Spend analytics is an untapped area that can help hospitals to reduce costs.
Health systems are recognizing the need to develop an internal core competency in spend analytics.
Here are three reasons why:
- Spend analytics reduces reliance on external providers and GPOs.
- By having an individual focused on spend analytics, hospitals can identify and mine cost savings opportunities in real-time.
- Like stock market investors, hospitals can monitor multiple dashboards detailing high spend items. This includes high cost implants or high cost service items on a monthly basis.
High-cost variations are captured in real-time. This enables adjustments to be made immediately and relevant departments notified.
Real-time data also helps your hospital to uncover invoicing errors.
Overspend and inaccurate charges on your invoices are identified immediately.
Trends are identified on a monthly basis. This is as opposed to relying on outdated historical data.
At VIE Healthcare®, we recommend Microsoft Power BI. This is a cross between Excel and Access.
Microsoft Power BI is a well-constructed system with a visual platform, easy to use and HIPAA compliant.
Proper spend analytics is the key to maximizing cost savings for your hospital.
Our team of experts provide detailed spend mapping for health systems to:
- Classify their spend and identify improvement metrics.
- Develop spend-reduction plans and risk-reducing purchasing policies.
- Review process and GAP analysis.
- Review spending policies and pricing agreements.
- Access spend analysis results online.
Without spend analytics, the management of your hospital’s finances is likely to be based on outdated information. This means you are overlooking significant cost savings.
It means understanding small data, transforming your supply chain, and an end to data silos.
As we say at VIE Healthcare®, ‘’What can be measured can be improved.’’
I’d love to have a conversation with you about getting started with spend analytics.
Reach out at [email protected] to discuss your cost savings goals and how we can support and accelerate cost savings opportunities in your organization.