With increasing costs and decreasing reimbursement, healthcare organizations cannot afford to leave money on the table.
But most organizations are doing just that, and many do not even realize it. That’s where PRN’s Expense Reduction Services can help.
Numerous healthcare organizations have already saved tens to hundreds of thousands of dollars working with us. Our clients include hospitals and outpatient care facilities, physician practice groups, home health care services, nursing and other residential care facilities, diagnostic imaging centers and medical laboratories.
How It Works
When you partner with PRN for Expense Reduction Services, we’ll connect you with a consultant who is an expert in healthcare expenses. Consultants have strong backgrounds in health care cost-management as well as diagnostic imaging technologies, medical devices, biotech, pharmaceuticals, ophthalmology, therapeutics and health benefits. Several hold PhDs in medical-related disciplines and many are CPAs who worked in the health care field.
Your assigned consultant will work with your organization to identify areas for savings opportunities, and do so without compromise to quality or service. Our consultants have access to sophisticated analytic tools and benchmark pricing data from more than 18,000 successful cost-reduction projects.
Some common areas where we identify savings include the following:
- Medical Supplies
- Payroll/HR Admin (including PEOs)
- Bank Fees
- Cleaning Services and Supplies
- Copier Equipment
- Employment Services (including Contract Nurses)
- Food Services
- Maintenance Contracts
- Lab Supplies
- Merchant Card Fees
- Office Supplies and Printing
- Records & Information Management
- Uniforms and Linens
- Waste Management
Savings Average Nearly 20%
We excel at finding savings in non-core, overhead cost categories, with average savings of nearly 20%. Many organizations save well above that figure. Our clients start to realize savings quickly, usually in less than 90 days. Much of the time, clients retain their current vendors, but with better contracts.
Once projects begin and changes are instituted, our experts continue to work with clients to ensure initiatives are successful and savings projections are achieved.
No Savings, No Fee
If we find no savings, there is no fee for your organization. We are paid based solely on savings found. In rare cases where savings are not found, we provide a validation to your organization that it is paying market prices or below, which is valuable information.
Some recent examples of successful health care cost reduction projects are as follows:
- Cut cleaning costs for a growing Northeast health care provider by 25% for savings of $275,000 a year.
- Reduced general insurance and workers comp by 29% ($119,000 a year) and improved coverage for a nonprofit provider of mental health and substance abuse services.
- Decreased expenses for medical supplies 20%, saving $225,000 annually for a cardiovascular physicians group.
- Improved on GPO pricing for office supplies for an acute care regional hospital network, saving 33%, or $400,000, over a period of three years.
- Reduced costs for offsite storage of patient records by 60% ($182,000) annually for a health care facility.
- Saved payroll/HR administration costs by 46.5%, or $94,400 a year, for a hospice with 850 staff members.
Contact PRN today to learn how our Expense Reduction Services may be just what your organization needs. You have nothing to lose, but lots (of money) to gain.