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Cost management techniques. Part II.

R M Monczka, B E Taylor

    Hospital Material[Dollar Sign] Management
    |January 10, 1987
    PubMed
    Summary
    This summary is machine-generated.

    Hospital purchasing managers can reduce costs by using life cycle costing. This method evaluates total product expenses, including maintenance and disposal, not just initial prices, for better cost management.

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    Area of Science:

    • Healthcare Administration
    • Supply Chain Management
    • Operations Research

    Background:

    • Reducing procurement costs is crucial for hospital purchasing and materials managers.
    • The previous article introduced life cycle costing (LCC) for evaluating total product costs beyond initial quotes.
    • LCC is particularly effective for durable goods with associated maintenance, repair, and disposal expenses.

    Purpose of the Study:

    • To continue the discussion on cost management techniques in hospital purchasing.
    • To focus on methods for identifying and managing the total costs associated with purchasing and acquisition.
    • To build upon the foundation of life cycle costing for comprehensive cost analysis.

    Main Methods:

    • Building upon the life cycle costing (LCC) framework.

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  • Analyzing purchasing and acquisition processes to identify all relevant cost components.
  • Focusing on total cost of ownership rather than solely on quoted prices.

    • Main Results:

    • This article details techniques for identifying and managing the comprehensive costs of hospital purchasing.
    • It emphasizes moving beyond simple price evaluation to a total cost perspective.
    • The methods discussed are applicable to a range of hospital products and services.

    Conclusions:

    • Effective cost management in hospitals requires a thorough understanding of total acquisition costs.
    • Life cycle costing principles are essential for optimizing purchasing decisions for long-term value.
    • Further exploration of integrated cost and value management will be presented in subsequent articles.