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Valify Recognized by CIO Review as one of the "50 Most Promising Healthcare Solution Providers - 2019"

Posted by Valify Team on Feb 18, 2019 2:50:00 PM
 
 
 
  

Valify: Bringing a Unique Value Proposition to Healthcare Purchased Services

Despite best efforts towards reducing the overall cost of operations, healthcare companies often miss out on regulating one of their most expensive cost-drivers. Generally sidelined and overlooked, purchased services contribute to about 45 percent of a hospital’s non-labor budget. It is the vastness and uncertainty of outsourced services that bring complexities, making it difficult for hospitals to identify an appropriate service contract benchmark and derive savings. When hospitals outsource services, they can unwittingly fall prey to unnecessary costs which include duplicated services, hidden contract fees, and automatic price escalations.  

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.  
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Topics: Purchased Services

What’s Ahead for Hospital Purchased Services Cost Reduction Technology in 2018

Posted by Valify Team on Feb 9, 2018 6:43:27 AM

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:

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Topics: Purchased Services, Uncategorized

Don’t Lose Your Shirt On Purchased Services

Posted by Chris Heckler on Sep 16, 2016 2:01:55 AM

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.

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Topics: Purchased Services, Uncategorized

Does Your Value Analysis Team Focus on Purchased Services?

Posted by Danny Claus on Jun 22, 2016 4:16:07 AM

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.

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Topics: Purchased Services, Uncategorized

4 Ways to Improve Spend Management Outside of GPOs

Posted by Chris Heckler on May 29, 2015 3:00:00 AM

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.

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Topics: Purchased Services, Uncategorized

Techniques to Generate Revenue: Monetizing the Eyeballs in Your Hospital

Posted by Chris Heckler on May 26, 2015 3:00:00 AM

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.

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Topics: Purchased Services, Uncategorized

How to Streamline Purchased Services Analytics

Posted by Chet Wilson on May 22, 2015 3:00:00 AM

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.

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Topics: Purchased Services, Uncategorized

How Much Are You Paying Your Collection Agency?

Posted by Chris Heckler on May 19, 2015 3:00:00 AM

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.

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Topics: Purchased Services, Uncategorized

Cost Reduction through Partnering with Med-Mal Insurance Providers

Posted by Matt Clark on May 15, 2015 3:00:00 AM

Medical malpractice is a phrase that makes doctors across the nation blanch. Whether from claims that are justified or frivolous, our society is all too happy to pull the trigger on initiating litigation against health care providers who we feel havent done their job correctly.

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Topics: Purchased Services, Uncategorized

How to Benchmark Your Capital Equipment Service Contract Spend

Posted by Chris Heckler on May 12, 2015 3:00:00 AM

Investment in capital equipment is a decision that shouldnt be made lightly, particularly for health care organizations. There are many factors to consider when selecting equipment that best suits your needs, with the bottom line being the consideration of total lifetime costs associated with its use. Other factors may include:

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Topics: Purchased Services, Uncategorized

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