Using actionable intelligence and data from SM Financial’s Spend Management Consulting, a hospital in the Midwest saves over half a million dollars on a new EHR/EMR solution.
Healthcare providers are constantly challenged to provide better care, lower costs, provide stronger PHI security, and move patients from admissions to discharge faster while still providing quality care. But how?
Implementing technologies that can help hospitals and healthcare systems provide better, faster care is key. Recently, SM Financial was involved in a software purchase with a hospital in Michigan where we helped them save over $550K. The purchase was with one of their existing vendors, which normally means you don’t have as much leverage.
Working together with their IT and Procurement teams, making sure that there was alignment internally, and planning every step of the process together as a team, and providing data on similar recent purchases and licensing, we were able to provide better than Fair Market Value on their purchase. We helped them uncover licensing issues and associated costs, hidden costs over the first 3 years and removed the risk of their exposure to overpaying.
Imagine the impact of putting over half a million dollars back into their IT budget that could be re-purposed for other strategic objectives. There is no exact science to ensure that overspending doesn’t happen. But with real data, intelligence, insight and planning across all organizations and departments, tremendous savings can be achieved!