According to Moody’s 2018 outlook, low reimbursements and mounting expenses will continue to challenge not-for-profit healthcare organizations. To negate the effects of these challenges, hospitals are turning to purchased services contract savings to impact their bottom line.
Every service contract is comprised of unique variables, which is why purchased services requires a different approach to benchmarking than typical commodities. To know if you are getting the best price, download the guide “Best Practices for Benchmarking Purchased Services” which offers insights on how to standardize and measure contract variables, such as:
- Transactional and bid data
- Categorical nuances
- Service-level terms