Expense
Management
How you manage expenses can make all the difference between success and failure. Your business depends on strong budgeting and revenue optimization. Prime Source is built to help you get it right, year after year.
Expense Management for Post-Acute & Long Term Care
Our robust expense management solutions help facilities like yours contain costs and increase profitability. Take advantage of our unique expertise to determine where you are losing money. Partner with Prime Source for access to exclusive supply contracts at no additional cost to you.
In the long-term care industry, it’s easy for expenses to get out of control. Rising supply costs and staffing shortages don’t help either. Your facility is probably leaking profit in several areas, just like many others. Therefore, cost control is crucial to long-term success. Identify and eliminate overspending and other inefficiencies that are getting in the way of building a sustainable business.
Let us help you get rid of waste and reduce inventory costs. Not only can we help with aggregated purchasing and supplier negotiation, but we also provide consulting on your books. Improve your P&L with our advanced budgetary strategies.
Your Professional Expense Experts
Realize savings across your most important departments. Identify weaknesses in your P&L and uncover strategies to plug the gaps for good.
Reduce Spending Waste
Utilize better forecasting to curtail overspending and shortage risks at the same time.
Superior Budgeting
Understand your numbers better than ever and make better decisions for your organization.
Healthier Bottom Line
Create a more profitable business that thrives, regardless of the economic environment.
PROCESS CAN INCLUDE
What Is Expense Management?
Expense management is the process by which organizations evaluate and control costs. This can include inventory costs, payroll costs, and various other costs. Good expense management strategies find and eliminate wasted spending without reducing the quality of care or service standards.
Why Is Expense Management So Important?
It is easy for expenses to get out of hand in the healthcare cost management industry. Long-term and post-acute care facilities are often exposed to inflating costs. With so many moving parts, it can be hard to tell when you’re overpaying or suffering from other inefficiencies. That makes cost containment vital.
Why Are Healthcare Facilities So Vulnerable?
Healthcare is one of the most demanding industries to survive in. That’s even more true for long-term care, post-acute care, and skilled nursing facilities. In addition to the ever-evolving compliance landscape, you are subject to supply scarcity, staffing shortages, and other unpredictable costs.
How Does Group Purchasing Help?
Group purchasing organizations lower acquisition costs for buyers by negotiating exclusive contracts with manufacturers, distributors, and other vendors. GPO simplifies the sales process for suppliers while reducing costs and streamlining the buying process for purchasers.
Are GPOs Really Free to Join?
Yes, joining a group purchasing organization doesn’t cost you anything. They lower your costs by negotiating on your behalf. There are no membership fees, and supplies pay the commissions. The sole purpose of a group purchasing organization is to lower supply costs.
Why Choose Primesource Healthcare Solutions?
Prime Source is the only organization that drives innovation for post-acute and long-term care facilities. Not only do we help you navigate optimal purchasing strategies, but we also offer consulting on industry best practices and expense management. In short, we’re strategic partners.
The Prime Source Advantage
As an institution that stands atop the expense management companies in the industry, we can offer you the missing pieces to a more profitable organization. We can show you how to reduce supply costs, and our deep industry insights provide the knowledge you need to contain costs elsewhere. Our model helps you enhance efficiency across all your business’s most important departments.