improving the spending power of your dollar.
*Hint: Sometimes streamlining your services from one source can solve both these issues! (Ask your GPO rep how to do this today!)
Review your accounts payable
See where you allocate your organization’s spending. Working with your GPO to gain knowledge on specific vendors can help make your dollar go farther!
Knowing the exact stipulations, (dates, terms and conditions of your purchased service contracts) helps maximize the value of the service and prevent issues like price hikes and interruptions in service.
2. Capital Equipment Planning and Procurement
Evaluate capital equipment life cycles
Know when you will need new equipment and maintenance! This will keep spending on a schedule and help you be prepared for the unexpected at the same time.
Be involved with the Supply Chain
When constructing or simply running day to day operations of a facility, remember to maximize the resources at hand. GPOs can get supplier information for identifying product alternatives and other opportunities to increase savings.
Learn to take advantage of contracts that can provide aggregate spending opportunities. Sometimes ordering more means spending less!
Looking Long Term
Learn about that equipment you own! Service agreements, maintenance agreements and equipment life cycles can be a cornerstone to reducing spending in the long haul! This knowledge will allow you to budget for funds and to fix or replace capital when needed. Don’t get left high and dry by expired contracts and agreements!
3. Analyze the Values in What You’re Purchasing
Have a Team go Over your Expense Report!
Backed by number-based data you can determine which products are right for you and which are not! This will balance expenses without sacrificing quality products and service.
Don’t feel pressured to buy new brands and different equipment
Your team should evaluate which products, services, and practices that meet the level of care you want to provide. Don’t let trying to save money interfere with the quality of care you provide patients. Before switching vendors talk to your GPO, they can help reduce the costs on the products you’re already buying.