FRISCO, Texas—January 26, 2017— Valify, the largest healthcare purchased services benchmarking and analytics solution provider, announced several areas of growth leading into 2017. Growth areas include launching an Advisory Services division as well as a new product enhancement for vendor market share analysis. Additionally, the company recently relocated to a larger office to support its continued rapid growth, which includes a 50 percent increase in its employee base in the past 90 days.
In addition to identifying purchased services savings opportunities using Valify’s software, Valify’s new Advisory Services can be deployed to realize those savings, providing a turnkey solution exclusively for Valify clients. The ultimate goal of Valify’s Advisory Services is to assist clients in establishing and maintaining a best-in-class system for pursuing cost reductions highlighted by Valify’s software. Valify’s technology enabled purchased services experts offer roadmap development, project management, RFP development and direct negotiations with vendors when needed.
The new Market Share feature in the software leverages Valify’s exclusive database of hundreds of hospitals to provide healthcare organizations the ability to analyze real-time market share data across purchased services vendors for greater insight. The Market Share feature greatly improves the contracting process by identifying other vendors providing the same service in their area that might have otherwise gone overlooked, which has historically been a challenge in the healthcare industry. Opening an RFP up to more vendors naturally provides greater competition and ultimately helps reduce costs. Additionally, knowing how much market share a health system has with a vendor can increase leverage with that vendor and ultimately drive more costs out of healthcare.
To help support the new product enhancements and services offerings, Valify has made several new hires across departments including Marketing, Advisory Services, Benchmarking, and Product Development. Valify’s new office space in Frisco, Texas will support new employees and continued growth.
“The new additions to our team have enabled us to further enhance our product offerings, better support our rapidly growing customer base, and continue our company’s mission to provide intuitive, robust technology that empowers health systems and hospitals to identify opportunities quicker than ever before and to improve their margins significantly,” said Chris Heckler, President and CEO of Valify. “We look forward to continuing this growth in 2017 and making sure our clients have what they need to succeed.”
Valify is the only web-based solution that allows healthcare organizations to quickly identify, benchmark and track savings in purchased services, mitigate financial risk and reduce the overall cost of operations. Valify reveals purchased services spending across the enterprise to help identify immediate cost savings opportunities in more than 1,200 categories. With proprietary benchmarking analysis, organizations can compare purchased services spending against a monthly-updated database of hundreds of peer institutions to evaluate financial performance, prepare for vendor negotiations and reduce costs that typically comprise more than 35 percent of a hospital’s non-labor budget.