Achieve Greater Savings on Implant Spend
40% - 60% of a hospital’s total supply costs is attributable to physician
preference items1 – including high-value implants. Our cross-reference benchmarking can help.
The cost-savings opportunity is too big to overlook. And savings could be greater and easier to achieve than you expect.
Are you paying too much?
High-value implants come with a high price and the costs vary greatly for products that perform equivalent functions. You may think you’re getting a good price, but is it the right price? Don’t leave money on the table. Turn to the experts at Premier. We’ll uncover savings opportunities – often without requiring product or supplier standardization.
- Data-driven intelligence
- Clinical and supplier expertise
- Audits on realized savings
Wake Forest Baptist Health
Savings implemented
in six months
Wake Forest Baptist Health
Savings implemented
in six months
Why Premier?
Data-Driven Intelligence
Data-Driven Intelligence
Level the playing field with 4-level data categorization and cross-reference benchmarking based on product and procedural functionality to compare more SKUs and improve pricing transparency.
1.1M cross-referenced products | 1,100+ hospitals | 500+ suppliers
Clinical and Supplier Expertise
Clinical and Supplier Expertise
Strengthen supplier negotiations with experts who can speak to high-value implants on a clinical level, are well-versed in products across multiple suppliers and have insight into pricing across the nation.
~ 100 years clinical service line and supplier contracting expertise
Audits on Realized Savings
Audits on Realized Savings
See realized results, not just implemented savings, with monthly purchase order audits for one year. Help sustain your cost reduction with new technology categorization and benchmarking.
18 months: 13.2% average savings* | 54 initiatives | 460+ audits | $44M+ in implemented savings
*Outliers Excluded
Data-Driven Intelligence
Data-Driven Intelligence
Level the playing field with 4-level data categorization and cross-reference benchmarking based on product and procedural functionality to compare more SKUs and improve pricing transparency.
1.1M cross-referenced products | 1,100+ hospitals | 500+ suppliers
Clinical and Supplier Expertise
Clinical and Supplier Expertise
Strengthen supplier negotiations with experts who can speak to high-value implants on a clinical level, are well-versed in products across multiple suppliers and have insight into pricing across the nation.
~ 100 years clinical service line and supplier contracting expertise
Audits on Realized Savings
Audits on Realized Savings
See realized results, not just implemented savings, with monthly purchase order audits for one year. Help sustain your cost reduction with new technology categorization and benchmarking.
18 months: 13.2% average savings* | 54 initiatives | 460+ audits | $44M+ in implemented savings
*Outliers Excluded
Data-Driven Intelligence
Data-Driven Intelligence
Level the playing field with 4-level data categorization and cross-reference benchmarking based on product and procedural functionality to compare more SKUs and improve pricing transparency.
Database: 1.1M cross-referenced products | 1,100+ hospitals | 500+ suppliers
Clinical and Supplier Expertise
Clinical and Supplier Expertise
Strengthen supplier negotiations with experts who can speak to high-value implants on a clinical level, are well-versed in products across multiple suppliers and have insight into pricing across the nation.
~ 100 years clinical service line and supplier contracting expertise
Audits on Realized Savings
Audits on Realized Savings
See realized results, not just implemented savings, with monthly purchase order audits for one year. Help sustain your cost reduction with new technology categorization and benchmarking.
18 months: 13.2% average savings* | 54 initiatives | 460+ audits | $44M+ in implemented savings
*Outliers Excluded
Data-Driven Intelligence
Data-Driven Intelligence
Level the playing field with 4-level data categorization and cross-reference benchmarking based on product and procedural functionality to compare more SKUs and improve pricing transparency.
Database: 1.1M cross-referenced products | 1,100+ hospitals | 500+ suppliers
Clinical and Supplier Expertise
Clinical and Supplier Expertise
Strengthen supplier negotiations with experts who can speak to high-value implants on a clinical level, are well-versed in products across multiple suppliers and have insight into pricing across the nation.
~ 100 years clinical service line and supplier contracting expertise
Audits on Realized Savings
Audits on Realized Savings
See realized results, not just implemented savings, with monthly purchase order audits for one year. Help sustain your cost reduction with new technology categorization and benchmarking.
18 months: 13.2% average savings* | 54 initiatives | 460+ audits | $44M+ in implemented savings
*Outliers Excluded
Legitimate data to engage physicians and build partnerships.
Provide the credible and reliable data your physicians require. Our experts discuss data at a clinical level, enabling physicians to understand how implants compare and feel confident in a go-forward strategy that supports the delivery of high-quality patient care.
Resources
Premier in the News
Reimagining Physician Preference Items: Why Value – Not Cost – Is the Name of the Game
If leadership is serious about realizing savings within this area of spend, a shift in mind-set is required.
Read More
Webinar
Benchmark Your Way to Better Implant Pricing
Premier’s High-Value Implant Advisory Services reveals the key to achieving greater savings on implants.
Watch the Video
Webinar
Achieving Savings on High-Value Implants
40 to 60 percent of a hospital’s total supply costs are physician preference items1, and savings are possible. Hear about the techniques Premier’s experts leverage to drive savings.
Watch the Video
White Paper
Margin of Excellence: Total Joint Replacements
Total joint replacements represent some of the most commonly performed procedures in the U.S., and their number is expected to grow.
Read More
Blog
How to Reign in the Cost of High-Value Implants
More than one million joint replacements are performed each year in the U.S., and by 2030 that number is expected to quadruple.
Read More
Premier in the News
Getting the Price Right: Hospitals Target Variation in Joint Replacement
When HonorHealth leaders were looking for ways last year to decrease spending, the joint-replacement service line stuck out as a big opportunity.
Read More
Where can we help you improve?
Save on high-value implants used in joint arthroplasty, cardiac rhythm management, spine and trauma. Learn more about cross-reference benchmarking and how you can see the data in action. Contact us to schedule a meeting.
Small Changes. Big Savings.
“Premier has been a strategic partner in our effort to deliver high-value care while achieving our long-term financial goals. We have built a healthcare system that puts the patient front-and-center with regard to every decision we make and every strategic initiative we deploy.”
Leaders who act now can be winners.
The key is to have a comprehensive margin improvement strategy that is focused on reducing variation and costs, while also uncovering new revenue lines to offset diminishing reimbursement. Premier’s five keys to maximizing value are essential to achieve systemic and strategic transformations; alleviate margin pressures; improve efficiency and productivity; and maintain high-quality care.
“Premier has been a strategic partner in our effort to deliver high-value care while achieving our long-term financial goals. We have built a healthcare system that puts the patient front-and-center with regard to every decision we make and every strategic initiative we deploy.”
Leaders who act now can be winners.
The key is to have a comprehensive margin improvement strategy that is focused on reducing variation and costs, while also uncovering new revenue lines to offset diminishing reimbursement. Premier’s five keys to maximizing value are essential to achieve systemic and strategic transformations; alleviate margin pressures; improve efficiency and productivity; and maintain high-quality care.
1Definitive Healthcare. Reining In Hospital Supply Costs and Physician Preference Item Spending. (2017, March 28). Retrieved from https://blog.definitivehc.com/reigning-in-hospital-supply-costs-and-physician-preference-item-spending. Accessed February 15, 2019.