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Strategic Cost Management

4 min read

This Hospital Culture Change Sustainably Reduces Labor Costs

Before we kickoff the final post of our strategic cost management series, let’s take a quick detour. Imagine you are the winner of a DIY contest at your local hardware store. You have just won all of the materials you need to update your bathroom, and...

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4 min read

Hospitals: Benchmarking is Not a Cost Reduction Strategy

In healthcare, benchmark studies and productivity reports are the gold standard for leaders looking to make their facilities more efficient, provide patients with better care, and achieve cost savings. However, if you’ve ever spent countless hours...

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4 min read

Four Ways to Cut Your Labor Costs, Not Your Staff

Median hospital operating margins were negative in the first quarter of 2022. Kaufman Hall called it a perfect storm of converging threats: skyrocketing labor costs; decreasing patient volume; lower revenues. Hospital labor costs alone were 37% higher in...

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