Healthcare Finance News November 13, 2019
Lower supply spending doesn’t have to translate to lower-quality care, an important consideration as providers look to tighten up their supply chains
Unnecessary hospital spending on supply chain products and related operations and procedures has reached about $25.7 billion a year, according to an annual analysis by Navigant. The potential savings opportunity represents a 11.8% surge from 2017, representing $2.7 billion.
For individual hospitals, the average total supply expense reduction opportunity by percent remained steady at 17.4%, but the dollar savings opportunity jumped 22.6% from 2017 to $12.1 million. This amount is equivalent to the average annual salaries of 165 registered nurses or 50 primary care physicians, or the average cost of 3,100 knee implants.
The analysis doesn’t include the...
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