We Deliver Healthcare Spend Analytics™
The Definition of Healthcare Spend Analytics™ is a 7-Part Process:
- A forensic line-item historical analysis of the last 12-months of spend from a specific vendor or category of spend.
- A detailed contract dissection and connecting every dollar of spend to an agreement.
- Categorization of all non-labor expenses.
- Benchmarking based on line item details. No ratios benchmarking or benchmarking by bed size or annual revenue. Accurate benchmarking requires the line item details.
- Developing a complete cost savings opportunity analysis that includes a contract compliance audit, off-contract spend, optimization analysis and benchmarking that exceeds industry norms.
- Creating a well-crafted pricing strategy that will be successfully negotiated.
- Put a disciplined process in place to manage each contract’s performance with line item spend focus.
Healthcare Spend Analytics™ Combines Deep Line-item Forensic Analysis of Historical Spending With Benchmarking, Categorization, and Contracting to Fully Optimize Your Procurement Spend.
Healthcare Spend Analytics™ is a thorough process of assembling and analyzing procurement data. Spend analysis uncovers pricing variations and trends in supplies and services through a systematic review of procurement data. Healthcare organizations utilize spend analytics as a way to manage costs, reduce costs, consolidating vendors, presenting spend data to physicians, support value analysis teams and drive efficiencies in the management of inventory.
Use Healthcare Spend Analytics™ to assess the efficiency of your procurement programs, to look for waste in your spending, measure the profitability of suppliers, and make adjustments in your purchasing practices based on data analysis. Healthcare Spend Analytics™ helps you optimize the dollars spent on supplies and services, while also being more efficient.
Purchasing Performance is More Important Than Ever. Categorization Dashboards, RFP Tools, Software and GPOs are not Enough.
Hospitals Need a Healthcare Spend Analytics™ Approach
Healthcare Spend Analytics™ is the combination of an automated process that analyzes and aggregates the detailed purchase information into easy to read graphical representations. The results of this analysis can be used to identify trends, approaches and even possible waste in a practice.
Healthcare Spend Analytics™ is the primary foundation to building a center of excellence in the hospital supply chain. The results produced can be tracked and analyzed by many different ways: by fiscal year, month over month analysis, by physician, by hospital within a health system, vendor, line item, etc.
Healthcare Spend Analytics™ has the potential to uncover many more insights and opportunities. It shows you trends by departments within an organizational budget. It is a great way to create a budget and to manage to a budget – Healthcare Spend Analytics™ provides the process and information to really understand your spend with line item granularity.
- VIE Healthcare has proven, deep, specialized expertise in complexities of purchased service and physician preference agreements, giving hospitals unrivaled insight into areas of potential cost savings.
- Purchased services and physician preference agreements can be extremely complex. VIE Healthcare has specialized in analyzing spend related to purchased services for 22 years, and our highly experienced analysts know exactly 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 cost savings.
- VIE Healthcare’s patented technology gives you the most complete picture of your purchased services and physician preference item spend so you can optimize cost savings.
- VIE Healthcare has developed a patented technology that rapidly extracts and analyzes the complete line-item details of every invoice from the past 12 months, giving you unparalleled insight into your exact historical spend.
- Our technology allows us to go far beyond simple benchmarking or spot-checking. We an determine where there have been over-charges, exactly what and how much of your spend is out of contract, and detailed areas where the costs can be improved beyond just at a macro-services level.
- This complete detailed spend analysis would take weeks or months to do manually, but our software allows us to it in days, at a very high level of accuracy.
- VIE Healthcare delivers cost savings in weeks, not months or years
- VIE has a proven process that rapidly analyzes large spend data sets for 4 types of cost savings opportunities.
- We support hospitals to analyze their 12 month historical spend data very quickly so that we can rapidly determine where the exact cost savings are.
- In many cases, we identify historical errors and over-charges that we can get refunded from vendors.
- Work behind the scenes and provide your team with spend data analytics so you can utilize the precise analytics to negotiate new agreements and for your cost savings initiatives.
- Work with you and your team on spend analytics projects. We will work with your data and present cost savings opportunities that can be immediately achieved. We will provide the cost savings funnel and roadmap for your cost savings goals.
- Provide outsourced spend analytics professionals.
- Provide spend analytics training for your team.