FRISCO, TX, April 2, 2019 (BUSINESS WIRE) --
Today Valify, the leading healthcare cost management company, announces the launch of the new Valify Marketplace, a comprehensive vendor catalog of products and services that allows healthcare organizations to search, compare, and select the best vendors for their needs. Today’s launch comes as a result of Valify’s September 2018 acquisition of Lucro, a Nashville-based digitalplatform for health systems to evaluate vendors. The Valify Marketplace has already been named to CIO Review’s list of the “50 most promising healthcare solutions of 2019.”
Valify Marketplace: A One-stop Shop for Purchased Services
institutions tasked to find cost savings. Additionally, there is an ever-present question that healthcare organizations can’t seem to find an answer to—how to balance the quality of services and solutions provided by vendors with the rates that they charge.
Topics: Purchased Services
Valify: Bringing a Unique Value Proposition to Healthcare Purchased Services
Valify, a company specializing in purchased services analytics uses a web-based solution that identifies, benchmarks, and monitors savings on purchased services categories. “We are the only company 100 percent dedicated to purchased services,” says Chris Heckler, CEO and founder of Valify.
In order to mitigate the uncertainty in the broad description of indirect spend, Valify has classified the domain that has approximately 1,200 specialties into seven primary categories, namely, financial and administration, facility support, HR, insurance, clinical, ancillary, and IT-telecom. By working with the customer’s finance or IT division, Valify accesses the data and links the information to its solutions. The company then processes the data through proprietary algorithms and classifies them in less than 10 days. The firm also provides dedicated analyst support for the client to maximize the use of this information for savings opportunities.
Topics: Purchased Services
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:
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.
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.
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 cant be relied on for every single aspect of your hospitals spend management and cost control.
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.
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.
While patient health is of primary concern, hospital management can't overlook the essential business side of running a hospital, which needs every incoming dollar to survive. In 2012 alone, U.S. hospitals provided $45.9 billion in uncompensated care, only 25 percent of which resulted from uninsured patients. Whats more, the average collections recovery rate for hospitals in 2013 was a mere 15.3 percent, according to ACA International.