Martin, L.A., Neumann, C.W., Mountford, J., Bisognano, M., & Nolan, T.W. (2009). “Increasing Efficiency and Enhancing Value in Health Care: Ways to Achieve Savings in Operating Costs per Year .” Institute for Healthcare Improvement. Retrieved from http://www.ihi.org/IHI/Results/WhitePapers/IncreasingEfficiencyEnhancingValueinHealthCareWhitePaper.htm.
This white paper is one part of two resources from the Institute for Healthcare Improvement that are targeted towards helping healthcare managers identify and eliminate financial excess and waste while ensuring that quality is not negatively impacted. The paper specifically focuses on how to identify initiatives that improve the bottom line in terms of cash outflows. It recommends following a step-by-step process to eliminate inefficiencies and result in an anuual savings of 1% to 3% each year.
The second resource is a the “Quality Improvement Savings Tracker Worksheet,” an Excel file that helps healthcare managers track cost savings from the initiatives. Combined, these two tools have the potential to result in significant reductions on financial outflows.