Home Blog What IT Should Know About Clinical Spend Management Solutions
What IT Should Know About Clinical Spend Management Solutions
If you’re open to considering digital solutions for clinical spend management, many successful initiatives start with the criteria below:
- Customizable, scalable platform - End-to-end category management for providers, suppliers. Not piecemeal or one-off. Proven, all-in-one solution that users customize and scale. Connectivity and data management integrate across sourcing and contract processes and systems.
- Healthcare-only focus - Breakthrough tech developed by healthcare supply chain professionals with backgrounds in software and data. For example, clinicians help train our AI at Curvo.
- Execution-focused partner - Strong personal commitment to measurable value delivery and trusted, long-term strategic partnerships. Full access to SMEs.
- Extensive supplier ecosystem - Neutral platform for contract and sourcing opportunities with strong engagement with the medical device community.
- Secure processes - The spend management technology provider maintains SOC2 compliance for data protection.
As you explore options for digitizing clinical spend management, ask potential partners about capabilities like the ones above.
This Technology Value Assessment can give real insight into how much you could save with a consolidated clinical spend management platform. Just answer a few quick questions, and you will get answers instantly.
What Else to Look for in a Digital Clinical Spend Management Solution
Digital transformation is moving rapidly through all areas of the healthcare enterprise. One proven digital model consolidates the spend technology stack onto a purpose-built, end-to-end platform. Data-as-a-Service (DaaS), clinical spend analytics, bid and contract automation and more all fluidly operate within one ecosystem.
How well do your current clinical spend management solutions perform? You may not know. Such “systems” are often disjointed and speak different languages when it comes to data management.
Now is the time to correct these problems with a digital transformation strategy for sourcing and spend management based on a single platform.
Purpose-Built Solution for Clinical Spend Management
Workflow based on improvised and manual clinical spend management solutions doesn’t cut it anymore. A better way – adopt purpose-built technology from the start.
Many large hospitals prefer an all-in-one, proven solution that users can customize and scale. IT doesn’t have to deal with the aftermath of piecemeal or one-off solutions, while end-to-end spend management and automation drive efficiency for providers and suppliers.
Ready connectivity and data management accelerate workflow across platform-based sourcing and contract processes. Procedure analytics support broader clinical integration between the supply chain and clinicians to drive value in terms of quality care and outcomes.
How to Shorten Contract Cycles, Reclaim Man Hours, Spread Efficiency
One important way digital transformation impacts sourcing and spending is by dramatically reducing contracting cycles. The task of bid and contract management is ripe for digitization, and in many hospital enterprises, that’s already happening.
More healthcare organizations now manage sourcing and contracting workflow on a purpose-built, end-to-end platform. With spend management processes operated from a single, purpose-built platform, healthcare systems see significant recurring annual savings. These come not just from contract savings, but from reclaimed man hours as well.
Technical excellence in the form of enriched data, analytics and automation help teams analyze clinical device opportunities in fraction of the time and reduce contract cycles. This has the side effect of allowing the team to also tackle more savings opportunities in a year. What once took months can be done even better in a few days using the technology advantage.
Let Clinical Spend Technology Do the Heavy Lifting
Spending on PPI – physician preference items - probably doesn’t come up often in IT meetings. Yet in the big picture of things, PPI spend is one of your organization’s best opportunities for dramatic savings — the kind of savings that can take hospital margins from the red to the black.
Your organization can avoid overspending on certain medical devices, and add bandwidth to tackle savings in more PPI categories - without adding headcount. With the right spend management tools, hundreds of thousands in lost opportunity costs can be reclaimed and applied to other areas of patient care. The financial impact repays the technology investment many times over.
State-of-the-Art Clinical Spend Management for the Win
IT and the healthcare supply chain can chart successful innovation journeys together and include clinicians, contract analysts and medical device suppliers in the process.
When stakeholders come together around a dedicated spend management platform and solid data, the advantages quickly accumulate. Physicians benefit from useful practice data, and medical device suppliers gain a better environment for working with hospitals.
State-of-the-art clinical spend management is an all-round win-win and it’s within reach. We’re already seeing it work in hundreds of hospital systems. Why not yours?