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3 Simple Ways to Accelerate Your Sourcing Process with Better Results

Posted by Valify Team on Sep 20, 2017 9:15:00 AM

From standard purchased services categories like laundry and linen or HVAC services to seasonal/geographic driven categories such as snow plow services, there are hundreds of categories and thousands of vendors that hospitals and health systems utilize daily. Every hospital and health system is different and has unique needs based on their location and the patients they serve. Aligning these particular needs with the unique factors that pertain to each purchased services category is challenging, and most of the work that is done during the RFP process can be daunting as well.

Depending on the complexity of the category, an RFP cycle can take four to six months from start to finish and require a time commitment of 5-20% from each sourcing professional during the bidding event (Robert J. Engel. Strategic Sourcing: A Step-By-Step Practical Model, The Procurement Centre). Insight from Valify’s database shows, a typical health system’s purchased services spend is spread out, on average, across 383 individual categories (some have spend across as many has 734 categories). These figures directly correlate to the number of vendors a health care provider has on contract.

It’s fair to say that sourcing professionals spend a significant amount of time working on RFPs – including conducting research specific to each category, defining award criteria, managing vendor communications, evaluating responses, analyzing impacts, and negotiating final terms. While each of these aspects could benefit from process improvement measures, our purchased services experts have put together a list of the top three tips for accelerating the RFP process while achieving better results.

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Topics: Process Improvement, RFP

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

Posted by Chris Heckler on Apr 9, 2017 8:26:53 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 9:15:00 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 12:47:50 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 2:40:34 PM

Visualizing purchased services spending is essential for controlling costs at any hospital or health system. After all, purchased services comprise 45 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 7:01:55 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 9:16:07 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 8:00:00 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 8:00:00 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 8:00:00 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

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