The Process of Operationalizing Contracts to Support CQO
Member Price: $98 | Non-Member Price: $198
CPE Credit: 2
Supply chain departments manage the second largest healthcare expense after labor costs. Months after the time and energy that went into the contract negotiations, we find that costs are up and products are being purchased outside of contracts.
The solution is to bridge the gap between contract execution and purchasing. Contract catalogs are a challenge to execute and manage and are not enough to reap the contract savings benefits. We must also manage the related data to achieve contract compliance.
This interactive eLearning course teaches how to effectively operationalize contracts, resulting in an organized management process that will allow the entire organization to purchase quality products at the lowest cost.
How this session relates to the Cost, Quality, and Outcomes (CQO) Movement:
The triple aim that operationalization of contracts directly realizes is the reduction in per capita cost of healthcare.
Contracts with vendors providing goods and services allow providers to buy the same quality of goods and services at a lower cost thus saving money that can then be utilized in other areas of the expenses.
It also indirectly impacts patient experience and quality of care as hospitals can utilize the savings towards other initiatives including infrastructure and capital investment.
- Explain the importance of the contracting function in supporting CQO initiatives.
- Identify and assess challenges contributing to low contract compliance rates.
- Describe tips for simplifying and standardizing catalog management to drive users to the correct formularies and increase contract compliance.
Presenter: Madhu Pillai, Director, Systems and Measurements-Supply Chain Services, Temple University Health System