In addition to sponsoring the 2019 Spring Health Connect Partners Hospital Supply Chain Conference, Valify was chosen to co-present an educational session along with HealthTrust inSight Advisory and Ardent Health System. Raelyn Wilson, Valify’s Director of Client Success, along with Tom Birmingham, Ardent Health Services Director of Purchased Services and Capital Equipment, and Andy Motz, SVP HealthTrust inSight Advisory, will present at HCP on Tuesday, April 30 at 11:00 am.
In the session, “A Collaborative Approach to Reducing Purchased Service Expense,” the speakers will discuss the process of reducing purchased services spend, the importance of technology throughout, and at what points to engage collaboration partners. The speakers will break down the spend reduction process into four steps:
- Gaining full spend visibility
- Identifying opportunities
- Partnering with subject matter experts
- Monitoring sustained savings
Gaining full spend visibility
For most health systems, gaining full spend visibility is a straightforward concept, but getting there can be complicated. Ultimately health systems need a comprehensive overview of non-labor spend. Understanding that there are likely multiple data sources for your organization and ensuring you’ve captured them all is key. The presenters will share lessons learned, best practices, and key resources to simplify efforts and gain a comprehensive view of their services spend.
Identifying opportunities
A health system will only be able to identify opportunities once they have a comprehensive overview of their non-labor spend so that they understand their spend landscape. From there, the organization can look for common types of business efforts to reduce costs such as: RFP, conversion, auditing, and process improvement opportunities. Additionally, understanding how to spot a false opportunity is equality important.
Partnering with subject matter experts
The benefits of collaborating with a subject matter expert are extensive. Experts can help health systems increase savings and improve operational efficiencies beyond what they could do on their own. These experts provide additional research and market intelligence. Through their extensive network of expert colleagues, client portfolio, and experience in various industry verticals, they know what questions to ask and they know the information needed.
Monitoring for Sustained Savings
Once opportunities have been identified and cost reduction projects have been initiated, the practice of monitoring is essential to maintain the momentum and the success of an initiative. The speakers will discuss the benefits of automating this process and what to look for in the data that should alert you to take action.
To learn more, join our education session at HCP!
“A Collaborative Approach to Reducing Purchased Services Expense”
Tuesday, April 30th, 2019 11:00am-12:00pm
Valify, the only healthcare cost management company exclusively dedicated to managing purchased services expense, is a proud sponsor of the 2019 Spring HCP Conference taking place April 29-May 1. Health Connect Partners’ (HCP) primary goal is to connect providers and suppliers through educational meetings and conferences. Their mission is to provide the best in healthcare education and networking so providers learn real solutions and suppliers understand their real needs.
