For their work in improving operational performance and driving down costs through supply chain automation, 50 healthcare provider organizations will receive 2013 GHX “Best 50” Customer Awards. The recipients will be honored at the 2014 GHX Healthcare Supply Chain Summit, which takes place May 5-7, 2014, in Philadelphia.
To select the Best 50, GHX looked at the performance of more than 4,000 hospitals in the U.S. and Canada currently connected to the GHX electronic trading exchange. GHX identified the 50 healthcare organizations that scored highest in areas such as purchasing and invoice volume, exception rates, exchange utilization and trading partner connections during the 2013 calendar year.
Among the top organizations on the Best 50 are:
Each of the top organizations saved an average of $2.4M in 2013 by working with GHX to automate purchase orders and invoices, take control of contract spend and increase their electronic trading partner connections, more than doubling last year’s average savings of $1M. The GHX analysis revealed that savings for those at the top of the list, with largely automated procure-to-pay processes, was nearly 2,000 percent higher than savings in organizations with primarily manual processes. The savings analysis was conducted using the GHX 5-in-5 model, which was validated by global management consulting firm PRTM.*
"These findings clearly demonstrate how supply chain automation delivers not only greater operational efficiency but also vastly increased savings for healthcare organizations," said GHX chief commercial officer Derek Smith. "While any hospital that shifts some of its activities from manual to electronic will derive benefit, it is those that take a holistic approach, automating the entire procure-to-pay process, that derive the greatest benefits, with significantly higher dollar savings. The fact that those in the top ranking have more than doubled their average savings since last year also shows how these benefits can grow exponentially over time."
The 2013 GHX Best 50 Customers are as follows (in alphabetical order):
*Since January 2010, GHX has been tracking savings achieved by its customers as part of its “5-in-5”strategic goal of cutting $5 billion in healthcare costs over five years. The model GHX is utilizing to track its "5 in 5" goal was validated by PRTM, the global management consulting firm that developed the Supply-Chain Operations Reference-model (SCORÒ) process reference model.
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 that will take billions of dollars out of the cost of healthcare. For more information, visit www.ghx.com and The Healthcare Hub.