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Health care costs in the United States are notoriously high, and there isn't an area of the system that doesn't show some opportunity for savings, from cutting administrative costs to eliminating unnecessary treatments or low-value care.
Currently, hospital expenses account for a third of all health care spending, according to VIE Health Care, and despite the $8 charge for a single throat lozenge you might find on your itemized bill, profit margins are slim, and one in five hospitals is in danger of closing.
Finding savings in the hospital supply chain has the potential to make a big impact on both the hospital's bottom line and the patient's final bill. How big of an impact? According to VIE Health Care, there reducing waste and increasing use of technology and data-driven solutions, could save hospitals billions each year.
Check out the infographic below to explore more ways to cut down on spending.
Source: VIE Health Care (Click to enlarge)
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Emily Payne
Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
