“Categorization of purchased services spend in a dashboard is not a strategy. Hospitals are being told that category spend visualization is an effective way to find cost savings. However, this simply isn't true. Hospitals need to roll up their sleeves and gain visibility to the line-item details."
WALL TOWNSHIP, New Jersey (PRWEB) February 10, 2021
Lisa T. Miller, Founder and CEO of VIE Healthcare Consulting, has transformed healthcare organizations’ purchased services spend management through her forward-thinking approach and patented technology in purchased services. The USPTO office has approved 17 new claims for VIE Healthcare’s Invoice Analytics System. The system is the only solution of its kind to receive recognition from the patent office.
The Purchased Services Invoice Analytics System
The Invoice Analytics System is the only solution of its kind that provides healthcare organizations with the line-item details to their purchased services spend. All other approaches require manual effort and do not go to the line-item spend level. This proven, patented technology, now offered by VIE Healthcare Consulting, is called Invoice ROI. Invoice ROI offers invoice reconciliation, contract optimization, business intelligence, and an analytics platform with real-time line-item contract reconciliation and benchmarking performance provided monthly for outsourced services.
The Invoice ROI process begins with line-item reconciliation of the past 12 to 18 months of purchased services invoices to reveal the hidden costs in pricing errors and off-contract spend that may be undetected by the purchaser. The Invoice ROI technology allows for real-time invoice reconciliation for outsourced purchased services. Invoice accuracy is matched to the contract and performed before the payment of invoices for real-time corrective action.
“In some cases, up to 30% of healthcare organization purchased spending is either not detailed on the contract or does not match the contract pricing,” said Miller. “From there, VIE Healthcare Consulting experts identify trends in utilization that can increase costs and provide preventative advice to save money. By moving straight to benchmarking before carrying out a line-item analysis, significant cost-saving opportunities are often overlooked and missed.”
Using invoice line-item details, combined with other data inputs to identify trends, variations, quality, and utilization improvement opportunities allows for significantly greater optimization of purchased spend.
Invoice ROI technology provides healthcare organizations with cost-saving opportunities identified by purchased services line-items in real-time. This gives administrators the intelligence they need to predict future spending.
According to Miller, “Categorization of purchased services spend in a dashboard is not a strategy. Hospitals are being told that category spend visualization is an effective way to find cost savings. However, this simply isn't true. Hospitals need to roll up their sleeves and gain visibility to the line-item details. Dashboard’s can be useful in some situations, but shouldn't be used in every situation. Categorization via a dashboard can be used as a tool, but shouldn't be relied on as a strategy.”
She added, “It's important to understand where the market is. However, with benchmarking alone - you still miss cost savings opportunities I\if your hospital is not doing reconciliation and isn't reviewing 12-18 months' worth of historical invoices, you’re leaving money on the table.”
The Purchased Services Patent
The Invoice Analytics System’s patent is the only one issued for technologies that address automation and line-item precision in purchased services spend. The patented technology provides healthcare organizations with the ability to analyze their agreement terms with the invoice line-item details for payment accuracy. It also facilitates purchased services line-item benchmarking and algorithms, which identifies line-item opportunities to reduce costs.
US patent number 20190228394A1 contains 17 claims covering the processes and technology in VIE Healthcare Consulting's Invoice ROI system. Those claims include a method for analyzing purchased services transactional invoice data in real-time and performing invoice analytics. The patent includes the line item benchmarking, data storage for line item purchased services data, transforming the extracted and segmented line-item data into a feed report, and transforming the determined avenues for cost savings in business service transactions between the client and vendors. All computer programs that perform the analysis and produce reports are also included in the patent.
About VIE Healthcare Consulting
VIE Healthcare has dedicated over 21 years to partnering with healthcare organization clients to reduce and eliminate unnecessary costs. The company fields a team of cost savings experts, data scientists, technology specialists, healthcare business analysts, and healthcare executives. VIE Healthcare Consulting has been delivering real results to clients since 1999. Located in Wall Township, New Jersey, VIE Healthcare Consulting specializes in healthcare organization non-labor expense reduction and offers the industry's only Cost Savings Strategy that is a proven framework for mining every cost-saving opportunity.
VIE Healthcare Consulting will help healthcare organizations achieve the best pricing for products and services, identify and implement cost savings, uncover hidden costs, optimize utilization, improve efficiencies, provide professional negotiation services and perform meaningful data analytics. To date, they have saved clients $720 million.
VIE Healthcare has set new pricing benchmarks as they go beyond industry pricing "norms" and helps healthcare organizations improve operating margins by effectively and rapidly achieving cost savings. VIE Healthcare's margin improvement services apply to all healthcare organizations such as independent hospitals, health systems, physician practices, surgical centers, IDNs, healthcare payers, academic medical centers, and nursing homes.
About Lisa Miller
Lisa Miller is the nation's leading healthcare consultant. She is a trusted advisor to hospital leaders on margin improvement initiatives including cost reduction, revenue improvement, patient experience, and strategic growth opportunities. She's developed proprietary technology in healthcare data optimization and intelligence that delivers guaranteed financial improvement.
Miller is a recognized leader in healthcare costs, hospital purchased services, healthcare benchmarking, supply chain management, and performance improvement. Since founding VIE Healthcare in 1999, Miller and her team have generated millions of dollars in non-labor cost savings and revenue improvements for their healthcare clients. Lisa's approach is comprehensive and enterprise-wide.
One of her areas of expertise is conducting clinical cost analysis, linking the cost data to actual reimbursements, and pinpointing additional areas to reduce costs and improve surgical case profitability.
"As CEO and founder of VIE Healthcare, my focus is on delivering immediate, guaranteed margin improvement and sustainable cost savings to our clients to help them respond to those demands. Cost control and margin improvement are the urgent strategic priorities for all healthcare systems as the industry grapples with emerging digital technologies, combating spiraling costs and a renewed emphasis on high-quality patient care."
To learn more about Invoice ROI and the patented technology Invoice Analytics System, reach out to Lisa Miller for a purchased services discussion at viehealthcare.com/contact/