Support financial goals with increased contract price alignment
The benefit of contract pricing is often lost through misalignment but to realize the value of contracted prices, exceptions need to be reduced and consistent contract price alignment achieved. Overcoming the complexity of contracting and low contract match rates in the healthcare industry means that extra effort is needed to support your financial goals.
Price Sync Managed Service works exclusively to impact contract compliance by targeting the source where exceptions and misalignment originate. Using a web-based workflow technology, GHX facilitates contract alignment with your vendors for industry leading exception rates — targeted at below 2.5 percent. All contracts are loaded electronically and matched with the hospital item master and price validated for electronic orders. GHX communicates directly with your suppliers on discrepancy resolution — freeing time for your team to focus on other value-added activities — and improving your order-to-invoice match rate that can yield savings up to 3 percent of your total spend.
• Provides direction and support for contract data collection
• Uploads local contracts at your GPO and in CCXpert
• Identifies and updates contract prices and aligns to your item master
• Manages and defines workflow processes for coordination of contract price exceptions and communication with trading partners for resolution
• Generates contract match analysis reports and key performance measurements and metrics
Let GHX focus on contract price alignment and resolve discrepancies with suppliers on your behalf for savings on total spend while your team stays focused on other value-added activities.