EDI Cost Tracking and Goal Setting:

Facility name: Lawnwood Regional Medical Center

Project name: LAWNWD-062019M-New Tower and CEP
Location: Fort Pierce, FL
Project classification: Hospital – Vertical Expansion
Project type: Acute Care
Project number: 3093200010
Lesson Learned number: 105
Impact: Cost

Cost impact: $600,000

Lesson Learned/Best Practice

A detailed cost management log was developed in Smartsheet that showed current cost updates for duration of EDI. This tool was valuable for tracking, recording, and updating costs.  An advantage of this was transparency within the team, readily available lists of action items, and accurate cost counts for the target cost goal and savings cost goal. The team was able to beat the target cost goal and the savings goal for the design phase. The initial EDI savings goal was $76,000, but the total savings equaled $130,000.  The total project goal was 7.58 million and the team helped to save close to $600,000 or about 10% of the project.

Suggested Actions for Future Projects

It’s a best practice to use a collaborative and transparent cost management log (TVD log) during the EDI process. Because all parties have access to up to date costs, this will ensure that the job remains on budget and will hit EDI cost savings goal.

Actions Taken / Current Status

HCA comment:  Best practice for tracking cost savings during the EDI process.

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