Identify Cost Savings Opportunities in Their Purchased Services Spend
In this video, I discuss why we fully automate purchased services spend analysis at VIE Healthcare.
Our patent is called Invoice Analytics System.
It solves a lot of cost management problems for the healthcare industry.
Here’s how we had the idea for this patent.
We were working with a client to identify cost savings opportunities in their purchased services spend.
As part of that process, we analyze invoices retrospectively over 12 months.
The only way to get accurate utilization data is on the purchased services invoices.
At the time, our team manually typed in the invoice details.
As we kept finding errors, our client asked us to manage their more complex purchased services spend.
I said ‘’Absolutely!’’
This spend amounted to hundreds or thousands of invoices every month.
I realized I would need to hire a couple more people and be clear about what the process would look like.
I thought, ‘’What if we could automate this process?’’
I explored the possibility of automating the analysis and management of purchased serviced spend.
During this process, I looked at how to create different tools and worked with a patent attorney.
We’ve had this patent for nearly two years now.
Our patent identifies hidden cost-saving opportunities in hospital purchased services spend.
We are able to access that information with full automation and extract invoice line item details.
It reduces the manual time spent by department leaders analyzing invoices each month.
Other common problems faced by health systems include:
- Billing mistakes, which are missed.
- Hospitals are overspending by hundreds of thousands of dollars, if not more.
- Off contract spend.
This technology, and our patent, allows hospitals to do two things:
- Identify cost savings opportunities in purchased services spend.
- Most importantly, it helps them to manage and pro-actively protect their money before any overspending happens.
If you’d like to learn more about our patent or technology, reach out to me today.