GHX today announced GHX CompassSM, a new online tool to help North American hospitals and healthcare suppliers gain greater visibility into key performance indicators (KPIs) for greater supply chain automation, savings and efficiencies.
At a time when the healthcare industry is facing tremendous pressure to lower costs while improving patient care, GHX Compass provides the more than 18,000 provider sites and 10,000 suppliers in the GHX Global Network of supply chain, finance and clinical professionals with on-demand access to key metrics such as volumes, contract match percentage, and exception rates for providers;and volumes, exceptions, and order conversion rates for suppliers. Visibility into these metrics enable organizations to set supply chain goals, track organizational progress, and benchmark performance against 'best in class' peer organizations.
GHX Compass provides GHX customers, who today make up the largest community of healthcare trading partners, access to similar dashboard metrics as those used to track the successful GHX "5 in 5" savings program, a mark the company recently announced it reached four months ahead of schedule. But with the GHX Compass dashboard, customers can track individual results with year-over-year and period-over-period trending via interactive charts and graphs. GHX Compass helps customers stay on track and exceed their performance objectives through default goals applied annually or to a customer's fiscal year period, challenging customers to continuous improvement.
"We gave our customers a 'first look' at GHX Compass at the GHX Healthcare Supply Chain Summit in May and the response was overwhelmingly positive," said Bruce Johnson, president and CEO, at GHX. "This level of dashboard visibility into the performance of an organization's supply chain effectiveness coupled with the ability to benchmark against the GHX Top 50 organizations gives GHX customer the ability to be more strategic in their decision making and assess how changes to their supply chain can improve results."
GHX rigorously evaluated the dashboard metrics and modeled results showing that the more organizations automate business processes, the greater the savings that can be achieved. GHX Compass includes a view that shows potential savings from other GHX solutions for contract, price and item master management, as well as order cleaning and channel consolidation. Visibility into your organization's operational and financial performance in areas such as purchase order and invoice growth, contract match, and exceptions is also included along with aggregated KPIs and contributor data on a monthly, quarterly, and yearly basis. Savings data is modeled at the highest level of the organization and then one level below to represent divisions.
GHX Compass is multi-browser compliant, certified on IE 8-11, Safari, Chrome and Firefox with a responsive design to be viewed on tablets and smart phones and is available now for pilot customers, with general availability October 1, 2014.
Global Healthcare Exchange, LLC (GHX) is driving costs out of healthcare by transforming the healthcare supply chain. Working with providers and suppliers, GHX is accelerating change by providing a faster, more efficient and collaborative supply chain taking billions of dollars out of the cost of healthcare. For more information, visit www.ghx.com and The Healthcare Hub.