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In the course of
running the business of saving lives, healthcare systems and
hospitals purchase millions of products annually. The urgency to
purchase supplies, the complexity of supplier contracts and the
sheer volume of purchasing results in pricing and payables mistakes
and a large percentage of products purchased off-contract. Improving
efficiency in purchasing and accounts payable review processes can
significantly reduce costs and save healthcare systems hundreds of
thousands of dollars annually.
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Solution
The Spend Optimization Solution (SOS™) delivered by CyBiz and one of its premier partners The Audit Group (TAG), systematizes the purchasing and accounts payable review process on an ongoing basis to identify and resolve errant spend prior to disbursement.
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The solution combines TAG’s analysis services with real-time transaction data to prevent errant spend and to enforce contract utilization and compliance.
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Features and Services
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| Contract Repository: Deploy a secure and centralized data repository for all vendor contracts. |
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| Analysis Services: Analyze contracts and transactions executed by the healthcare system to capture and identify erroneous transactions, non-contract spend and incorrect pricing based on contract terms.
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| Trans-Enterprise Workflow™: Map communication processes and create electronic workflows to route issues to and within the healthcare system for review and resolution.
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| Performance Metrics, Analytics and Reporting: Generate reports not only to capture actual savings and cost avoidance associated with the use of SOS™ but also to identify the missed savings that could be realized if procedural changes are instituted.
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| Data Aggregation/Normalization: Generate reports not only to capture actual savings and cost avoidance associated with the use of SOS™ but also to identify the missed savings that could be realized if procedural changes are instituted.Normalize and aggregate data from many disparate sources in any format available.
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| Business Benefits |
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| With SOS™ in place, healthcare systems and hospitals are provided a continual and comprehensive review that allows the healthcare system to move from cost recovery to cost avoidance in real-time. |
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Achieve immediate annual savings by reducing payables and pricing errors |
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Address and resolve almost 100 percent of errant transactions versus the 30-40 percent of a traditional retrospective audit |
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Get purchases back on contract and experience cumulative contract compliance savings |
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