Le Lézard
Classified in: Health, Business

Medpricer Addresses the State of Healthcare Spend and Importance of Purchased Services Cost Management


GUILFORD, Conn., Sept. 21, 2018 /PRNewswire-PRWeb/ -- Healthcare organizations are facing growing operating expenses; however, provider margins continue to shrink despite exceeding their revenue goals. Medpricer, the leading purchased services cost management solution for the healthcare industry, understands the industry is ripe for change and is striving to revolutionize healthcare purchased services acquisitions, helping customers achieve sourcing independence, personalized outcomes and improved financial health.

CFOs surveyed by Healthcare Financial Management Association (HFMA) and Navigant identified their top three areas of focus for cost management initiatives: labor costs, purchased services and the supply chain expenses. For many organizations, solutions come in the form of productivity improvements and workflow redesign.

When analyzing the biggest areas of category spend within the supply chain, Medpricer has found that purchased services account for a significant portion, although they are widely unmanaged. Purchased services spend equates to approximately the same cost of supplies and capital equipment combined. To help healthcare providers get a handle on their purchased services contracts, Medpricer has identified the three benefits of implementing a technology platform to drive strategies forward:

Automate Categorization for Smarter, Faster Analysis
By using an analytics and e-sourcing software, like Medpricer's mSource® platform, machine learning technology removes the manual effort of classifying spend by category. By understanding trends and consolidation opportunities, categorization enables providers to tailor contract prices and service level terms to fit their unique needs. With spend transparency that spans beyond the limited visibility of ERP systems, CFOs and supply chain leaders alike can help their organization reduce purchased services costs and improve the quality of their service-level agreements.

Unite Financial Departments and Supply Chain Teams
By streamlining a smart cost management platform across the organization, CFOs can align their savings targets with the purchasing organization. By understanding clinical needs and analyzing contract value, leadership can use technological forums to unite stakeholders with processes to move contracts through the evaluation and negotiation pipeline more quickly.

Transform Provider-Supplier Relationships
Thanks to workflow automation, the RFP and negotiation platforms facilitate supplier interactions and nurture relationships. Purchasers can optimize their sourcing efforts via a supplier management interface that standardizes and records every aspect of the contracting process. For hospitals with thousands of local contracts with varying service-level terms, finding consolidation opportunities can help you get more value in partnership with service providers.

"Mergers and acquisitions are taking the provider space by storm. Regional hospitals are forming steadfast systems to gain a competitive edge in the market," Medpricer CEO Chris Gormley explains. "However, where revenue streams double, so do costs. Merging organizations need to balance to their books - and consolidating purchased services spend is a great place to start."

By leveraging sourcing strategies within purchased services categories, healthcare providers are alleviating some of the financial pressures they face. The only way to determine if a provider is overspending on their service contracts is to pinpoint category spend trends with accuracy. With leadership's support and cross-functional engagement, significant savings on services can be redistributed to cover labor costs. By making smarter, money-saving decisions, healthcare leaders can continuously improve their quality of patient care.

For more information, please visit http://www.medpricer.com.

About Medpricer
For more than a decade, Medpricer has helped move savings strategies forward with scalable purchased services solutions that improve sourcing efficiency and financial health. Their industry-leading software, mSource®, is the only all-in-one contract management, negotiation, and analytics platform that enables organizations to tailor contract terms to fit their unique needs ? not those of a group. Engage with your purchasing data, learn from market intelligence, unite your stakeholders, and move contracts through the pipeline ? faster. No catches, no hidden admin fees. Discover substantial savings and deliver outcomes that continuously improve the quality of patient care. To learn how other leading healthcare providers are transforming their savings strategy, call (888) 453-4554 or visit http://www.Medpricer.com.

 

SOURCE Medpricer


These press releases may also interest you

at 00:25
Shanghai Junshi Biosciences Co., Ltd ("Junshi Biosciences," HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial...

28 mar 2024
The report titled "Central Lab Market by Service Type (Anatomic Pathology/Histology, Biomarker Services, Genetic Services), Phase (Phase 1, Phase 2, Phase 3), Therapeutic Area, End-use - Global Forecast 2024-2030" is now available on...

28 mar 2024
The report titled "Personalized Nutrition Market by Measurement Type (Active Measurement, Standard Measurement), Application (Indication-based, Standard Supplements), Distribution Channel, End-Use - Global Forecast 2024-2030" is now available on...

28 mar 2024
The report titled "Carbon Dioxide Incubator Market by Product (Air Jacketed CO2 Incubators, Direct Heat CO2 Incubators, Water Jacketed CO2 Incubators), Capacity (100-200 Litre, Above 200 Litre, Below 100 Litre), Application, End User - Global...

28 mar 2024
The "Global Clinical In Vitro Diagnostic Medical Laboratory Services Market: Strategy & Trends with Volume & Price Forecasts by Chemistry, Hematology, Microbiology, Pathology, Covid-19, and Molecular Dx by Country. Updated with Impact of COVID-19"...

28 mar 2024
The "Molecular Diagnostics at the Point of Care. By Application, Technology, Place, Product and by Country. With Executive Guides and Customization 2023 - 2027 " report has been added to  ResearchAndMarkets.com's offering. Infectious disease Dx is...



News published on and distributed by: