THANK YOU FOR SUBSCRIBING
Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Healthcare Tech Outlook
Each day, in hospitals across the country, supply chain professionals log into analytics tools to benchmark prices on hundreds of medical supplies and pharmacy items. With a few keystrokes they can understand how competitive their prices are in the market, and they can use that information to prioritize the biggest opportunities for the most savings. However, after benchmarking is done, the work that actually delivers price performance typically reverts back to a manual process, supported by decentralized, static Excel spreadsheets.
It was this gap in functionality that led to the birth of Vizient Savings Actualyzer™. This exciting new supply chain analytics platform from Vizient is the industry’s first price benchmarking solution that unites supply chain data in a new way, allowing users to view it in one place and easily and immediately make the connections to prioritize, track, and measure savings.
Groundbreaking innovation is nothing new to Vizient Inc., the largest member-driven healthcare performance improvement company in the country. “In 2008, we defined supply price benchmarking for healthcare. With the launch of Vizient Savings Actualyzer, we are doing it again,” explains Thomas Rogers, Sr. Director, Supply Chain Solutions Marketing, Vizient.
So what makes Vizient Savings Actualyzer different? First, the platform evaluates a wide range of opportunities for market price competitiveness including contract portfolio and capital equipment quotes. In short, the solution operates as an integrated opportunity engine that analyzes pricing opportunities across multiple fronts.
Second, Vizient Savings Actualyzer subscribers enjoy a dynamic, single-source connection to the industry’s largest repository of supply market data. This capability delivers invaluable market comparatives and enables easy access to Vizient contracts for seamless pricing requests.
Third, Vizient Savings Actualyzer speeds organizations from opportunity identification to savings implementation.
Our research indicated that what hindered team efficiency more than anything was a lack visibility when it comes to tracking progress of current initiatives and measuring true savings of those initiatives
It does this by empowering users to move prioritized opportunities into two additional phases: track and measure.
“Our research indicated that what hindered team efficiency more than anything was a lack visibility when it comes to tracking progress of current initiatives and measuring true savings of those initiatives. With Vizient Savings Actualyzer, users set terms of accountability with their teams, define measures of success and have more time to pursue additional savings opportunities,” explains Ernest Chip Bunata, Associate Vice President Advisory Services, Vizient.
With the launch of Vizient Savings Actualyzer, the Irving-based firm will challenge organizations to take a broader view when it comes to supply chain savings. It should be noted, however, that the solution was not designed in a vacuum. Vizient Savings Actualyzer is the culmination of member feedback and participation in the development of the platform.
“At Vizient, we push very hard to ensure teamwork and transparency in order to help us improve quality of operations and what we ultimately deliver to our clients to ameliorate their operations and outcomes,” says Bunata. “Our drive to respond to the unique needs of every customer makes us stay ahead of the competition.”
Company
Vizient
Management
Ernest “Chip” Bunata, Associate VP-Advisory Services, Thomas Rogers, Sr. Director, Supply Chain Solutions Marketing, Vizient
Description
The evolution of supply price performance brings extraordinary visibility, enabling you to make reliable, data-based decisions for supply cost reduction
Vizient News
Vizient Examines Care Models for Arrhythmia, How to Improve Screening Rates for Colorectal Cancer in Latest Medical Device Tech Watch
“This edition of Tech Watch explores a variety of topics, including emerging artificial intelligence technologies and efficiencies in the operating room,” said Doug Beinborn, associate principal, Vizient. “Throughout the publication, we surface new medical devices and methods to improve health outcomes and reduce costs for healthcare providers and ultimately, their patients.”
Featured articles include:
How will the increasing prevalence of dysrhythmia (arrhythmia) and new technologies impact your electrophysiology program? — Atrial fibrillation (AFib) is the most common arrhythmia and is estimated to impact over 12 million people in the U.S. by 2030, according to the Centers for Disease Control and Prevention. AFib death rate as the primary or a contributing cause of death has also been on the rise for over two decades. Organizations can optimize their electrophysiology program (EP) by maintaining a dedicated lab or labs for EP procedures and staffing according to Heart Rhythm Society guidelines. When advanced practice providers operate at the top of their license, electrophysiologists are freed to see new patients and spend more time in the procedural lab.
Colorectal cancer screening awareness, access and alternatives aimed at improving outcomes — As the fourth most prevalent form of cancer in the U.S., and second most deadly, colorectal cancer (CRC) screening continues to gain attention from both the industry and medical societies. Routine screening, previously started at age 50, has been expanded to begin at age 45 due to more new cases being diagnosed in younger patients. Sg2, a Vizient company, forecasts a 25% increase in screenings over the next 10 years. One of the keys to improving CRC screening rates is access, which can be expanded by adopting alternative screening methods, such as artificial intelligence for real-time, computer-aided detection.
Optimizing surgical tray standardization to reduce costs and improve operational efficiencies — When configured properly, surgical instrument trays equip clinical staff with the minimum instruments required to perform the highest number of procedures within a specialty. Vizient conducted a tray standardization initiative with a member-provider, identifying ways to reduce costs and improve efficiency without impacting clinicians or patient care. This article outlines the initiative’s findings and process improvements, which included reducing expenses for sterilization and purchasing and providing lighter trays that are safer to handle and transport.
Tech Watch delivers data-driven insights on trends and dynamics affecting healthcare, providing insights that drive innovation in care delivery. View past issues of Medical Device Tech Watch.