Launching the New Valify Expert Network: A Digital Forum for Exchanging Best Practices to Control Purchased Services Expense
In today’s evolving and uncertain healthcare landscape, hospital administrators are continually searching for ways to reduce costs and meet annual savings goals. Purchased services categories remain a significant budget area full of opportunity for reducing expenses. Dollars spent on services performed by outside suppliers account for up to 45% of a provider’s non-labor budget. Proactive management of service categories will uncover that providers unnecessarily pay for duplicative services, incur hidden fees and penalties, and wrestle with rogue spending with non-contracted suppliers.
Managing purchased services is no easy task. Utilizing an average of 1,505 suppliers to perform services spanning an average of 383 categories, requires diligent oversight and management. Even the most seasoned purchased services professional is challenged in mastering the nuances with each service category while simultaneously managing the strategic sourcing process for the constant churn of contracts. Still, veterans in this space have invested years of dedication, acute attention to detail, and have even experienced trial and error spanning a variety of service categories. Collectively, experts across healthcare have accumulated knowledge and experience related to category-specific best practices.
Through collaboration with our clients, Valify has learned that while connecting professionals through committees and conferences will continue to be valuable: there has been an unmet need for a digitally connecting purchased services experts in our industry.
Today we’re proud to announce that we’re launching the first electronically hosted, social forum exclusively devoted to purchased services: the Valify Expert Network. As an extension of our market-leading analytics platform, the Expert Network will serve as a hub of the collective knowledge of our clients, where individuals are invited to share best practices, discuss common issues, and research vendors or specific categories. This platform is a space where supply chain and purchased services experts can network, share experiences with vendors, while being able to proactively reach out to the Valify community to ask questions, and provide answers. As more experts come together to exchange experiences, ideas, and information, an individual’s learning curve for a new category or vendor lowers dramatically. As no one individual can become an expert in 1,200+ categories spanning 550,000+ vendors, a community will now emerge as a comprehensive knowledge bank and forum for all of its members.
Valify’s Expert Network is a unique social forum designed to become a community knowledge bank with tips and support, giving users the ability to become more established thought leaders. This web-based forum is a secure site accessible only to authorized users with a Valify login. Clients looking to analyze their spending within the Valify solution have the capability to seamlessly view discussions and browse links to additional useful content that are relevant to the category or vendor they are analyzing within their own expense data.
With over 1,200 purchased services categories and 550,000 vendors found in the Valify platform, the Valify Expert Network is beneficial for clients working with new categories, as health organizations on average utilize 1,505 vendors total. Valify’s new Expert Network provides exceptional value to purchased services and supply chain professionals who now have the ability to reach out to a like-minded community with specific questions, requests for advice, or simply to follow conversations of interest.
Valify’s Expert Network integrates seamlessly with our technology platform. It can be accessed while reviewing spending data, vendor market share, rfp drafts, and other analytics. The new Valify Expert Network provides easy access to a digital space that lets contract managers, contract portfolio directors, supply chain analysts, and high-level executives expand their knowledge to meet savings goals.
To learn more about Valify’s solutions for helping healthcare organizations thrive, visit www.getvalify.com today!
Topics: Valify Expert Network