Management of
Purchased Services Contracts is the largest
cost savings opportunity
for hospitals today.
In order to reduce your hospital’s purchased services spend, you must adopt new and innovative practices for cost reduction, which include:
Reconciliation of
your line item
service invoices.
cost reduction opportunities through price and cost benchmarking.
Data driven analytics and spend
analysis from your invoice details.
It doesn’t matter what system or process you use, if you don’t have automated visibility and access to your purchased services invoice line item details – you are missing cost savings and overspending.
Your hospital and health systems are overpaying, at minimum, tens of thousands of dollars due to invoice inaccuracy.
Since services are utilized then invoiced—your hospital depends on the purchased services vendor to invoice accurately. Yet, we see that greater than 30% of all purchased services invoices are priced incorrectly from the agreed upon contract terms, are not on contract, or have excessive extra fees added.
This requires someone from your hospital to manually review pages of invoices and hundreds of line items for accuracy and also utilization improvement opportunities. Many of the purchased services invoices do not get thoroughly reviewed with errors and hospitals are overpaying each month.
VIE Healthcare’s Patented Purchased Services Invoice ROI™ Technology is fully automated and reconciles thousands of line item details instantly, saving hospitals unnecessary and significant costs in their purchased services spend caused by:
Excessive fee charges
Billing errors
Manual processes
Off-contract spend
Not only will you find and save money, your manual process will be eliminated so your team can work on strategic initiatives.
With Invoice ROI™:
You can have a customized database that is based on vendor agreements.
Our technology makes sure line items match contract pricing and identifies overcharged items.
Within minutes, monthly invoices are reconciled.
We can help reduce your purchased service spend:
1. Automate line item reconciliation of your invoice transactional details to your contract using Invoice ROI™.
2. Identify cost reduction opportunities through price and total cost benchmarking.
3. Conduct extensive contract reviews to fully understand financial and operational costs.
4. Provide you with data driven analytics & historical spend analysis from the invoice details.
5. Assess the performance of services provided to ensure value promised and paid for is being delivered.
In the below video, we show you how Invoice ROI™ was able to help one client who was overcharged 29% and was able to save over $10,000 from just one invoice from one vendor in one month.
What is Invoice ROI™
The Power Of Invoice ROI™
Step 1
Schedule a Call
On your initial consultation call, we will want to learn about your goals and how VIE Healthcare® can support you and your team.
Step 2
We Analyze Your Data
The team at VIE Healthcare® will create a customized solution specifically focused on your hospital's needs and the outcomes you want to achieve.
Step 3
You Achieve Rapid Results
VIE Healthcare® will dedicate expertise and resources that support you and your team to become a high performing hospital.
Start our 3 Step Process
Schedule your call today
Schedule your call today.
