Modern Healthcare June 12, 2020
Finance administrators at healthcare providers will continue to cut costs as they navigate the fiscal uncertainty wrought by COVID-19, according to a new survey.
Ninety-five percent of finance administrators said their organizations were likely to roll out cost-saving initiatives, according to a mid- to late-May Bain & Co. poll of 441 front-line healthcare workers. Equipment and supplies purchases were the primary target, followed by increasing physician awareness of costs and renegotiating contracts.
“Finance administrators are pulling hard on a set of procurement levers, whether that’s on med-tech purchases, pharmaceuticals, supplies or physician-preference items,” said Michael Brookshire, a partner with Bain & Co.’s healthcare practice and co-author of the report, adding that they are also looking at reducing hours, bonuses and...
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