Expense Reduction Programs for Hospitals from Expert Cost Analysts

Expense Reduction Programs for Hospitals from Expert Cost Analysts

Uncategorized / December 16, 2020

P3 Cost Analysts offers auditing services and expense reduction programs that help businesses find ways to reduce expenditures and increase savings. The hospital industry is an example of an area where unnecessary costs and waste significantly impact profit margins.

 

Like most hospitals, they had significant utility and telecom expenses and were interested in cost saving opportunities. This is how we helped them:

 

The Challenge: Managing Telecom Expenses

The client knew they needed help from a third-party auditing expert who could offer a utility audit program and telecom expense reduction management. They were spending about $3 million per year on telecommunications and utilities. Their main goal was to learn if they could curb some of that spending without losing the service they needed, switching vendors, or incurring large capital expenses, and without a significant time expense.  

 

The need for finding an affordable solution was apparent, but they did not have the time or the staffing to manage this on their own. Likewise, they needed a team of experts with a long-term, proven track record of finding problems and pinpointing solutions.

 

The P3 Cost Analysts Approach

Given we find savings at 9 out of 10 clients, we were confident there was a significant opportunity for savings. Our first step was starting with a risk-free audit of their expenses. This included a thorough investigation of all components of their telecommunications and utilities. The purpose of our audit is to uncover hidden areas where expenses can be decreased without sacrificing service or needs. We studied such factors as their billing histories, vendor customer service records, load histories, and used our proprietary benchmark data to run cost comparisons.   

 

We use this approach with all of our clients regardless of the industry. Because we know that all clients have different needs, the specifics behind our audits are tailored to them.

 

Using Expense Reduction Programs to Increase Profits

One part of our review included looking over years of utility and telecom invoices. We found errors deep in the invoices that had been previously unchecked and undiscovered. We were able to work with the vendors to receive credits that covered these past errors. Our expense reduction programs also continued to help them save significantly in other areas. We identified areas in which both telecom and utilities could be offered at a lower cost without creating any additional burden for the hospital.

 

The utility bill audit, combined with our expense reduction programs, saved the client over $400,000. The client also received refunds of $65,000 and $27,000 on utilities and telecommunications, respectively, due to the errors that had been unchecked for many years. Those types of problems are commonly uncovered by our team of experts in these categories.

 

This is just one example of how our expense reduction programs can help hospitals save money and increase their bottom line

 

We can help in various areas, including telecommunications, waste management, merchant processing, uniform and linen, copier leasing, property tax, and more.  This unique approach focuses on utilizing category experts, with deep industry knowledge to produce results.  Our shared savings model means there are no upfront costs and no capital outlay.  Meaning our offer and expertise are guaranteed to be cash flow positive or we don’t get paid. 

 

Contact us today at 1-877-843-7579 to request a risk-free audit and learn how we can help you.

 

Photo Sourced from Getty Images: #917307132

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