Healthcare CFO Guide to Clinical Spend Management Strategy
As a healthcare CFO, you face plenty of challenges, but it’s good to know you can make a big difference when it comes to strategic sourcing and patient outcomes. When CFOs lead strategic adoption of clinical spend management technology, the results have far-reaching impact. Physicians and administration get more engaged to improve margins, reduce overspending and relieve burdened teams.
These articles were carefully selected to give you a thorough introduction to the role of clinical spend management technology and how it benefits your entire healthcare system and facilitates critical physician and administration engagement. As a financial strategist, you will better understand some of the critical pieces you have to work with.
7 Useful Clinical Spend Management Reads for Healthcare CFOs
These articles help CFOs lead digital transformation of healthcare supply chains and build stronger relationships with physicians and other leaders.
#1 - Why Clean, Accurate Clinical Product Data Matters in Finance Strategy
Clinical product data problems may seem “in the weeds,” but they need to be on the CFO’s radar for reasons explained in this article.
Analysts, informatics and value analysis teams, category leaders, service line leaders and consultants – all spend a dizzying amount of time cleaning clinical data. This comes at significant opportunity cost, as this time can’t be spent on other projects. In addition, savings opportunities aren't maximized for best fiscal performance.
Read the blog to learn what healthcare CFOs should know about the clinical product data that drives your strategic sourcing, value analysis, tech investments, cloud migrations and lower overall costs. You’ll also learn why trusted data is the key to getting physician buy in when it comes to medical device savings strategies. This engagement is essential for the success of bigger spend management strategies.
#2 - For the Technology-led CFO: Data Accuracy in Cloud Migration
Clinical supply data quality affects your revenue cycle in a number of ways. A cloud-based infrastructure like the Curvo Platform provides more flexibility for using that data than most on-premise platforms do.
Moving to the cloud gives CFOs cross-functional visibility into business operations, and easier access to data needed to forecast and make strategic decisions. Credible data also builds stronger engagement and trust with your clinicians. This elevates data accuracy and cloud migration beyond a simple IT or operations project.
This blog touches on key things financial leaders must know about data’s role in cloud migration initiatives. Poor data quality can result in information that is inaccurate, incomplete or irrelevant, costing the system avoidable money and time.
#3 - Role of Healthcare CFO in Supply Chain Tech Consolidation
CFOs recognize that digital transformation in the supply chain can impact the fiscal performance of the entire health system. But supply chain efficiency, resiliency and strategic purchasing power cannot be achieved without the right technology.
As a healthcare CFO, you may be considering a tech consolidation to build more efficiency. This article includes ideas to guide adoption of spend management technologies that best meet your health system needs, while saving time and resources.
Find out how spend management platforms encourage technology consolidation within the organization without sacrificing functionality. Learn about AI-fueled supply chain platforms and software that provide quick ROI along with improved connectivity and greater visibility into thousands of suppliers.
#4 - Three Supply Chain Red Flags Healthcare CFOs Should Know
Most of the time, the CFO doesn’t get involved in day-to-day sourcing and procurement operations. But if you notice any of the red flags discussed in this article, there may be an issue that needs your attention.
For example, lagging investment in spend management technology is one flag that’s covered in the article. Supply chain technology pushes savings to the forefront, so opportunities with the highest return, not just the highest volume, are always being worked.
Drawn-out contracting cycles are another red flag. Read the blog to better understand how much time and money your organization should devote to contracting cycles, and compare to the actual numbers. Know how to step in if contract parameters are pushed too far.
#5 - CFO Case Study: Regional Hospital Saves $263,000 in 30 Days
Healthcare CFOs pay attention to results like these: 3:1 ROI in one month. This case study tells the story of how a regional hospital saw this incredible ROI just 30 days into their Curvo partnership:
- 25 repricing events sent in a single day
- 12 vendors offered improved pricing
- Total basket spend $2.8M
- Savings of $263K
The hospital team dedicated less than six hours to those re-pricing events, thanks to Curvo sourcing analytics and strategic sourcing automation.
Read the blog to see how the hospital cut costs while receiving the same quality items from vendors. The facility could operate more efficiently while providing affordable care to patients. That’s probably part of your strategy, too.
#6 - How Sourcing Technology Can Save You $1 Million This Year
Healthcare CFOs and supply chain leaders are rapidly moving away from antiquated sourcing solutions and processes. There’s plenty of justification for making a change.
Armed with healthcare sourcing technology and enriched data, supply chains can move swiftly to realize shortened contract cycles and immediate savings. A multi-sourced bid environment like the Curvo Platform makes it easy to collaborate, reduce sourcing cycle time and uncover tens of thousands in savings with no change of products.
With the right tools, millions of dollars in lost opportunity costs can be reclaimed and applied to other areas of patient care, like the story in this article. It explains how CFOs can let technology do the heavy lifting and find much-needed savings.
#7 Healthcare CFO Case Study: Sourcing Services Save Health System $650,000
For many strapped health systems, it’s difficult to tackle savings opportunities across all their clinical product areas. Additionally, many organizations had to put savings opportunities on the back burner to deal with more immediate concerns, such as COVID-19 sourcing disruptions.
In situations like these, Curvo Propel services add a seasoned sourcing expert without adding headcount. Once you sign on with Propel, we assign a Curvo savings professional to your internal supply chain team, giving you an added trained view. Your expert works diligently to ensure your healthcare system captures all clinical product savings opportunities.
Get this article for a closer look at how a Curvo savings expert helped one health system realize $650,000 in savings – and opened up future opportunities.
Try Customized Demonstration of Clinical Spend Management Platform and Data
Need more reasons to consider spend management technology for your organization? Let Curvo prepare a customized demonstration for you and your team, then make your decision.