Case study: NC hospital saves $2M with analytics

Executives with Burlington, NC-based Alamance Regional Medical Center must be pretty happy that they invested in spend analytics technology. The 238-bed not-for-profit, which set a goal of saving $1 million by using Premier Inc.'s SpendAdvisor services, actually cut back $2 million in supplies spending last year. The tool allowed doctors to find savings opportunities. Among other benefits, the tool allowed medical staff members to look at national benchmarks for spending, which tended to shift their behavior when they were outside of the norms. In addition to providing feedback on spending choices, SpendAdvisor also helped ARMC analyze volume levels to its benefit by, for example, pointing out when it was close to buying enough to qualify for additional savings from a vendor.

To learn more about ARMC's experience:
- read this Healthcare Finance News piece

Suggested Articles

Presidential candidate Kamala Harris wants to get rid of the tax break drug companies get for DTC ads

Healthcare software company Phreesia closed its first day of trading as a public company Thursday about 40% above its set price.

Growing the biosimilar market could lead to significant healthcare cost savings, according to a new report.