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