Purchasing Practices to Keep Costs Under Control During Inflation

purchasing

These days, healthcare organizations are trying to keep occupancy high and costs low. With inflation causing increased costs, how can an operator identify ways to save money without impacting the quality of their business?

You may not be the owner of the business, but your position within the company includes knowing where the money is going, where your revenue is coming from and the amount of labor it takes to make it all happen.

With a labor shortage looming over the healthcare industry, operators are having to increase their spend on temporary employees which can cost a clinical operation fortunes.

Let’s not forget about the stress of constant regulatory changes, increase safety practices, compliance and occupancy rates. It’s a lot for your staff and an be overwhelming. It’s only right you find ways to take the stress off their shoulders and make their job a little easier.

Here are three purchasing practices you can adopt to help beat the labor shortage, keep costs low and navigate higher prices due to inflation:

Conduct a Purchasing Audit

What is your current purchasing process like? How long does it take your purchasing department to place orders, find substitutions and audit prices? Conducting a purchasing audit can help you identify areas that need improvement, including areas that are still manually being managed. A purchasing audit can pinpoint where your focus should be and lead to decisions that create great efficiency.

If you don’t know where the gaps in your purchasing process are, you could be missing out on savings opportunities and unknowingly creating more work for your both yourself and your staff.

Utilize Technology

Manually managing your purchasing process is time consuming and leaves room for mistakes and increased costs. Tap into your purchasing data with the help of technology. By utilizing technology, you can speed up the purchasing process, ensure accuracy and gain transparency into your purchasing practices. When you have clean organized data, you get insight and reporting into what is working and what isn’t when it comes to your purchasing process.

Not only can technology make the purchasing process easier and quicker, but it can also help you see things you may not have identified before. Savings opportunities, product substitutions, and market price alerts can be utilized to make more informed and more profitable business decisions.

Partner with Purchasing Experts

Purchasing experts at PRIME Services can help you optimize your procurement teams with the latest purchasing technologies. Our technology solutions help healthcare operations spend less time on manual tasks. It is our goal to make the purchasing experience, simple, efficient, and transparent.

Technology efficiencies help increase rebates to the organization and drive down pricing for the products and services healthcare use the most. Our manufacturing partners and huge network of distributors across the country deliver buying power that we use to bring down healthcare costs overall.

Contact us today to learn how we can help you improve your purchasing practices.

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