With thousands of categories and vendors, hospital spending on purchased services can be significant. Yet, the data needed to manage these costs is often opaque and fragmented, making it difficult for organizations to spot trends and identify savings opportunities.
Valify’s advanced technology platform directly addresses this challenge with the introduction of Valify Insights.
“Valify Insights was born out of a need to look deeper at what triggers and constitutes a savings opportunity in purchased services,” said Les Popiolek, Chief Executive Officer of Valify. “Our goal is to cut through the complexity and make data analysis both simple and sophisticated for hospitals and health systems.”
By applying a quantitative approach, Valify Insights enables healthcare organizations to quickly pinpoint where savings in purchased services exist, prioritize which areas to address, and estimate the potential value of these opportunities. Whether it’s confirming that current cost-saving efforts are on track or revealing unexpected opportunities to reduce spending with specific vendors or categories, Valify Insights brings simplicity, clarity and actionable insights to the decision-making process.
The Power Behind Valify Insights
Valify Insights is powered by two core technologies.
The first being Valify’s proprietary technology and data intelligence platform focused exclusively on purchased services, which the company has been operating for more than a decade. Today, Valify has amassed and processed billions of rows of data from more than 1,400 hospitals across the nation, representing over $1.3 trillion in categorized purchased services spend.
As Popiolek put it, “I can say with great confidence that no one else has the sheer volume of data we do and can analyze it in such meaningful ways like our technology can.”
Purchased services data is complex. There are dozens of details – like contracts, invoices, vendors, hospitals, and time periods – that can be used to examine how, where and when money is spent. This creates a daunting number of ways that hospitals and health systems can analyze the past and present of their purchased services spend.
This is where AI comes in as the second technology core to Valify Insights. While adhering to strict data security and compliance standards, Valify Insights leverages AI to rapidly automate, interpret and digest all the data into something actionable.
For instance, the Valify Score – a pivotal feature within Valify Insights – evaluates data across numerous attributes (not just cost) to assign a score to each service category a hospital outsources, showing which categories require urgent action and which can be addressed later. Moreover, AI continually updates Valify Scores as new spending data becomes available, offering real-time guidance to support cost-saving initiatives.
A GPS to Value
Purchased services are usually managed at the hospital or even department level – rarely are they managed across a system. This can lead to missed opportunities if not using technology and data to connect the dots.
If a health network looks at its holistic purchased services spend, it could appear that the organization reduced total spend in a certain category. Valify Insights can peel back the layers and see that at certain hospitals within the system, spend has actually increased – prompting the question about why this is happening, which could be because each hospital is using a different vendor or there aren’t consistent contracts in place.
“Valify Insights provides clarity as to what is happening with a health system’s purchased services spend, so more can be uncovered as to why it is happening,” said Popiolek.
However, the real value hospitals and health systems gain from Valify Insights is what they choose to do with the data.
“Valify Insights is like a GPS system for driving value in purchased services management,” Popiolek explained. “The route you take to get to your destination is up to you. In other words, it’s what you do with the data that truly makes a difference.”
Clients should know that with its end-to-end suite of services, Valify is fully equipped to help them transition their insights into an action plan. This includes benchmarking services, expert advisory consultants, and access to a preferred supplier network portfolio with pre-negotiated supplier terms and vendors that have already passed a rigorous RFP process. In fact, Valify can manage purchased services initiatives and programs from start to finish.
Unmatched in the Industry
Valify Insights can be the driving force behind how health systems set their purchased services priorities. With data from hospitals across the nation and of all GPO affiliations, subscribers have an unfound gateway to create greater value and procure quality outsourced services for their organizations.
“The speed and depth of insights we provide is unequivocally unmatched in the industry,” Popiolek emphasized. “I’m confident that no other company in the market can provide the insights we do, and I challenge anyone to try.”
Take control of your purchased services strategy today. Contact us to learn how Valify Insights can help you uncover new savings opportunities.
The Valify Editorial Team is dedicated to sharing insights, strategies, and innovations that help healthcare organizations gain control of purchased services spend. Backed by years of expertise in data analytics, procurement, and healthcare technology, the team curates practical resources and thought leadership to guide hospitals and health systems toward greater efficiency and savings. By combining industry knowledge with real-world case studies, the Valify Editorial Team delivers content that empowers decision-makers to drive smarter, data-driven sourcing strategies.
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