2022 Healthcare Cost Savings Year In Review | E. 59

Lisa Miller shares her experience of successful hospital cost savings projects from the past 12 months and looks ahead to 2023.

Episode Introduction 

 

Lisa Miller shares her experience of successful hospital cost savings projects from the past 12 months and looks ahead to 2023. Topics Include. the need to set big stretch goals, how dysfunctional teams affect change management projects, the in-depth cost analysis that saved jobs at one hospital, when people would ‘’rather be rich than right’’, and why the ‘’tsunami’’ of inflation is still healthcare’s #1 priority in cost management. 

 

Show Topics

 

• Healthcare’s approach to marketing needs to change 
• Huge cost savings are still available for hospitals 
• Incentivizing right behaviors to achieve big wins 
• The 5 dysfunctions of every team 
• Big health systems have big spend challenges 
• Purchased services spend is a cost savings opportunity
• The ‘’tsunami’’ impact of inflation on hospitals

 

 

01:33 Healthcare’s approach to marketing needs to change 

Lisa Larter said businesses and hospitals must focus on the things they can control, rather than media negativity. 

 

‘’…one of my insights is the marketing landscape has changed significantly in 2022, and things that once worked no longer work. And so whether you're a hospital who has a marketing team or you're an entrepreneur or a small business owner, the way that you approach marketing needs to really change. You can't do what you used to do to get the results that you want, because what used to work isn't working. And there's an expression out there that if you just try harder at something that doesn't work, it doesn't make it work. So it's really a time for innovative thinking when it comes to marketing. The second thing that I would say that I've noticed in 2022 is too many people are listening to the media, and they're buying into doom and gloom instead of taking charge of what possibilities are out there. I think that people forget the media gets paid for clicks, and they get paid for impressions and eyeballs and all of that stuff. And so when people read headlines in the media about the recession and they start to panic and worry about things, instead of getting into a place of "How can I make changes? How can I improve my business, how can I improve my profitability? What is within my control?" I feel that they're missing opportunities. So I see a lot of people that are almost immobilized by what they see in the media, instead of taking control of the so many things that they still have control of. So those would be the two things that I've really noticed this year.’’

 

 

08:33 Huge cost savings are still available for hospitals

Lisa Miller shared a ‘’wow experience’ of how digging deep into cost saving prevented job losses at one hospital. 

 

‘’I absolutely, unequivocally know there's opportunity in costs. And our clients are achieving unprecedented cost savings in almost every single area. And what I think is very interesting is we're finding big savings. And it's not because these initiatives weren't done prior or people aren't good at what they do, I just feel like we're going deeper. We're taking more time. There's a lot of AI and technology, and we have technolog