This report, from the Milliman consulting group, identifies opportunities that hospitals have in minimizing waste including guidelines and best practices in efficiency and quality.  

From the executive summary:  

The U.S. spends upwards of $600 billion each year on wasteful healthcare, and as the biggest hospital payor in the country, the federal government has an interest in minimizing this waste. For almost 20 years, the Centers for Medicare and Medicaid Services (CMS) has been developing various auditing capabilities. When the recovery audit contractor program was made permanent in August 2009, it became just the latest example of the War on Waste that has been developing for many years and has now reached maturity. What can physician executives do to arm themselves for the War on Waste? Scientifically based guidelines and documentation of best practices will play an important role and can help ensure more efficient and quality care even as the War on Waste challenges the way hospitals provide care.

Full Report: How hospitals can arm themselves in the war on waste (PDF | 170 KB)   

Milliman. (2010). How hospitals can arm themselves in the war on waste. Blumen, Helen and Lenderman, Tiffanie.