The Healthcare Hub

GHX provides a wide range of perspectives on how greater collaboration and visibility across the supply chain can improve both clinical and financial performance in healthcare.

Monday, December 3, 2012

$2.5 Billion and Counting: GHX Customers Halfway to $5 Billion Savings Goal!

posted by: Cheryl Flury

Late last week, GHX reached an exciting milestone. The ticker on our homepage, which tracks how much money GHX customers have saved by transacting business through our exchange, reached the $2.5 billion mark! We are now more than halfway to our goal of taking $5 billion out of the cost of healthcare in five years.

So what does this mean to the healthcare community? Providers and suppliers are sending more of their transactions electronically and connecting with more trading partners through GHX. They are becoming more efficient and automated in their procurement processes and saving real dollars. We’re currently working on some new research for individual organization savings directly from use of GHX solutions and our findings confirm that the higher the utilization, the higher the savings (more to follow on these important new findings in an upcoming post).

Because we love quantifying savings at GHX, here are some other figures supporting the $2.5 billion in savings:

  • Our customers have processed more than 80 million requisitions, purchase orders and invoices through GHX in the last 12 months. By sending these documents electronically, these organizations are not just saving employee time by taking away manual processes, but they are also saving money because the accuracy of the data in each document is validated against existing price data.
  • More than $50 billion in supply chain volume, more than 50 percent of all medical-surgical spend in North America, has been processed through GHX in the last 12 months.
  • Providers and manufacturers have established almost 325,000 trading partner connections, which are established, managed and kept up-to-date by GHX. These relationships enable efficient and accurate trading for our customers.

We recently discussed the fiscal cliff that healthcare is facing as we move into 2013. Meeting the $2.5 billion milestone is more important to us now than ever, because we realize that we are playing our part to help take cost out of healthcare. We will continue expanding upon this figure to help our customers continue their savings well into the New Year and beyond.