Managing hospital purchased services spend — with its high error rates and limited accountability — can be tricky. But, as purchased services spend for hospitals grows, so does the importance of tracking it. That’s why you need Invoice ROI™.
The Invoice ROI™ dashboard allows you to view specific spend categories on your invoice to help you find extra fees previously hidden in the total invoice cost in your AP system, view trends in line item details, and identify irregular or off-trend spend as well as other data analysis.
Invoice ROI™ also reports on product usage over time, so that your team can find discrepancies in usage amounts, compare the usage of related products, and streamline the bundle of products purchased from a specific vendor.
Invoice ROI™ puts you in control of your purchased services spend. To see how it works, just upload an invoice using the tool below and we’ll reach out to provide a free demo.
Learn more more about VIE’s unique ROI™ process:
- Reconciliation: Before considering benchmarking, optimization, or variation, VIE’s team takes a deep dive into 12-18 months of invoice data against contracts to determine whether the hospital has received everything the agreements promised at the agreed-upon pricing. VIE Healthcare has found that in some cases, up to 30% of spend is either not detailed on the contract or does not match the pricing on the contract. Understanding your spend history is crucial for moving forward into negotiation, optimization, or benchmarking.
- Optimization: Until the launch of VIE Healthcare’s new technology, Invoice ROI™, VIE’s analysts entered all invoice line item data into spreadsheets manually. Examining 12-18 months of invoice line item data is the most accurate method for discovering trends and specific problem areas in real time.
- Intelligence: VIE specializes in providing appropriate, attainable benchmarks. Thanks to VIE’s meticulous reconciliation of invoices against agreements, our clients are not only able to negotiate new pricing, but to negotiate with credits in mind.
To hear more about how Invoice ROI™ can transform your hospital’s purchased services management, call Lisa Miller at 1-888-484-3332 Ext 501 or email at email@example.com.