Blood Sourcing: You Don't Have to Operate in the Red
Blood costs represent the second-highest expense for hospital labs, behind labor. High costs can be due to many reasons, including unfavorable contract terms and conditions and limited competition among blood providers in specific regions.To begin a program to review cost efficiencies, the proper stakeholders must be involved, including the CEO, CFO or CMO, and clinical services director or clinical lab director. Once buy-in is obtained, providers should access lab performance and look for the following operational red flags that represent low-hanging fruit:
> Blood sourcing contracts that are approaching the end of their term > Varying fees from the same or multiple suppliers > Customer service or quality issues > Issues related to consistent product availability, such as cancellation or postponement of surgeries or patient care
Vizient has determined that providers who pursue improvement measures can typically save 7-10% annually by right-sizing product costs, establishing product of choice standards and eliminating waste. Improving blood supply and availability can also lead to improved patient care and outcomes.
