8 Ways to Make Your Healthcare Facility More Profitable

Barry Denny Director of Expense Management A critical part of effectively managing a healthcare facility is ensuring adequate profitability. There are a variety of ways to reduce costs and improve profitability.…

Hire a consultant that specializes in the spend category that you want to explore. There are cost reduction specialists in the areas of medical/surgical supplies, pharmaceuticals, medical waste, utilities, phone bills, employee benefits, taxes, etc.…

Making too many changes Make friends, not enemies with your vendors, staff, and surgeons. Only suggest a change of vendor or product when it is absolutely necessary. 90% of your cost reduction results should not…

Pareto’s principle: Apply the 80/20 rule to both your vendors and items purchased through each vendor. 80% of your cost reduction comes from the top 20% of your spend. First, run an Accounts Payable report…

Why Containment Is so Crucial to the Success of an Ambulatory Surgery Center? There are only two things you can do to increase your ASC’s profitability: Increase revenues or decrease expenses. You can only do…