Procurement. Purchasing. Materials Management. However your organization refers to this function, it is all Supply Chain. Even though the Supply Chain department is vital to the operations of the organization, it is often underestimated as to its impact on the financial health of the organization. Today, healthcare organizations, challenged with declining reimbursement and demands for the latest technology, have been unable to apply appropriate expertise and commitment to execute a sustainable expense management strategy. That is why many hospitals and healthcare systems rely on the experts at FTI Health Solutions to assess overall cost effectiveness and offer recommendations to reduce costs, enhance the quality of their support operations, and strengthen the organization’s competitive position.
The adoption of the Affordable Care Act has placed a greater emphasis on the collection and utilization of data. While quality data can add significant value to the operations and financials of an organization, it is rarely easy to obtain. Stakeholders can only make decisions with normalized data that is accurate, not only for sourcing and procurement, but also for reporting and predictive analytics at the executive level. From the clinical perspective, accurate data serves as the foundation for understanding procedural costs leading to desirable quality outcomes. From the service side, benchmarking, optimizing and monitoring comprehensive contracts are critical to maintaining accurate data sources and keeping operations lean.
We believe there are many questions hospitals and health systems need to consider regarding to both current operations and strategies for the their future, such as,
- What does the data look like?
- How is it being managed?
- Is there a process in place for ongoing management of the integrity of that data?
- Does that process link pricing information, reimbursement and charge data to illustrate and support optimal contracting outcomes?
- Does it link to our other systems?
- What are the system’s current report capabilities?
- Are those reports actually valuable and to whom are they valuable?
The ultimate goal for a healthcare supply chain department is to utilize the data to assist clinicians and others in the organization to prioritize areas of cost reduction for the best quality outcomes for their patients.
This is where FTI can help.
Our approach begins with a comprehensive data analysis and review of key infrastructure processes. We normalize your data, provide up-to-date benchmarks based on similar facilities and design reports that not only speak to the financial goals of your organization, but also to the needs of key stakeholders. We leverage comparative analytics to quickly identify high cost opportunities across clinical and non-clinical areas. Our approach focuses on proven, sustainable processes that result in viable improvements. We also educate and train your staff to continue these practices long after your partnership with FTI has concluded.
Senior Managing Director