Tips for all Healthcare Workers to Protect against Cyberattacks
Cyberattacks have been a growing threat in healthcare over the past year and there is no end in sight. In fact, one Georgia University Hospital reported defending against 550 cyberattacks on their Epic MyChart system each day – 20% of them coming from emails to staff. However, not all attacks are defended. In 2019, 41.4 […]
5 Tips for Collecting Vendor Statements
Collecting your vendor statements is essential to holding healthcare vendors accountable and ensuring the accuracy of pricing, inventory, supplies, and services received. Reconciling vendor statements allows your Accounts Payable (AP) department to monitor accounts and prevent potential credit holds. Statement collection may be the only way to capture missed credits that were not correctly sent […]
6 Essential Clauses to Include in Healthcare Supplier Contracts
US Healthcare supply chain overspends by $25.4B each year, equating to 30 percent of total spend in the industry. Healthcare supply chain leaders must be proactive to eliminate the causes that contribute to this overspend, starting with the first line of defense – supplier contracting. Healthcare systems must review their general agreements and additional clauses […]
Managing Medical Device Warranties
Manufacturing medical devices in the US is $47B a year industry with implantable devices accounting for $26.75B. With revenue values this high accounting for essential life-saving equipment, it is important for healthcare system leaders to understand the true or total cost of ownership. This not only means the original purchase of the devices but also […]
5 Tips for Managing Your Purchased Services
With over 30%* of all operational expenses, purchased services can be a revealing spend category for healthcare systems. Why? Purchased services often act as a litmus test for how well an organization systematizes its operations, communicates across departments, and optimizes their resources. Ultimately over the next decade, the health systems that fine-tune their purchased services […]
Keys to Successful Supplier Relationships
A positive supplier relationship builds trust and loyalty – both important foundations when it comes to negotiating new contracts. Building on trust and loyalty with your suppliers can have financial reward such as: Avoid overcharges. Suppliers may be understaffed or have inefficient systems leading to charges on supplies or services higher than the agreed-upon terms. […]
Top Three Risks of Blanket Purchase Orders (POs)
Blanket purchase orders (POs) are often used to help reduce system costs, operate with only necessary inventory, and increase purchasing power. Nonetheless, blanket POs are often a source of lost funds for a healthcare system. Typically, TAG recommends limiting or eliminating the use of blanket POs because of the associated risks. We recognize, however, that […]