As prices continue to rise, cost-savings and operational efficiency are more important than ever for health systems. In fact, a recent data review from FY2022 revealed that 4 well-known health systems posted total losses of $3.13 BN in just 1 quarter of 2022. Yet, Integrated Delivery Networks (IDNs) often struggle to optimize purchasing across their organization’s separate purchasing “groups.”
Bluesight is excited to introduce System Analytics, a new feature in CostCheck to give hospital systems a birds-eye view of their purchasing data and savings opportunities; no matter the complexity or composition of the health system. This innovative addition to the solution transforms the way health systems approach expense management, providing them with unprecedented insights and capabilities.
Empowering Health Systems
This feature addresses the reality that health systems often operate with various purchasing ‘groups,’ each with distinct needs. With this release, CostCheck users gain a cross-enterprise view of analytics and consolidated workflows, enabling them to make informed decisions on a ‘group specific’ or holistic enterprise level.
At the heart of CostCheck’s new System Analytics feature is the concept of ‘Groups.’ These are collections of hospitals or facilities with common attributes, such as Class of Trade, 340B Covered Entity Status, and 340B accumulations. Take, for example, a health system comprising a mix of DSH hospitals, RRC hospitals, and non-340B entities. In this scenario, CostCheck seamlessly groups these entities together, facilitating standardized buying practices where applicable.
CostCheck’s System Analytics empowers users with actionable insights across three key areas:
- Priority Insights Feed: Receive real-time recommendations prioritizing where your attention is needed the most.
- Recommended Changes: See recommended changes across your entire system or on the “group” level.
- Overcharged Invoices: Ensure that overcharged invoices are identified and addressed promptly across your whole organization.
A Vision for the Future: Transforming Healthcare Expense Management
Soon, we plan to expand System Analytics to the Spend Monitoring and Price Increases dashboards, continually increasing the value CostCheck delivers to health systems. CostCheck is the only solution needed to navigate the intricate purchasing landscape within your organization and improve standardization and cost-savings across the board.