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The Vision for Valify: Building the Best for Purchased Services in Healthcare

Posted by Chris Heckler on Apr 9, 2017 9:26:53 PM

Healthcare purchased services have come a long way in the three years since we founded Valify. In that time, purchased services has transformed from a misunderstood budget area to a top financial savings opportunity and priority for healthcare organizations nationwide. 

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Solve the top 3 purchased services spending challenges with timely data and analytics

Posted by Valify Team on Mar 20, 2017 10:15:00 AM

One of the biggest difficulties healthcare purchased services professionals face is trying to negotiate more favorable vendor contracts for their hospital or health system. With hundreds of vendors spread across numerous departments and facilities, it is nearly impossible -- without the right data analytics platform -- to have enough time and information to build a persuasive case.

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New Market Share Product Feature: Know more about your vendors than they do

Posted by Brian Bartkoski on Jan 16, 2017 1:47:50 PM

Valify’s new Market Share feature, recently released in December 2016 enables healthcare organizations to analyze market share among their purchased services vendors while accessing Valify’s exclusive database of hundreds of active healthcare organizations for deeper insight.

The new feature helps support organizations with securing more favorable contract terms with their vendors by understanding how much of the market each vendor holds in their industry and how many dollars peer healthcare organizations spend with them.

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Benchmark your way to greater insights and savings in purchased services

Posted by Matt Clark on Dec 8, 2016 3:40:34 PM

Visualizing purchased services spending is essential for controlling costs at any hospital or health system. After all, purchased services comprise 35 percent of a hospital’s non-labor budget. The ability to drill down on spending across a well-organized hierarchy of more than 1,200 potential purchased services categories provides an even more precise picture of how dollars are being spent. Spending data alone, however, offers only directional insights.

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Topics: Benchmarks

Don’t Lose Your Shirt On Purchased Services

Posted by Chris Heckler on Sep 16, 2016 8:01:55 AM

As hospital executives focus on surviving major industry changes such as new payment models and shrinking reimbursements, the cost reduction spotlight seems to be focused more on M&A activity and labor reductions rather than purchased services. This is despite the potential to achieve significant savings without disrupting patient care. 

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Topics: Purchased Services

Does Your Value Analysis Team Focus on Purchased Services?

Posted by Danny Claus on Jun 22, 2016 10:16:07 AM

Over the last 10-15 years, Value Analysis teams have successfully implemented cost savings initiatives for commodities, physician preference items, and even pharmaceuticals. However, an area that is often overlooked by Value Analysis committees is Purchased Services. 

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Topics: Purchased Services

4 Ways to Improve Spend Management Outside of GPOs

Posted by Chris Heckler on May 29, 2015 9:00:00 AM

In the healthcare world, group purchasing organizations (GPOs) have established their place for streamlining vendor selection and cost savings on products. However, these organizations do have their limits and can’t be relied on for every single aspect of your hospital’s spend management and cost control.

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Topics: Purchased Services

Techniques to Generate Revenue: Monetizing the Eyeballs in Your Hospital

Posted by Chris Heckler on May 26, 2015 9:00:00 AM

Most of the topics I have written about on this blog have been about how to save hospitals money, but in reality, the real goal is to increase their overall performance. So instead of listing out another purchased services area to help save your bottom line, today we will discuss an interesting way to increase top line revenue within your hospital by showing you the marketing value of the crowds of people walking through your organization every day.

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Topics: Purchased Services

How to Streamline Purchased Services Analytics

Posted by Chet Wilson on May 22, 2015 9:00:00 AM

Many times, data analysts and contract negotiators find themselves neck deep in what seems to be garbage or “uncategorizable” data. This leads to wasted time and increased frustration that could be better spent finding savings opportunities instead of data scrubbing.

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Topics: Purchased Services

How Much Are You Paying Your Collection Agency?

Posted by Chris Heckler on May 19, 2015 9:00:00 AM

While patient health is of primary concern, hospital management can't overlook the essential business side of running a hospital, which needs every incoming dollar to survive. In 2012 alone, U.S. hospitals provided $45.9 billion in uncompensated care, only 25 percent of which resulted from uninsured patients. What’s more, the average collections recovery rate for hospitals in 2013 was a mere 15.3 percent, according to ACA International.

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Topics: Purchased Services

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