What are the procedures called that are used to control costs or expenses in healthcare?

Cost containment refers to the strategies or procedures implemented within healthcare systems aimed at controlling costs and managing expenses without compromising the quality of care. This approach is essential in the healthcare sector, where rising costs have become a significant concern for both providers and consumers.

Practices under cost containment can include negotiating prices with suppliers, implementing more efficient practices, reducing waste, and integrating technology that improves care delivery while reducing expenditure. By focusing on controlling costs, healthcare organizations strive to provide accessible services while maintaining financial sustainability.

The other terms mentioned, such as cost analysis, cost minimization, and budgeting, are related concepts. Cost analysis often involves evaluating the financial aspects of healthcare to identify areas for improvement, whereas cost minimization specifically seeks the least expensive approach to achieve a particular outcome. Budgeting, on the other hand, is the process of planning for future financial expenditure and income, not directly focused on controlling costs but rather managing overall financial health.