Your Hospital Purchased Services Cost Savings is Hiding in the Invoice Line Item Details
An Innovative Technology in the Healthcare Purchased Services Industry Automates Manual Labor to Reconcile Thousands of Line Item Details & Immediately Find Errors That Lead to Hospitals Overspending.
To Schedule a Healthcare Purchased Services Cost Analysis Give Us a Call Today!
VIE Healthcare Delivers Unparalleled Purchased Services Costs Savings With Invoice ROI™
- VIE Healthcare’s patented technology gives you a complete picture of your purchased services spending so you can optimize cost savings.
- Now, as healthcare providers navigate the current COVID-19 landscape, it’s more important than ever to find and realize cost optimizations. VIE Healthcare has developed a patented technology that rapidly analyzes the complete line-item details of every invoice from the past 12 months, giving you unparalleled insight into your actual historical spending. This budget process helps provide greater efficiency and empowers your healthcare organization to use previous trends to forecast when you’re setting an annual budget.
- Our technology allows us to go far beyond simple benchmarking or spot-checking methodologies. With this new technology, it’s easier to parse every facet of your healthcare facility’s capital budget. We can determine where there have been over-charges, precisely what and how much of your spend is out of contract, and detailed areas where you can improve the costs beyond just at a macro-services level. This empowers healthcare providers, stakeholders, and decision-makers to create financial plans that focus more acutely on innovation and patient outcomes.
- This complete detailed spend analysis would take weeks or months to do manually, but our software allows us to do it in days at a very high level of accuracy. As speed and efficiency are cornerstones of the United States healthcare industry, forward-thinking healthcare providers must be able to quickly review financial plans, establish a rolling forecast, address variances, and make appropriate expenditure adjustments. In addition, it allows for more significant healthcare facility innovation, scalability, and sustainability.
- VIE Healthcare has proven deep, specialized expertise in the complexities of purchased service agreements, giving hospitals unrivaled insight into areas of potential cost savings.
- Purchased services agreements can be highly complex. VIE Healthcare has specialized in analyzing spend related to purchased services for over 21 years, and our highly experienced analysts know precisely where to look for cost savings. We can help decipher the details of your current agreements, including minimums, maximums, bulk discounts, inclusions, exclusions, and more, and then map those to the details of your contracts, including amendments. Our expertise uncovers every area for potential savings. So whether you’re investing in innovative technology for your healthcare facility or your brand needs help reconciling budgeting in healthcare management, it’s essential to have adequate financial and CDM consulting on your side.
- VIE Healthcare delivers cost savings in weeks, not months or years.
- Our software solution helps us analyze your past data quickly to determine where the potential cost savings are.
- In many cases, the VIE software solution identifies historical over-charges that we can get refunded from vendors. Reimbursement is often a critical component of budgeting and healthcare projects.
- Get started quickly with no upfront commitment and results-based pricing.
- Our payment structure aligns with clients’ best interests. There are no upfront charges, and we get paid on a percentage of first-year cost savings.
VIE Healthcare has significantly reduced hospital purchased services spend through our guaranteed operating margin improvement expertise. In addition, our automated and patented spend analysis technology reconciles thousands of line-item details instantly, saving hospitals and healthcare organizations unnecessary purchased spend caused by billing errors. Not only do we find and save you money, but we also eliminate your manual process so you can redirect your team to work on better initiatives.
Every hospital and healthcare organization is different, and no single tool or strategy can create cost-savings solutions for all. That’s why we fully customize an approach that allows you to concentrate on your core strength: providing exceptional patient care.
We help hospitals achieve significant margin improvement through the industry’s best price benchmarking, contract analysis, data analytics, and the development of a thorough cost reduction strategy.
Introducing VIE Healthcare
We Deliver Spend Analytics
Spend Analytics combines deep line-item forensic analysis of historical spending with benchmarking, categorization, and contracting to optimize your purchased services spend fully.
What would a perfect purchased service cost-savings scenario be capable of?
It could:
- Analyze every line-item detail of your historical spend
- So you could understand every opportunity for cost savings
- So you could know precisely what you are spending and what you need to contract for.
- Deliver an experienced, thorough analysis of your existing contracts to identify areas of cost savings further.
- Perform this analysis quickly, so you can start achieving cost savings in days and weeks and not months and years. With those cost savings, you can reinvest into your hospital’s innovation budget, a near-necessity in the face of the continued battle with COVID-19.
Invoice ROI™ Patented Technology Has a Track Record of Delivering Proven Healthcare Solutions
Invoice ROI™ offers invoice reconciliation, contract optimization, business intelligence, and an analytics platform with real-time line item contract reconciliation and benchmarking performance provided every month for outsourced services. In addition, VIE’s digital innovation platform helps health care department leaders, CFOs, and decision-makers optimize purchased services performance.
Our process begins with line item reconciliation of the past 12 to 18 months of your purchased services invoices to reveal the hidden costs in pricing errors and off-contract spend that you are not aware of. From there, our experts identify trends in utilization that can increase your costs and provide preventative advice to save your organization money. By moving straight to benchmarking before carrying out a line item analysis, actual volumes of cost-saving opportunities are often overlooked and missed by CFOs and department leaders.
In some cases, up to 30% of hospital purchased spend is either off contract or has pricing errors. Only VIE Healthcare can provide your hospital with the invoice line item details.
The results achieved through Invoice ROI’s new approach to line-item analysis have saved hospitals millions of dollars on their purchased services spend. In addition, this digital innovation benefits your entire service line, from department leaders and hospital leaders to entry-level team members. With these total cost savings, you can reinvest into your health system’s central innovation budget, which can improve your overall quality of care.
Invoice ROI™ Stands For:
Reconciliation
On Contract / Off Contract
On Contract / Verify Pricing
Validate Rebates, Credits, Incentives
Optimizaton
Line Item Detail Trend Analysis
Variation Analysis
Excessive Fee Analysis
Standardization Opportunities
Inteligence
Market Competitive or Best In Class:
Line Item Pricing
Contract Structure
Rebates, Credits, Incentives
Risk-Share Structures
RECONCILIATION: Our technology allows for real-time Invoice reconciliation for outsourced purchased services. Your invoice accuracy is matched to the contract and performed before the payment of invoices for real-time corrective action. This can also highlight the root cause of any existing, recurring, or annual process inefficiencies that impact your health care costs or your innovation budget.
OPTIMIZATION: Our technology uses invoice line item details combined with other data inputs to identify trends, variations, quality, and utilization improvement opportunities for proactive monthly management of outsourced purchased services. This allows for significantly greater optimization of your purchased spend. With more substantial financial optimization, you can create long-term strategic plans, remedy inefficiencies, and focus your attention on healthcare innovation and patient satisfaction.
INTELLIGENCE: Our technology provides you with cost-saving opportunities identified by purchased services line items in real-time and monthly, providing you with the intelligence you need for predicting future spending. By tailoring custom reports, you can incorporate vital financial data within your strategic communications, identify health care costs, and set adequate departmental budgets. This empowers department managers and health system leaders and enables you to adhere to your target financial metrics more closely.
Much like it’s essential for patients to understand concepts like health insurance, Medicare, and health care litigation, health managers must understand effective budgeting. Of course, budgeting concerns within health management are nothing new. Every brand has its complicated departmental budgets, litigation budgets, and central innovation budget plans. However, it’s how those brands establish those budgets, set metrics, and look for purchased services cost-savings that can enable a healthcare provider to foster each personal connection within the patient experience and lead to a more robust quality of care.
Invoice ROI™ Hospital Cost Savings
Invoice ROI™ delivers guaranteed margin improvement and identifies cost-saving opportunities for your hospital or health care brand in real time.
Spend Management in Healthcare
Our Vision Is to Move Our Clients to a Life Cycle Management of Their Purchased Services Spend Driven by Invoice ROI™ and The Power of Line Item Analytics
0
%
On Contract
$
0
OFF Contract
$
0
Over Price
Eliminate overpayment of actual volumes of purchased services invoices in real time
Automatic Invoice reconciliation monthly
Utilization reports with data that is extracted automatically for you to improve your hospital’s performance by date range
Real-time purchased services intelligence and cost savings
Every month
We guarantee your hospital is overpaying for purchased services, and the details are buried in the invoice line item data that your team doesn’t have the capacity or technology to manage. As a result, we can provide you with guaranteed margin improvement.
Invoice ROI™ Technology Is Simple & Efficient
We make our technology do the work for you. No team member training or new software installation required.