To maximize resources higher education institutions are finding benefits of sharing services and space with other institutions. This model is being used to help reduce the rising costs of doing business by leveraging purchasing power as a larger group to increase productivity while reducing costs.
Check out the article below from diverseeducation.com that describes how institutions are working together and the benefits of this process. After reading the article, give us a call at SpendBridge to discuss how we can partner with your higher education facility to implement the best supply chain management process that will maximize your resources and productivity while reducing costs.
Source: diverseeducation.com | Re-Post SpendBridge 11/13/2017
ATLANTA — A business major at Clark Atlanta University, Delaina Mims said she spends at least eight hours a day at the Robert W. Woodruff Library.
“It’s a good space and it’s better than being by yourself,” said Mims, who had just met up with three of her friends near the library’s outdoor promenade, which students call “Club Woody” because at night students sometimes play music there. (more…)
Despite challenges in healthcare such as declining budgets and reduced patient count, many healthcare facilities are shifting to value-based care and aligning processes with the quality-driven, cost-conscious trends in healthcare. This is allowing healthcare facilities to be successful despite these changes.
Check out the article below from healthcaredive.com that describes current challenges that healthcare facilities are facing and how they are finding positive outcomes. After reading the article, give us a call at SpendBridge to discuss how we can partner with your healthcare facility to implement the best supply chain management process that will best meet your needs.
Source: healthcaredive.com | Re-Post SpendBridge 11/13/2017
Rural hospitals are in crisis, facing demographic changes, declining inpatient volumes and reduced federal support. Since 2010, 80 rural hospitals have closed and 673 are at risk of closing — 210 at “extreme risk,” according to iVantage Health Analytics. Economic pressures have caused populations to decline, leaving a smaller patient base and less revenue. Those who remain are often elderly and uninsured. (more…)
Customizing education to meet each child’s needs may seem impossible. However, there are some basic steps that can be taken to ensure the best possible outcome for all students. Studies show that creating an environment of inclusion and developing partnerships with families and communities, all students learn better than in schools where these philosophies are not present.
Below is an article from eschoolnews.com that provides insight into some of the very practical concepts that can be implemented to ensure students with disabilities receive the best possible education. After reading this article, give us a call at SpendBridge so we can assist you in implementing successful programs at your institution.
Source: eschoolnews.com | Re-Post SpendBridge 10/30/2017
Focusing on inclusion, using data, and forming partnerships are among the practices that can help make special education programs successful in schools, according to a new report.
“Meeting the Needs of Every Student Through Inclusion,” from the California Charter Schools Association (CCSA), details the special education program philosophy behind 10 California charter public schools, how they implement best practices on their campuses, and what policy arrangements have allowed them to succeed. (more…)
A strong partnership between a provider and a supplier is critical for a healthcare facility to deliver the best care for the best price to their patients. This can be done most effectively when the providers and suppliers work together and where the value is more important than just the bottom line price.
Check out this article below from jhconline.com that explains the benefits of Purchasing Coalitions and how they can be used by Supply Chain Managers to not only lower costs of healthcare products but to help decrease the length of stay and bring quality products at the most economic value. After reading the article, give us a call at SpendBridge so we can meet with you to set up the best supply chain process for your healthcare facility.
Source: jhconline.com | Re-Post SpendBridge 10/30/2017
Purchasing coalitions are more relevant today than ever as they evolve to meet and support the expanded role that supply chain leaders are playing. Although purchasing coalitions may have initially formed in order to aggregate spending to drive down pricing, these groups now focus on far more advanced initiatives, according to supply chain leaders who spoke on a panel at this year’s Association of National Account Executives meeting.
“It is not just about bottom-line savings today,” said Kim Moon, director of supply chain for Tucson Medical Center, part of Vizient’s West Coast Purchasing Coalition. “We have to look at healthcare across the continuum of the patients’ lives and we need suppliers to partner with us to drive down the length of stay and bring quality products at the most economic value.” (more…)
As costs of running a higher education institution increase and budgets tighten, alternative revenue streams are being leveraged to offset the deficit. Colleges and Universities are partnering with businesses to create a situation that helps both the institution and the business.
Below is an article from www.educationdive.com that describes some of the creative methods being used by Colleges and Universities to generate income and subsidize the costs of attending school while helping students receive valuable on-the-job training. After reading the article, give us a call at SpendBridge so we can help you implement creative solutions at your institution.
Source: educationdive.com | Re-Post 10/30/2017
About five years ago, Metropolitan State University, Denver partnered with Sage Hospitality to open a SpringHill Suites by Marriott on the edge of its campus. Serving as the site of the university’s hotel, tourism, and events program, the building employs at least 90 students at any given time and brings in industry experts to work as adjunct faculty members.
But while giving students practical, career experience, such as working in the on-site restaurant or learning front desk procedures, was a primary goal of the business arrangement, so was increasing the university’s bottom line.
The purchase of goods and services is one of the top expenditures at a Higher Education facility. Frequently those are areas where redundancy is identified, which when simplified, can result in cost savings. Having a comprehensive plan for sourcing and procurement can minimize wasteful spending and allow funds to be redirected.
Below is an article from digitalistmag.com that describes the 3 important areas that can be reviewed to reduce costs: reimagining the institution’s academic business models; the institution’s business processes and the way the workforce works. After reading the article, give us a call at SpendBridge so we can guide you through the steps that are necessary to gain the biggest cost savings in these 3 areas.
Source: digitalistmag.com | Re-Post SpendBridge 10/13/2017
Complexity exists in education. And it costs.
A typical university supports dozens of email systems, multiple LMS platforms, BYOD, and perhaps even cloud environments, as well as a staggering number of university software applications. This places negative pressure on the university enterprise, especially in today’s digital era, that is compelling digital transformation. Complexity stifles innovation and hampers collaboration among faculty, staff, and students. It impedes agile response to changing conditions and new opportunities. (more…)
In most healthcare facilities, supply chain represents 30% of the hospital’s operating budget. This is only second to the cost of labor. With the significant portion of the budget going to supply chain, there are many opportunities for cost savings when supply chain is managed properly.
Below is an article from healthcarefinancenews.com that details the importance of the supply chain manager and their involvement in the budget process as well as the analytics associated with the decisions made during strategic planning. After reading the article give us a call at SpendBridge so we can discuss the best way to manage your supply chain to maximize your facilities operating budget.
Source: outlook.office.com | Re-Post SpendBridge 10/13/2017
Hospitals are spending about $10 million more a year in the supply chain than is necessary, according to a new Navigant study.
The study looked at 2,300 hospitals and their supply spend and found the providers could reduce their annual supply budgets by a total $23 billion, or about $10 million per year, per hospital, according to Alven Weil of Navigant. This is a savings of about 18 percent.
Cost management is one of the biggest challenges healthcare facilities face. However, according to a recent survey of healthcare executives, few have a reduction goal or plan in place. As the industry migrates to value-based care and value-based reimbursement, cost containment becomes an even higher priority.
Below is an article from revcycleintelligence.com that describes the areas where the most impact can be made to managing costs. Those areas are labor, supply chain, and revenue cycle optimization. After reading the article, give us a call at SpendBridge so we can guide you to a successful plan to create and reach your cost reduction goals.
Source: revcycleintelligence.com | Re-Post SpendBridge 10/4/2017
An overwhelming majority of healthcare executives (96 percent) stated that cost transformation is a significant need for their hospital or health system. Yet, over one-half of organizations either do not have a healthcare cost reduction goal or have a small goal that will not transform cost structures, a recent Kaufman Hall survey showed.
One-quarter of over 150 senior executives in hospitals and health systems stated that their organization has no target for decreasing costs.
Single hospitals were most likely to have no healthcare cost reduction goal, with over 40 percent stating that this was the case. (more…)
One of the biggest expenditures in a Higher Education institution is the Faculty. However, they are often being ignored as a source of information when it comes to creating a financially stable environment on campus or addressing enrollment issues. Should schools look for ways to engage their biggest asset and engage faculty around these topics of concern?
Below is an article from insidehighered.com that discusses the challenges of reducing costs with enrollment and financial pressures. After reading the article, give us a call at SpendBridge so we can discuss alternatives for making the necessary changes at your institution.
Source: insidehighered.com | Re-Post SpendBridge 10/4/2017
Rather than being asked to change their ways, full-time faculty members are simply phased out over time.
This sentence passed virtually unnoticed about a third of the way through an IHE story about a survey it had done of college and university financial officers. To me, it jumped off the screen.
The finance officers addressed a number of strategies for preserving their institutions in light of financial and enrollment pressures. They range from the unobjectionable — energy efficiency, economies of scale in certain back-office functions — to the conspicuous, like mergers and campus closures. They named a number of constituencies from which they solicit input, including trustees, senior administrators, and the community.
Colleges and Universities continue to face financial challenges for various reasons. Traditional methods for running an institution are changing to look more like a business strategy. As CFO’s search for solutions, changes are needed that in the past would have seemed unconventional.
Below is an article from insidehighered.com that discusses the reality of the financial climate in most higher education institutions. Many are at a tipping point, deciding whether to grow or cut. After reading the article, give us a call at SpendBridge so we can help guide you to successful results.
Source: insidehighered.com | Re-Post SpendBridge 9/20/2017
The reality of higher education’s financial challenges is sinking in among college and university business officers.
Now the question is what they’re doing about it — and whether they’re willing to do enough.
Chief business officers increasingly agree that higher education is in the midst of a financial crisis, according to the 2017 Inside Higher Ed Survey of College and University Business Officers. Some are also starting to lose faith in the idea that they can overcome revenue shortfalls using the often-cited strategy of increasing enrollment. (more…)