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How third-party purchased services are helping providers save money

Published in: Healthcare Business News

In the last 18 months, purchased services have accounted for 34.8 percent of non-direct labor spending. With the Delta variant surge now digging into 2021 revenue gains and expenses rising, hospitals are looking at these third-party options to save on cost while maintaining operational efficiencies, according to Conductiv, a third-party spend optimization solutions provider and a consolidated subsidiary of Premier.

“In many cases, the urgency of sourcing new categories and implementing safety measures with on-site third-party service providers has highlighted the fragmented and unstandardized nature of supplier management for healthcare providers,” Chris Gormley, CEO of Conductiv, told HCB News.

Efficient third-party service should be able to utilize AI and machine learning to provide real-time views on utilization and usage rates. This can help manage specific savings targets and ensure providers comply with new agreements. They should also be able to provide instant access to critical sourcing, spend, and process information to make sure hospitals are getting the level of service stated in contracts in terms of quality and price.

In addition, hospitals and supply chain teams should consider GPO contracts, as they can yield the greatest savings and have the fewest discrepancies, which saves time for both buyers and sellers, according to Gormley. “Industry-leading purchased services contracts, technology and partners can help hospitals and health systems reduce costs, increase revenue, improve workflow and efficiencies, and enhance quality."

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