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Pathstone Partners is a management consulting firm in Chicago that collaborates with hospital providers to identify and implement sustainable non-labor financial benefit. Pathstone has partnered with over 100+ hospitals across 32 states delivering $100M+ annual benefit for our clients in the past five years.
These are common challenges we frequently hear our clients face. Most hospitals have skilled teams focused on delivering cost savings, but they are constantly challenged to deliver value on a recurring basis.
In these situations, a comprehensive approach that identifies value by addressing non-labor financial benefit from multiple angles, or what we call “value levers”, is necessary for financial success. While this is easier said than done, such an approach is the most effective way to identify and prioritize opportunities with the greatest benefit to the organization, especially in complex product and purchased services categories that are difficult to impact.
In the past 5 years, Pathstone has worked with 100+ hospitals delivering $82M+ in financial benefit by utilizing a comprehensive value lever framework. Over the next several months Pathstone will post a series of short articles addressing each value lever in the framework outlined below.
The series will demonstrate the broad applicability of the value lever framework to any health system seeking sustainable financial benefit across various spend categories. We will explore how to evaluate opportunity within each value lever and outline key success factors to deliver on the identified opportunities.
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This article was authored by Joseph Jang. Joseph is a management consultant with expertise in healthcare supply chain, non-labor cost reduction and performance improvement at Pathstone Partners.
