Transform Your Facility with Strategies That Improve Your Bottom Line
Cost Reduction Is Key to Financial Stability
A hospital with a 2.6% profit margin must generate approximately $192,000 in new revenue to yield just $5,000 in savings.
Value-based payment (VBP) models continue to evolve and are likely here to stay. Many healthcare providers are anticipating either stagnant or decreased reimbursement from government and commercial payers. While VBP models can be a win-win, with providers saving money while reducing unnecessary use, hospital and health-system leaders are well aware that in the context of VBP, making key improvements doesn’t always mean seeing more money.
To thrive in the new healthcare environment, providers must employ tactics that achieve even greater bottom line results, such as standardizing purchasing across a system and examining all costs associated with delivering patient care.
The Acurity Supply Chain Improvement Plan includes key elements to drive rapid and meaningful cost reduction for your organization.
Group Purchasing Program
The Acurity Group Purchasing Program is the cornerstone of our cost reduction services, representing the majority of membership spend. We include areas that are not well-served by other group purchasing organizations. Learn more.
Contract Alignment, Management & Standardization
Acurity’s ongoing spend management reviews—which include an in-depth analysis of all purchasing spend under the supply chain purview—ensure that purchases are aligned with relevant contracts, validate contract pricing, and alert members to all product standardization opportunities. We make sure that you receive the best pricing possible.
Managing Pharmacy Price Inflation & Costs
Many Pharmacy Department budgets have swelled in recent years as pharmaceutical costs have continued to climb. Acurity helps hospitals and health systems understand the underlying causes, making facilities better equipped to employ strategies to manage the rate of increase. Learn more.
Value-Based Cost Reduction
Reducing total costs means evaluating all costs associated with delivering patient care and supporting the care environment. To provide the greatest value to an organization, today’s supply chain must be extended beyond its traditional role. Acurity readies member Supply Chain Departments to hold more value-based discussions by elevating the use of technology, data, and reporting to measure product mix and utilization, physician and case profitability, supply costs compared to charge capture and reimbursement, and overall costs compared to industry benchmarks. We then help providers transform this data into meaningful results.
At Acurity, we know that recommendations are only useful when they are implemented. We work with providers to identify their greatest areas of opportunity and create a data-driven roadmap that outlines the role we each play in making progress toward our shared goals. If your organization lacks the necessary FTEs to take advantage of validated opportunities, our experts stand ready to ensure that no savings are left on the table.