We rely on data every day but getting to the point of truly relevant data is a process. Relevant customer data is more than who buys from me. It is all of the information that describes the people and companies that you care about, and it is everything related to who made it, who buys it, who uses it, who holds the contract and more.
The importance of a well-executed vendor and business associate management plan cannot be overstated. It is certainly obvious from headlines over the last several years that organizations that don’t put the time in are risking financial ramifications as well as damage to reputation, which can be even more costly. The good news is that focusing your efforts on vendor and business associate(BA) management brings value to organizations in multiple ways. By putting into place processes that improve visibility into your vendor population and management of business associate relationships you improve compliance with the Health Insurance Portability and Accountability Act (HIPAA) Final Omnibus Rule, are better prepared for an Office for Civil Rights (OCR) audit, and internally gain greater operational efficiency from more streamlined processes.
Supplies in the category of maintenance, repairs and operations (MRO) can be particularly challenging – and costly - for healthcare providers to manage. While the products may cost only a few dollars each, the overall cost to procure these items can equal - or exceed – the cost of the products themselves.
In many cases, hospital maintenance staff will go out and shop at local stores for these items using their purchasing cards. Not only are the products procured this way often more expensive than those from suppliers with which the hospital has contracted, there are also the added labor costs and other expenses associated with staff members shopping at various local stores. It is clear that gaining visibility into and control over these items presents a significant opportunity for cost savings.
Epayable solutions are widely accepted in many industries as the standard for business-to-business transactions. The healthcare industry, however, has been slow to adopt this payment method. The delay in adopting electronic payments has resulted in inefficiencies that make it more challenging for healthcare to deliver against its mission to strip waste from the system.
Successful supplier and provider relationships are forged by information sharing that allows the provider to secure the data and information it needs for daily business practices and tasks throughout its organization. Legal and contracting documentation, accounts payable (AP) data, purchasing data and compliance documents all need to be vetted, stored and updated on a regular basis.
The holy grail of electronic health record (EHR) systems is to enable healthcare organizations to deliver more effective and efficient patient care. However, when the data within these EHRs is siloed within certain departments or contain inaccurate or incomplete information, it becomes nearly impossible to accurately track medical costs, reorder necessary supplies and support the industry’s mission to provide that desired level of outstanding patient care.