Financial improvement case studies covering how members use expense management strategies that strengthen hospital operating margins and long-term financial viability
The costs of labor, supplies and pharmaceuticals are increasing while many health systems are still grappling with the financial and emotional toll of the pandemic. To help members achieve long-term financial sustainability, Vizient identifies opportunities to improve cost containment, optimize spend management and decrease clinical variation through standardization while using operational reporting that helps leaders enhance their bottom line.
The academic health system partnered with Vizient met with experts ® to tackle large scale financial improvements, including reducing operational costs, improving patient access, growing service lines and modernizing their IT infrastructure.
Initially each facility maintained services and analytics used to guide goal planning and performance improvement independently. After expanding their use of the Vizient clinical and operational analytics, advisory and group purchasing organization services the health system quickly generated efficiencies and savings.
Using data and repeatable processes to drive savings
Baptist Memorial Health Care partnered with Vizient beyond its original GPO contract to a total performance management agreement. The health system is on track to achieve the goal of $73 million in cost savings and added revenue across workforce, pharmacy, supply chain and purchased services opportunities.
NYC Health + Hospitals partnered with Vizient to implement residency program addressing high nurse turnover rates. The program aimed to provide the clinical and emotional support from leadership that new nurses needed. By scaling up the program, the health system retained more nurses and reduced turnover rates, resulting in significant cost savings and improved patient care. The success of the program has even attracted nurses from outside to join the system.
It's not easy to modernize an industry that still runs on fax machines. How do you turn yesterday’s supply chain into today’s value driver? See how we’ve helped UMass Memorial to save $23.7 million in just three years.
The University of Vermont Medical Center uses Vizient tools to communicate with suppliers and physicians, reduce costs and meet healthcare performance goals. Additionally, visual data insights help garner support from the executive team that lead to process changes.
For Ellie Bahou, senior vice president and chief pharmacy officer at Providence, implementing a systemwide pharmacy network was the path to improving Providence’s operational performance. By aligning pharmacy operations across its 53 inpatient and outpatient facilities, the health system saved $8.5 million on drug spend.
At INTEGRIS Health, Vizient experts are embedded within the supply chain team and bring industry-leading resources to the table. As a member of both organizations, the partnership supports the healthcare system’s core pillars of excellence and strategy, starting with the supply chain process groundwork, which created a foundation for quick pivots as the COVID-19 pandemic unfolded.
David Pyle, chief operating officer at Solis Mammography, partnered with Vizient to unite the supply chain process and streamline operations across the organization’s nearly 100 sites of care.
Many successes, one common thread.
All of the success stories you see here were made possible by our relentless drive to provide unique insights, innovation, bring innovation and build collaboration. It’s The Vizient Difference. And it’s the shortest distance to healthier healthcare.