What’s Ahead for Hospital Purchased Services Cost Reduction Technology in 2018
Purchased services represents up to 45% of the non-labor expense budget within a health system. As more executives look to purchased services categories for potential expense reduction, 2018 is an important year, and Valify has several important innovations planned to assist clients in controlling and reducing purchased services expense in the year ahead:
Major Initiatives for the First Quarter of 2018
- Social Network: Valify’s Expert Network draws on the power of community. "We are building a virtual space where clients can tap in to Valify’s community of users to share best practices, seek input from other members, and research specific vendors or categories," explains Les Popiolek, Chief Operating Officer at Valify. (Launching to Valify customers March 2.)
- Project Boards: Valify’s new Project Boards improve visibility of key purchased services led initiatives, keeping teams organized with real-time project status updates. It also allows users to quickly monitor savings initiatives by stage, campaign, owner, or strategy at a glance. (Launching to Valify customers March 2.)
- Saving Project Tracker Enhancements: Valify’s Saving Project Tracker is an automated tool that monitors the spend and associated savings for a project. New enhancements in 2018 will allow for increased visibility and granularity in analyzing spend and realized savings. (Available to Valify customers March 2.)
- Spend Alerts: Alerts for purchased service spending provides settings that can be personalized by each user. The automated performance tracking tool generates monthly notifications if vendor spend or project savings are not tracking as expected, eliminating the surprises that often occur after completing a big project. (Available to Valify customers March 2.)
More in Store for 2018
This year, customers can expect to be wow-ed yet again by an added depth of functionalities and increased level of automation within the Valify platform. Fine-tuning how data is visualized will not only highlight savings opportunities and auto-monitor spend, it will illuminate a path forward for realizing savings, and will isolate the root cause of spend spikes that are seen while monitoring so that corrective measures can be implemented.
In 2018, customers will have an even clearer lens over their spend data with options to create customizable views, and more comprehensive contract management functionality, creating better insights to help their teams contain purchased services expense.
What We’ve Achieved Together So Far
At Valify, we pride ourselves on maintaining close relationships with our clients. We balance soliciting feedback with offering guidance. Our customers appreciate their needs being heard and welcome new ideas through the expertise Valify provides.
Thanks to this partnership, Valify has continued to enhance the platform since the inception of our spend visibility technology bedrock. Most recently, we’ve added solutions that connect all pieces of the process to successfully and more easily achieve savings:
- Sourcing Collaboration Suite (eRFP): Valify’s Sourcing Collaboration Suite streamlines subscribers’ daily processes, empowers better decision-making, and simplifies vendor management in one integrated platform. A module centered on creating and managing RFPs makes Valify’s intuitive technology tool even more useful.
- Vendor Market Share: Vendor Market Share dovetails with our eRFP solution to illustrate which vendors are being hired by other organizations in a specific area for a given service. Market share clarity helps to increase vendor competition, and therefore, drive down overall costs.
- Benchmarks Expansion: Deep category benchmarks are calculated using not only spend data, but also a wealth of operational metrics, including geographic considerations, frequency of utilization, unique category, and/or facility requirements, and other market conditions as well. Valify’s Benchmarks uses automated operational and efficiency analysts to identify exact areas where overspending is occurring by providing actionable data that can improve performance and decision support.
We look forward to another year of our clients’ continued success in realizing savings within purchased services.
Valify remains the industry’s most comprehensive solution 100% dedicated to managing purchased services expense. Our technology platform allows healthcare organizations to quickly identify, benchmark, and track savings across thousands of categories and suppliers. Adopting our proprietary benchmarking comparisons, organizations can apply monthly purchased services spend against hundreds of peer institutions to evaluate financial performance, prepare for vendor negotiations, and reduce costs that typically comprise up to 45% of a hospital’s non-labor budget.
Learn how to leverage Valify’s tools and strategies in your organization at http://www.getvalify.com/about-valify.
Topics: Purchased Services