7 Ways to Identify Purchased Services Cost Saving Opportunities
Автор: VIE Healthcare Consulting
Загружено: 2021-07-09
Просмотров: 801
“How do I begin identifying purchased services cost savings?”
Here are 7 strategies:
𝟏. 𝐄𝐱𝐩𝐢𝐫𝐚𝐭𝐢𝐨𝐧 𝐝𝐚𝐭𝐞:
If your contract is expiring in 9-12 months, you must look at it carefully.
You need to understand your needs, the marketplace, and the overall cost structure and prepare yourself accordingly.
𝟐. 𝐂𝐚𝐭𝐞𝐠𝐨𝐫𝐲 𝐠𝐫𝐨𝐮𝐩𝐢𝐧𝐠:
You can group your expenses (such as IT costs or outsourced laboratory services) to understand the entire categories.
𝟑. 𝐒𝐩𝐞𝐧𝐝 𝐯𝐨𝐥𝐮𝐦𝐞:
We all look to the high spend volumes as they reap the most significant savings.
But you can find a larger percentage of savings by analyzing the middle and even the lower portion of your spend because no one has looked at it at all.
𝟒. 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐜𝐨𝐬𝐭 𝐬𝐚𝐯𝐢𝐧𝐠𝐬:
After doing some analysis, if you find that the identified cost savings have a bigger impact, that's a great place to begin your strategy.
𝟓. 𝐔𝐫𝐠𝐞𝐧𝐭 𝐢𝐬𝐬𝐮𝐞𝐬:
Not everything comes across as anticipated. You could come across growth issues, service issues, or a new strategic initiative.
That’s why considering urgent issues is important.
𝟔. 𝐍𝐞𝐭 𝐧𝐞𝐰:
You could have something brand new coming your way, such as a telemedicine offering.
So you’d need to analyze what's going on in your organization, the marketplace, and the benchmarking.
𝟕. 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐝 𝐜𝐨𝐬𝐭𝐬:
You must pay attention to the year-over-year increases by your vendors.
If it's greater than 5%, you need to see if it’s for a good reason or some intervention is needed there.
If you’ve got an 8th, 9th, or 10th way to approach your purchase-services cost savings, I'd love to learn from you in the comments.
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