Hello dear colleague. Yes there are no boundaries between healthcare and business practices in other fields.
You should be looking towards six sigma and lean processes. Doing a six sigma Green Belt course would be highly recommended.
Before you can start to "cut back", start measuring and collecting data. Later start analyzing and then you will get your areas of focus.
Also have a look at these:
1. Spitzer AR. Pay for performance in neonatal-perinatal medicine--will the quality of health care improve in the neonatal intensive care unit? A business model for improving outcomes in the neonatal intensive care unit. Clin Perinatol. 2010 Mar;37(1):167–77.
2. Profit J, Zupancic JAF, Gould JB, Petersen LA. Implementing pay-for-performance in the neonatal intensive care unit. Pediatrics. 2007 May;119(5):975–82.
Best Wishes and Keep us updated !