Kansas University will work with a consulting group to review its administrative practices and identify cost savings.
The contract with Huron Consulting Group is for up to $2.28 million if all its initiatives are implemented.
It will be paid for with private funds.
The contract also provides for additional rates to pursue more initiatives if KU desires.
Huron, which is based in Chicago, will have teams working with advisory committees on the Lawrence campus and at KU Medical Center.
Using savings from the process, KU officials say they hope to be able to invest in new priorities outlined in an ongoing strategic planning effort.
Huron expects to take about four months to identify options that would improve efficiencies. Implementation of the new initiatives could be in place by this summer.