Solutions for Hospital Contract Management With VIE.
- Validating vendor proposals to identify cost savings.
- Automating line item analysis with Invoice ROI™.
- Reviewing your GPO strategy.
Hospital Contracts: Validating Vendor Proposals
- Hospitals are not charged excessive prices for services.
- Inconsistent pricing and off-contract pricing are eliminated.
Identifying Cost Savings in Hospital Agreements With Invoice ROI™
One of the foundations of our approach at VIE Healthcare® is the integration of our automated healthcare contract management system, Invoice ROI™.
Purchased services spend has a high error rate due to manual processing of invoices.
Invoice ROI™ technology unlocks the line item details of your invoices in your hospital agreements.
We obtain a 12 month invoice sample to compare to the vendor proposal, address inconsistencies and ensure contract compliance moving forward.
Invoice ROI™ Case Study
In one contract review, we used our patented automated healthcare contract management technology to analyze payments for infusion pump services for one health system.
After analyzing over 128,000 line items, VIE Healthcare® identified over $500,000 of off-contract payments.
Our exclusive Invoice ROI™ technology, unlocks the cost savings hiding in your line item details and maps them against hospital contracts.
Maximize cost savings in your hospital contracts with our 5 step strategy
Our industry leading strategic approach empowers health systems and hospitals to save hundreds of thousands of dollars in your hospital agreements:
- Step 1: Carry out a detailed contract review.
- Step 2: Compare contracts to invoices. Usually, hospitals don’t have visibility of this crucial component of cost savings. Invoice ROI™ identifies incorrect pricing and off-contract items.
- Step 3: Analyze optimization and utilization to understand the trends in the last 12 months and the last 1-3 months to identify pricing changes.
- Step 4: Engage with frontline users to ensure nothing is overlooked in the first three steps. In one instance, a hospital was hiring people to clean the OR which was the responsibility of the vendor according to the contract terms. VIE Healthcare® was able to obtain credit for the hospital.
- Step 5: Effective benchmarking is only possible with accurate data gathered in the first four step.
Implement a contract management system to monitor contract performance of your hospital agreements and optimize cost savings.
GPO Hospital Contracts
Another critical element of your hospital services agreements is your GPO strategy.
Negotiating cost-effective supply agreements has historically been a challenge for many healthcare organizations. Most are not robust enough to purchase sufficient volumes to secure discounts from vendors in isolation.
GPOs in healthcare (2) use their leverage to negotiate discounts with manufacturers and other vendors to help health systems more effectively manage their hospital contracts.
Hospitals maintain the right to make purchases outside of GPO contracts.
Some hospital contracts are managed without partnering with a GPO.
Some hospitals have an over-reliance on GPOs for their spend strategy, a strategy which can cost your organization money.
Creating your own GPO strategy for your hospital contracts
At VIE Healthcare®, we recommend all hospitals implement their own independent GPO strategy.
A GPO must provide line item savings for your organization, that is fundamental for your hospital contracts.
How can your hospital ensure they are achieving those cost savings through its GPO?
Questions for your GPO hospital contracts
- Are all available subscription services being utilized?
- Are your employees aware of these services?
- Are all GPO services needed?
- Is your hospital paying the right price for these GPO hospital contract services?
- Are its bundled services and products cost effective?
- Can your hospital source these services directly from the marketplace?
- Can your hospital hire a team to negotiate prices, analyze data and review contracts?
A comprehensive GPO strategy is critical to successful management of your hospital contracts and purchased services spend.
Negotiating with GPOs in isolation is difficult as prices rise.
For hospitals considering working with GPOs, collaborating with a healthcare consulting provider can help to:
- Identify the cost savings available in your GPO services.
- Provide resources and guidance on negotiating concessions before entering into an agreement.
Contact VIE to start a review of your GPO strategy.
Partner with VIE Healthcare® and dramatically reduce costs with our hospital contract management solutions, including:
- Validation of your vendor proposals and hospital contracts to optimize cost savings.
- Unlock the cost savings in the line item details of your invoices.
- Eliminate reliance on manual processes with automated healthcare contract management.
- Accurately map contract spend to invoices.
- Implement a contract management system to monitor vendor performance.
- Create a GPO strategy to streamline hospital contracts.
Maximize Contract Performance, Eliminate Errors and Save $$$ With Hospital Contracts Expertise From VIE Healthcare®.
Get started with our Healthcare Contract Management experts today. Call VIE at 1-888-484-3332