Valify Launches Category Benchmarking Tool for Identifying Purchased Services Savings
New category benchmarking tool to be showcased at Fall IDN Summit
FRISCO, Texas—September 19, 2016—Valify, a purchased services benchmarking and analytics solution provider, today announced the launch of its new category benchmarking tool. The solution, unlike any on the market, provides valuable information on pricing, utilization and contract terms, enabling healthcare organizations to pursue targeted savings improvements across many purchased services categories. An extension of Valify’s market-leading spend visibility solution, the category benchmarking tool helps organizations go beyond identifying a potential problem by pinpointing specific actionable areas for performance improvement.
This release focuses specifically on laundry/linen services, EVS/janitorial services, blood bank services, food management and food distribution categories. Valify will continue releasing additional benchmarking categories in the coming months as it continues enhancing the solution. Healthcare organizations can enter spend and operational data and then view their performance by accessing an area of reliable benchmarking insight through targeted dashboards including:
- Price variance: View the current price being charged compared to the contracted price and industry peers
- Total cost: View the total cost of a service, including external and internal costs such as labor and supplies, compared to industry peers
- Utilization trends: View how utilization (e.g. pounds of laundry generated, how often laundry is delivered, how often the floors are cleaned, etc.) affects price; how differences across the organization are driving cost variances; and how it compares to industry peers
- Contracting and implementation decisions: View and compare specific department structure to your peers and see how different management, staffing, delivery and distribution models affect price and performance
"With evolving financial pressures facing the healthcare industry, increasing operational efficiency is critical to survival," said Chris Heckler, President and CEO of Valify. "Hospital executives have been in dire need of the ability to assess the financial impact of in-sourcing or outsourcing a department or service with real time visibility and access to accurate data across their entire enterprise."
Heckler added, "By creating a tool unlike any in the market, Valify has provided healthcare organizations with the ability to benchmark specific areas of spending, enabling cost reductions that drop straight to the bottom line. This is the 'Holy Grail' of purchased services benchmarking for healthcare organizations because it provides efficient data collection and quicker decision-making. We look forward to helping our clients achieve greater financial successes as we continue enhancing the tool."
Valify is the leading 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. For more information, visit GetValify.com.
Topics: Press Release