Expert management of sources, tier pricing, contracts, and the linking of the item master to charge description master.
Healthcare Spend Analytics™
Enterprise class business intelligence combined with expert analysis will provide substantial short and long-term supply cost savings
The CentraMed Spend Analytics solution highlights areas for supply cost savings that will positively impact a provider’s bottom line. CentraMed’s analytics platform allows providers to analyze, monitor, and report on their supply expense anomalies. Spend typically demonstrates a minimum of 2% to 4% in annual saving opportunities for providers translating to a 1% to 2% improvement in net profit.
Spend combines the power of business intelligence with expert consulting services to help providers reduce supply costs and ensure that the lowest and most accurate contracted prices are being paid on an ongoing basis. The CentraMed business intelligence platform offers pre-built dashboards and multi-source, on-the-fly reporting for spend management, and also allows users to create custom dashboards as well as ad hoc reports. The custom dashboard and ad hoc reporting features are user friendly and are created using simple drag and drop functions. This pre-built and ad hoc reporting allows users access to very powerful analytics as well as actionable information based on price variations that can be used to make necessary changes resulting in significant spend savings.
The Spend solution process will:
- Leverage CentraMed’s proprietary 1 million-plus SKU supplier reference database to cleanse, normalize and enrich the inconsistent item descriptions, vendor and manufacturer names, missing charge codes, duplicate items, blank fields, and missing items, resulting in clean and standardized data.
- Analyze purchase orders, vendor master, item master contracts, discounts, and rebates; and, identify price variances for similar items from same vendor, across vendors, within a timeframe. Hospitals that have begun looking closer at such variances have realized that quality of care for a specific procedure is the same even when there is high variation in supply expense.
- Monitor spend behavior against all current vendor contracts to ensure best price purchasing.
- Link our enriched item master to the charge description master ensuring that the correct price ends up on the patient’s bill. This ensures optimal reimbursement.
- Deliver a combination of our cloud-based analytics platform and strong subject matter expertise.
The expert management of sources, tier pricing, contracts and the linking of the item master to the charge description master will define future best practices. Spend management is rapidly becoming the new revenue management. CentraMed Spend Analytics solution typically demonstrates a minimum of 2% to 4% in annual saving opportunities for providers translating to a 1% to 2% improvement in net profit.