Global Healthcare Exchange, LLC (GHX) announced it is adding purchased services to its extensive supply chain management solutions portfolio through a partnership with Valify, LLC (Valify). Valify is the only healthcare-specific, web-based analytics and benchmarking solution for managing purchased services spend, identifying and tracking savings opportunities. Through the partnership, GHX will be able to help hospitals reduce costs related to the purchased services spend category.
Valify’s suite of solutions provides hospitals and health systems with visibility into all purchased services spending by quickly categorizing these vendors and empowering them to execute on identified savings opportunities across their enterprise. Purchased services is challenging for a hospital or health system to manage on its own because it spans financial services, facilities support services, IT and telecom, insurance, human resources, outsourced clinical services and more. At a time when virtually all other areas in the healthcare supply chain have been automated and benchmarked, Valify provides hospitals with the ability to drill into its purchased services spend, and compare its performance against Valify’s database of key performance indicators across over 1,000 categories.
“This is a huge opportunity for our customers to attack a significant cost category in healthcare,” said Bruce Johnson, CEO & President, GHX. “Today, purchased services account for more than 35 percent of the non-labor spend within healthcare, based on Valify’s customer data. Without visibility into and the tools to manage purchased services, there’s no opportunity to make improvements that reduce or eliminate cost for increased efficiency and effectiveness. Combining the Valify solution for purchased services in healthcare with the GHX NuVia® solution for medical-surgical products delivers a complete end-to-end supply chain solution suite – products and services.”
“We are excited to partner with GHX to share our complementary offerings for hospitals to save money and streamline workflows,” said Chris Heckler, CEO & President, Valify. “In purchased services alone, savings of up to 25 percent of total spend in a category can be identified and achieved through our analytics tool. Using the latest in supply chain analytics technology, we quickly provide hospitals the ability to make data-driven business decisions across more than 1,000 categories, which enables them to finally identify where they are getting market competitive rates or where there are real savings opportunities.”
About Valify
Valify, LLC is the only web-based analytics and benchmarking solution on the market today for managing purchased services in healthcare. Valify's patent-pending technology simplifies the analysis of purchased services spend by automating categorization of the data. Valify also has assembled the industry's largest categorized vendor database, provides benchmarking, performance tracking, and contract management, all within a single platform. Within just a few days of uploading the data, hospitals can easily identify opportunities, prioritize savings efforts, and better prepare for vendor negotiations. www.getvalify.com
About GHX
Global Healthcare Exchange, LLC (GHX) drives costs out of healthcare with cloud-based supply chain management technology and services in order to help enable better patient care and savings by maximizing automation, efficiency, and accuracy of business processes. GHX offers healthcare providers and suppliers an open and neutral electronic trading exchange that delivers procurement and accounts payable automation, contract and inventory management, vendor credentialing and management, business intelligence, and other supply chain-related tools and services. For more information, visit www.ghx.com and The Healthcare Hub.