Partners hospitals stand to save $17 million over five years as part a Partners Patient Affordability effort which evaluated IV products and services.
IV program gains ‘wins’ in safety, savings
Patient Affordability is one of three pillars of the Partners’ Strategic Initiative, along with care redesign and reputation/communications. By improving efficiency and removing costs from the system, Partners is taking important steps to address making health care more affordable. To achieve this goal, Partners has committed to implement $300 million in systemwide cost savings over three years (2012-14) by implementing best practices, eliminating duplication and making use of process improvement tools to improve the delivery of patient care.
Every year, intravenous (IV) drugs are administered to thousands of patients across the Partners system. The annual cost is about $24 million for the two main types of IV products:
As part of the Partners Patient Affordability effort, systemwide teams met to evaluate the IV products and services available through the various vendors the hospitals use. As a result of this initiative, Partners hospitals stand to save $17 million over five years.
“We undertook this with the goal of potentially consolidating the majority of IV product purchasing to a minimum of vendors. We did this by evaluating the most-often-used IV products with an eye toward standardizing them as appropriate,” says Jeanette Ives Erickson, RN, DNP, FAAN, senior vice president for Patient Care and chief nurse, who co-chairs the Patient Affordability direct patient care team.
The teams were successful on two counts:
Another IV product affordability effort resulted in consolidating the purchase of tubing with one vendor. Savings from this one change are expected to amount to $500,000 annually.
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