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3 Ways to Lower Costs While Offering More to Non-profit Providers

The healthcare industry is evolving at a rapid pace. A shift to value-based care is affecting everyone, from pharmacists and providers to biopharma companies and health systems. Everyone is expected to offer more to patients. That could be more services. More attention. Or simply more options.

Here are some strategies to balance both clinical and financial goals:

1. Partner with a CSR organization

For providers, value-based care models mean performance-based reimbursement. The amount you are reimbursed depends on the quality of care you provide. But just how is that judged? Is it through patient outcomes?

Under the Companies Act, 2013 it is a mandatory provision to provide a contribution of 2 percent of the average net profits of companies.Get in touch with the companies CSR departments. Showcase the works undertaken by you earlier and your expertise on the same through your proposal.

2. Balance new drug costs with smart planning

For non-profit healthcare providers, carrying new drugs is a financial and clinical balancing act. You want to offer the best therapies for patients without blowing your budget.

Some suggestions:

a. Have the right staff in place from the start who are trained on these new drugs

b. Use drug spend and management tools to keep a close eye on your inventory

c. Prioritize additional financial opportunities (i.e. formulary management, lean inventory and purchasing controls)

3. Streamline the non-acute supply chain

How you manage the supply chain throughout your health system directly affects patient care. This is especially true for your non-acute care sites. With so many different locations and inventory lists, managing the supply chain across dozens—if not hundreds—of sites can be complicated.

Here are a few ideas he suggests:

a. Have a supply chain person from the system manage supplies and inventory so nurses can spend more time with patients

b. Invest in supply chain analytics; data can help with predictive ordering and other tools can make tasks more efficient

c. Get everyone on a common ordering platform to lower costs and spend less time training clinicians

Find ways to make operations run more smoothly. Support patients at every step of their treatment. And empower physicians, medical directors, program managers, pharmacists to spend more time on one-on-one care. When you do, everybody wins.

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