Valley Health System selects Valify for end-to-end support to meet ambitious purchased services savings goals
Valley Health System looks to purchased services for untapped savings
Valley Health System is a fully accredited, acute-care, not-for-profit hospital serving more than 440,000 people in 32 towns in Bergen County and adjoining communities. Valley Health System is consistently awarded for its dedication to high-quality patient care and service.
Valley Health System will use Valify's data-driven opportunity identification technology to proactively identify potential savings areas. To realize savings and meet their ambitious goals, the health system will utilize Valify's end-to-end purchased services expense management solution to gain complete spend and vendor visibility, customized benchmarks, and the ability to track and monitor projects in one centralized location. The health system determined that having a clean and categorized data set that's readily accessible is crucial to strategically manage their spend and narrow their focus on the opportunities that will yield the most savings.
The health system chose Valify as their purchased services cost reduction tool over other traditional methods in order to ensure accuracy and speed throughout the cost reduction process, from spend categorization to opportunity identification to realized savings. The team will rely on monthly data refreshes with automatic alerts on any potential spend spikes, incorrect GLs used, and spend with vendors they have eliminated to help control rogue spending.
As a Valify client, Valley Health System will benefit from maximum visibility due to spend categorization across the health system's entire non-labor AP spend. Since 65-75% of purchased services spend is typically not tied to a purchase order, ERP data alone does not give a health system like Valley Health System visibility into the full potential impact of their purchased services savings opportunities. Valley Health System recognized that their ERP system was only showing them about a third of their purchased services spend and needed a solution like Valify to help them capture a complete data set. "We are excited about working with Valley Health System to meet their savings goals quickly and to provide them support and resources at every step of the sourcing and cost reduction process," said Chris Heckler, CEO and president of Valify.
Valify is the only healthcare cost management company exclusively dedicated to managing purchased services expense. Valify's web-based technology platform uses proprietary machine learning algorithms which allow healthcare organizations to quickly identify and manage savings opportunities in over 1,200 categories. Powered by the Valify database of over $350 billion in spend, Valify provides expert benchmarking analysis, market share insights, and prebuilt category-specific RFP templates. With a proven end-to-end cost management solution, Valify has helped thousands of hospitals proactively manage expenses, increase staff productivity, and realize significant savings.
The launch of the Valify Marketplace, healthcare's most comprehensive vendor catalog of products and services, in April 2019 allows significant strides toward further expediting the sourcing process for both healthcare providers and vendors.
Go to getvalify.com for more information.