All Entries in the "Cost Management" Category
Driving Down Your Cost Through LifeCycle Analysis
You might say “What is old is new again!” when you talk about the technique of LifeCycle analysis. The concept has been around for decades. Its goal is to help you understand the true cost, from acquisition to disposition, of any commodity group you purchase to permit you to reduce, refine or eliminate non-value added [...]
Focus on the Big Picture to Save Big!
Tony Robbins, motivational guru, once said “One reason why so few of us achieve what we truly want (in business and in life) is that we never direct our focus; we never concentrate our power.” This philosophy is particularly important to understand for those supply chain professionals who want to master the art and science [...]
Are You Keeping Score of Your Savings Rejections?
Almost every hospital, system and IDN in the country keeps track of their supply chain savings month to month, but are you keeping score on your savings rejections too? I ask this question because we have found that this is a powerful and persuasive metric to share with your senior management to enable you to [...]
Why Don’t Your Hospital’s C-Suite and Department Heads Get It?
It has been often said that if your C-Suite and department heads had to spend their own money to buy their supplies and equipment for their healthcare organization a whole new “cost management” mindset would be adopted by them — almost overnight. So, why hasn’t this frame of mind taken hold in your C-Suite and [...]
Why Most Hospital Supply Chain Professionals are Deceiving Themselves
When is a savings really a savings? When it is reported to your senior management or when it actually shows up on your hospital’s bottom line? This is a question you must ask yourself when you are reporting savings of any kind to your senior management. This is because most hospital supply chain professionals are [...]
Why You Should Only Hire The Best of The Best Hospital Supply Chain Employees
Steve Jobs got it right when he suggested that the difference between the best worker and the average worker may be a ratio of 25:1 in creativity, efficiency and productivity. To get across this point, Jobs used the analogy of going to New York and you get the best cab driver in the city, you [...]
Resisting Hospital Supply Chain Price Increases at all Cost
What should be your first reaction to a proposed price increase from a supplier? You should tell your supplier that you will be turning his or her request for a price increase over to your value analysis team to seek out an alternate product, service or source. This one statement should rescind about 80% of [...]
Hospital Inventory Management: Is One Indicator Enough?
We always look for more than one performance indicator in our value analysis analytics practice to ensure that we are seeing all sides of the equation. This is because if we employ three indicators we can triangulate this information into a more reliable decision making model. We find this technique particularly important when we are [...]
Organizing for Efficiency of Your Hospital’s Supply Chain Expense Management
We have a saying around our firm that goes something like this, “You must be organized to save, if you want to save big”. In fact, efficiently saving money needs to become a habit if you want to make good supply chain organizations even better. It means taming the “paperwork tiger”, systematizing what you are [...]
Holes to Plug in Healthcare Supply Expense Management
When we think of holes, we naturally think of leaks which can cause quite a bit of damage to our home or facility. It is the same with supply chain expense management holes that can cause irreparable harm to your healthcare organization’s bottom line. Here are four holes you need to plug to keep your [...]
