Global Healthcare Exchange, LLC (GHX) today announced GHX Managed Services, a new suite of technology and services to help healthcare providers and suppliers improve supply chain automation and drive contract compliance. The first service introduced is Price Synchronization (Price Sync) Managed Service which facilitates contract price alignment among trading partners and helps healthcare providers transact more accurately. Through increased contract compliance and reduced transactional reconciliation, customers can save up to 1.5 percent of contracted spend.
GHX Managed Services verifies that all contracts are loaded electronically into the GHX Exchange, matched with the hospital’s item master, and price validated for electronic orders. The solution’s workflow works directly with suppliers to resolve contract discrepancies, resulting in improved order-to-invoice match rates. GHX estimates that providers can increase the electronic contract match rate to above 90 percent while simultaneously reducing exceptions to less than one percent. The use of cleaner, more accurate data frees up buyers’ time to focus on more strategic activities and drives a higher volume of “touchless” orders.
“It’s a significant challenge among healthcare providers to maintain accurate contract pricing for products,” said Tina Murphy, senior vice president, Global Product and Corporate Development, GHX.
“The industry needs the ability to identify and address data inaccuracies on the back end of procure-to-pay processes before they result in time consuming and costly exceptions. The inability to do so adds strain on a health system’s already limited supply chain staff resources, with buyers spending significant time manually following up on exceptions and communicating with suppliers.”
Mount Sinai Health System’s Franco Sagliocca, Corporate Director of Supply Chain, one of the GHX pilot sites for the new service, said, “GHX’s Price Sync Managed Service helped us track and holistically resolve contract match issues at an accelerated rate. The service helped move my team from transaction based work, like chasing price exceptions, to more value-added supply chain activities.”
The new service includes custom web-based workflows that coordinate contract price exception resolution among the provider, its distributor and supplier trading partners. Integrated with the GHX Exchange, it allows for exception information to be communicated at the contract level versus the existing time-intensive model of manually following up on each order line. The system automatically tracks all supplier communication and corrective actions through to resolution, closes out the case and reports this information to the provider.
Global Healthcare Exchange, LLC (GHX) drives costs out of healthcare with cloud-based supply chain management technology and services in order to help enable better patient care and savings by maximizing automation, efficiency, and accuracy of business processes. GHX offers healthcare providers and suppliers an open and neutral electronic trading exchange that delivers procurement and accounts payable automation, contract and inventory management, vendor credentialing and management, business intelligence, and other supply chain-related tools and services. For more information, visit www.ghx.com and The Healthcare Hub.