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August 29, 2022
Insight into spend visibility is essential for decision-making within finance and supply chain in health systems. Clear spend visibility provides information for leaders to make supply decisions, evaluate their procure to pay processes and gain insight into usage and product waste. The benefits of spend visibility are endless, but health systems and hospitals struggling to gain true visibility. Learn why your health system leaders need spend visibility now with part one of this series. Read now. Why Health Systems Struggle to Gain True Spend Visibility Disparate Data. Health systems create and hold a large volume of data from various sources […]
July 26, 2022
How much can finance and supply chain leaders gain from spend visibility benefits? The answer is almost endless, but it comes down to better decision-making. When data, especially dark data, takes on the form of graphs and diagrams, leaders obtain insights rather than simply numbers filled in columns and rows. Suddenly it turns into potential fraudulent vendors, quality-controlled vendors, and an equitable, diverse vendor mix. With this information, leaders can make decisions to increase buying power, reduce reliance on any single supplier, and improve the organization’s patient outcomes. What is Spend Visibility? Comprehensive data analysis of spend data tells the […]
June 28, 2022
Health systems lose millions each year due to process inefficiencies and errors throughout the procure to pay (P2P) process. Most of these lost funds are preventable, but teams are content, in a state of denial, or misunderstand the process. To bring awareness and begin to prevent leaking dollars, begin by creating a procure to pay process map. What is Process Mapping? Process mapping, or process flow mapping, is the visual representation of how tasks are actually completed in a workflow. A process map brings visibility to who is involved in a process and sheds light on areas that need improvement. […]
May 17, 2022
Thousands of suppliers are actively utilized in every health system often managed by a limited amount of staff. That’s why organizations must create a centralized contract repository in order to properly manage their contracts and set their Supply Chain up for automation and success. What is a contract repository? A contract repository is simply a central location housing all vendor contracts a health system uses. As a core component of a successful contract management system, the repository must collect and consolidate ALL contracts including local and GPO contracts. The system containing the repository must be able to store the data […]
April 27, 2022
To keep up with the changing world and future world events such as the COVID-19 pandemic, health systems must adopt leading supply chain automation. Automation can ease workflows, bring insight into current operations, create resiliency, and future-proof healthcare’s supply chain. Automate Supply Chain Data Infrastructure Data is dispersed between several different supply chain systems including the EHR, ERP, inventory management, etc. To begin to gain insight into data from all of these systems, it must first be consolidated in one place, thus providing a single source of truth (SSOT) by use of automation. Creating the proper infrastructure with an SSOT […]
March 17, 2022
The Challenges of Pharmaceutical Procurement Managing the pharmaceutical procurement process for a large health system is a complex and grueling process. Why? Because it is commonplace for these organizations to purchase from multiple manufacturers and distributors – resulting in excess of 100 accounts. With so many pharmaceutical accounts to manage, it becomes difficult to know whether health systems continue to get the correct or best price. For example, during the course of a year, a health system paid nine different prices for Astra Zeneca’s drug Symbicort ranging anywhere from $0.05 to $232. Most health systems are not equipped with the […]
January 20, 2022
The past two years in healthcare is something for the history books, and the year to come will be no less of a challenge. Supply Chain and Accounts Payable have been – and will continue to be – pressured to deliver fiscally responsible creative sourcing strategies to efficiently [and correctly] pay the bills. All this while staff has been cut, supply shortages linger, price spikes continue, and invoice processing is falling behind. Simply put, more is being expected from less. I have no doubt these challenges will continue into the foreseeable future. The fact of the matter is that we […]
