The healthcare sector was one of the worst affected due to the coronavirus pandemic. Almost three years into the incident, the industry has practically recovered. Yet, total recovery may take a while. However, the pandemic and its impacts and consequences have altered the industry. As a result, the modern healthcare environment is an exciting blend of potential opportunities and challenges. The sector will always be under immense pressure to cut down costs.
Besides, the quality of service shouldn’t be affected. Achieving this would mean incorporating new strategies or a complete reshuffle of organizational ways for many. 20–30% of a facility’s operational costs are spent on purchased services. Unfortunately, healthcare professionals generally lack access to a clear picture of their spending while managing thousands of vendors and agreements for purchased services. Purchasing services is an extensive process.
Overall, there are about thousand-plus categories. To negotiate effectively, domain knowledge and specific skills are a must. Valify, Frisco, TX headquartered enterprise understands the importance of purchased services in reducing health expenditure. Valify, a tech-enabled group purchasing organization, uses data-driven market intelligence and $8 billion in annual purchasing volume to save money on acquired services. Valify Solutions Group’s technology can swiftly and precisely classify at least 95% of all expenditures across a company. As a result, Valify Solutions Group saves company’s time and money through speed, data quality, and a clear view of spend.
Valify caters to an impressive number of clientele comprising IDNS and hospitals. With average savings of 10–30% across more than 1400 distinct categories across seven lines of business, Valify has carved a niche for itself in the purchase service market. The Purchased Services Solutions extended by the firm comprises Benchmarking, Custom Contracts, Purchased Services Consulting, and Portfolio. And Aggregated Sourcing Events. “With the industry’s largest database, over $460 billion in total spend, and over 1,400 hospitals nationwide, Valify Solutions Group has the most accurate benchmarking insights available. This breadth and depth of benchmarking data enable our sourcing experts to produce highly competitive rates and contract terms,” says Les Popiolek, CEO, Valify.
Valify Solutions assesses their client’s expenditure data leveraging the contract portfolio using data categorization technology. The advantage of the technology is that it becomes easy to identify and provide tangible cost savings. Unlike other GPOs, Valify Solutions Group does not demand that members sign many contracts or spend a certain amount to access the portfolio.
Instead, members can choose one arrangement and only access more contracts when they believe they are worthwhile. With machine learning algorithms, Valify Solutions Group’s technology can swiftly and precisely classify at least 95% of all expenditures across the client organization. Experts from Valify’s Advisory Services coordinate stakeholders to generate value with local and national service providers by lowering costs while enhancing services.
When several hospitals are managed under the MIMS, accurately assessing the data on expenditure becomes quite burdensome. “Furthermore, it can be challenging to understand what vendors provide which services at the system level. This creates complications with far-reaching consequences.
These factors prompted the Chief Operating Officer of one of the nation’s leading operators of general acute care hospitals, with headquarters in the southeast, to engage the services of the Valify Group Advisory Solutions team for help, informs the CEO. The client was able to cut $2.4 million off its $18 million yearly cost on print management by removing many vendors and entering into a sole-source print management agreement.