CIOReview Valify 50 Most Promising Healthcare Solution Providers 2019

Valify Recognized by CIO Review as one of the 50 Most Promising Healthcare Solution Providers – 2019″”

Posted on | by Valify Team
 
 
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As originally published in CIO Review: 50 Most Promising Healthcare Solution Providers – 2019.
  

Valify: Bringing a Unique Value Proposition to Healthcare Purchased Services

Despite best efforts towards reducing the overall cost of operations, healthcare companies often miss out on regulating one of their most expensive cost-drivers. Generally sidelined and overlooked, purchased services contribute to about 45 percent of a hospital’s non-labor budget. It is the vastness and uncertainty of outsourced services that bring complexities, making it difficult for hospitals to identify an appropriate service contract benchmark and derive savings. When hospitals outsource services, they can unwittingly fall prey to unnecessary costs which include duplicated services, hidden contract fees, and automatic price escalations. 

Valify, a company specializing in purchased services analytics uses a web-based solution that identifies, benchmarks, and monitors savings on purchased services categories. “We are the only company 100 percent dedicated to purchased services,” says Chris Heckler, CEO and founder of Valify. 

In order to mitigate the uncertainty in the broad description of indirect spend, Valify has classified the domain that has approximately 1,200 specialties into seven primary categories, namely, financial and administration, facility support, HR, insurance, clinical, ancillary, and IT-telecom. By working with the customer’s finance or IT division, Valify accesses the data and links the information to its solutions. The company then processes the data through proprietary algorithms and classifies them in less than 10 days. The firm also provides dedicated analyst support for the client to maximize the use of this information for savings opportunities. 

With spend visibility and category-specific benchmarking solutions, Valify compares the pricing of different vendors against each other to help the client choose an appropriate vendor. In addition to that, their software also comes with features such as benchmarking clients against their peers, request for proposal (RFP) technology, and project tracking tools, to name a few. As the client may not be aware of vendors providing similar services in a particular geographical area, Valify introduces vendor market share information, a feature that enables the client to increase competition by including more vendors in an RFP.

 

Heckler recounts the story of a client who was looking for snow removal services and saved a significant amount of money after utilizing Valify’s technology. Valify identified five vendors providing similar services in the client’s geographic area and ran a complete RFP process. He adds that the client was surprised to know that they saved nearly 25 percent on snow removal, a category that is often neglected. 

 

From an IT standpoint, a major issue is the utilization of duplicate vendors for areas like IT implementation and IT resellers. Valify quickly categorizes all of these vendors to easily identify standardization opportunities, which typically generates significant savings. 

Recently, Valify acquired Lucro—a digital platform for healthcare buyers that allows them to find and select the best vendors—integrating Lucro’s technology with Valify is underway. According to Heckler, the technology competency of Valify and Lucro combined will help clients realize savings faster without adding people to the process.