Financial controls are becoming increasingly important for organizations as margins narrow.
Such controls can help reduce issue related to overbilling and cost overruns.
Dallas-based MD Buyline suggests integrating the supply chain and finance departments can help reduce the costs of purchased services. The supply chain management company outlines three financial control considerations for hospital purchased services.
1. Contract management intelligence. MD Buyline suggests handling all contract invoices electronically to expedite auditing processes.
2. Consider everything. The supply chain department should be involved in every purchased service to keep an eye on growing expenses and cost overruns, suggests MD Buyline.
3. Verify everything. Continually monitoring savings initiatives will help profitability. MD Buyline suggests organizations refine their approach to align with strategic goals.
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