According to Consumer Reports, person for person, health care in the U.S. costs about twice as much as it does in the rest of the developed world. In fact, if our $3 trillion health care sector were its own country, it would be the world’s fifth-largest economy.  In addition, since the year 2000, most employee salaries have barely kept up with inflation while insurance premiums have more than doubled. To help alleviate the high cost of health care, health systems are under pressure to develop new strategies, engage consultants, and source analytical tools to improve care and lower costs.  

 

Innovative partnerships, reducing clinical variations, and rewarding efficiency are among the steps many health systems are implementing in order to achieve cost savings in new, out-of-the-box ways.  Tasked with the goal of formulating a plan to cut $25 million from the budget in just 10 days, executives at CHRISTUS Trinity Mother Frances Health System used innovating methods of finding savings in areas including revenue cycle, labor productivity, supply chain and purchased services.  Part 1 of this session will feature Ali Birjandi, who will share their experience when faced with a directive of finding savings in a hurry.   Learn ways that you can take back to your organization in order to implement significant savings and improve efficiency as well.

 

Then hear from Ed Hardin, who will share details of a project that has resulted in significant cost savings.  Tasked with reducing costs, Ed has implemented programs that have resulted in substantial savings.  Hear about how strategies were developed and implanted to reduce costs and improve delivery of services. 

 

1. Identify methods of innovation in cost savings.

2. Describe three ways to find savings opportunities at your organization.

3. Demonstrate knowledge of methods of cost cutting that can also improve services.