A decade ago, Valify embarked on an innovative healthcare supply chain analytics project. With years of sourcing and procurement experience, we recognized the need for an analytics platform tailored specifically to the dollars health systems spend on outsourcing services to third parties. Today, as Valify celebrates its 10-year anniversary, we reflect on our journey and look forward to the exciting opportunities ahead.
Over the past decade, our company’s success has been fueled by our commitment to exclusively focus on creating solutions centered on purchased services. From our beginnings as a true SaaS start-up to becoming the market leader for end-to-end solutions for managing purchased services expenses, our journey has been marked by milestones shaping healthcare procurement.
Hospital business operations have undergone significant transformations over the past decade, with procurement practices evolving to meet the changing landscape demands for patient care. As sourcing and procurement strategies in other areas of the supply chain have matured (i.e., physician preference items, capital, pharmacy, and supplies), Valify has continuously adapted our solutions to address the evolving needs of our IDN, hospital, Collaborative, and GPO clients.
The COVID-19 pandemic brought unprecedented challenges for healthcare systems worldwide. During this critical time, Valify’s solutions played a pivotal role in helping organizations optimize their utilization of purchased services and navigate the complexities of right-sizing the services provided to their facilities with resilience and agility.
Our commitment to setting the standard for purchased services analytics is at the heart of our success. Centered on creating visibility using our proprietary and standardized category hierarchy, we have empowered our clients to make informed decisions by applying various benchmarks, illuminating contract compliance, and applying our tools and services to achieve tangible results in balancing cost and quality in the outsourced services provided to their facilities.
Pioneering Firsts
From the outset, Valify has been driven by a spirit of innovation and collaboration to offer scalability and sustainability in our solution. As the first organization to market with a dedicated solution for purchased services analytics, we have continuously introduced groundbreaking firsts that have redefined the industry and set standards for managing purchased services expenses. We pioneered the industry’s first and still most comprehensive category hierarchy for purchased services, providing clients with a critical framework to manage nearly half of their non-labor expense. Valify was also the first to categorize over $1 trillion of truly GPO-agnostic spend, empowering clients to gain unprecedented market share and comparison visibility across 1400 categories and hundreds of thousands of suppliers. In 2020, we also introduced the first-ever secondary GPO option exclusively dedicated to purchased services categories, offering the market greater flexibility and choice of sourcing options from hundreds of available contracts from our preferred supplier network.
Looking Forward:
As we celebrate our milestone, we are excited about the opportunities ahead. With advancements in artificial intelligence on our near horizon, we continue to be poised to lead the way in purchasing services solutions and to set new firsts that will shape the future of healthcare’s procurement of purchased services. Commemorating our 10th anniversary, we most certainly want to extend our heartfelt gratitude to our clients, partners, and colleagues who have been instrumental to our success. As we look to the future, we are committed to building on our legacy of innovation and driving positive change in the healthcare industry.
