Posted by Mark Brousseau
Faced with growing medical-surgical supply costs as reimbursements shrink and healthcare reform looms, healthcare providers can reduce their medical-surgical supply spending immediately—and GHX is recommending the top 10 ways to do it.
The healthcare technology company released its list today at HFMA's ANI Conference in Orlando.
The GHX Top 10:
1.Save an average $12.00-$27.00 per order by conducting as much of your purchasing electronically with as many of your trading partners as possible.
2.Automate the procurement process, from the point of contracting to the point of payment, to streamline operations and boost efficiencies.
3.Centralize purchasing across your organization to provide visibility into and control over as much of your supply spending as possible.
4.Develop a master data management strategy, including the use of global industry data standards, to ensure that you are keeping critical information as up-to-date as possible and that you have “one source of truth” to feed clinical and financial IT systems.
5.Understand the total cost of ownership of your supply chain; in addition to the price paid, consider the financial implications of procurement, logistics, inventory management, charge capture and reimbursement, among others.
6.Create visibility into both the total cost and efficacy of the products being used in patient care, so that you can determine the role supplies play in both the cost and quality of the care your organization provides.
7.Focus on bringing more non-file and off-contract spend under contract, especially high-cost physician preference items.
8.Save an estimated 1-3 percent in avoided overpayments by validating contract pricing and making sure you’re using the most up-to-date contract information.
9.View the supply chain as a function that operates across your organization; establish partnerships with clinical and financial departments to develop and work together to achieve mutual objectives.
10.Collaborate with your trading partners to achieve mutual benefits. Share insights into what happens to products once they arrive at your facility and ask your suppliers for insights into how you can become a lower-cost customer to serve.
What do you think?
Showing posts with label P2P. Show all posts
Showing posts with label P2P. Show all posts
Monday, June 27, 2011
Tuesday, June 14, 2011
Social media, P2P, and mobile payments: disruptive for banks?
By Glenn Wheeler, president, Viewpointe Clearing, Settlement & Association Services
The payments landscape has been transforming. Jockeying for position are some major non-banking players – social networking sites, peer-to-peer payment services, mobile phone providers and credit card companies. As the competition heats up, the time horizon for establishing supremacy in the market will get shorter and shorter.
Some believe that banks, long the dominant facilitator of payments, will have problems reacting and adapting to this new paradigm. Certainly the evolving payments market presents new challenges for banks, but the situation might not be as dire as some have predicted.
There is no question customers are demanding convenience. According to a recent Bank Systems & Technology article, “Mobile Payment Users Expected to Surpass 375 Million by 2015,” market research firm In-Stat predicts that the number of mobile payment users globally will triple by 2015. Where will this demand be met? Well, there are a multitude of channels for customers to gain access to mobile payments; many do not require a financial institution. Consumers have many options: there is “virtual currency” offered by social networking mobile apps such as Facebook, "tap and pay" apps via smartphone using near-field communication (NFC) offered by Google and telecom providers, and mobile peer-to-peer services from PayPal, among others. Undoubtedly, there are additional mobile payment channels being innovated as I type this.
Banks are keenly aware of the risk mobile payments pose to a key part of their business. However, it is the security component of mobile payments that deserves a second look. Security is a differentiator and one in which non-bank providers may have a hard time competing with the banks. By developing capabilities for payment transactions that bypass financial institutions, thereby circumventing the advanced systems that help secure and oversee transactions, consumers could be at risk. Naive consumers might falsely believe that they have the same type of security and protection that they do with their bank. From an individual concern, payment data could wend its way without needed security and structure.
Certainly the mobile payment market is fascinating to watch. Who would have imagined 20 years ago that your wallet could very well be replaced by a mobile phone?
But will this technology disrupt or energize banks? While mobile payments pose some challenges, I believe banks will rise to the occasion, and many already have. Billions of dollars have been spent securing the existing payment ecosystem and new entrants have to play by the same rules. This is one area where banks clearly have a leg up, and are well-prepared for the challenges ahead. Banks, mobile payment providers and consumers should keep this in mind.
What do you think?
The payments landscape has been transforming. Jockeying for position are some major non-banking players – social networking sites, peer-to-peer payment services, mobile phone providers and credit card companies. As the competition heats up, the time horizon for establishing supremacy in the market will get shorter and shorter.
Some believe that banks, long the dominant facilitator of payments, will have problems reacting and adapting to this new paradigm. Certainly the evolving payments market presents new challenges for banks, but the situation might not be as dire as some have predicted.
There is no question customers are demanding convenience. According to a recent Bank Systems & Technology article, “Mobile Payment Users Expected to Surpass 375 Million by 2015,” market research firm In-Stat predicts that the number of mobile payment users globally will triple by 2015. Where will this demand be met? Well, there are a multitude of channels for customers to gain access to mobile payments; many do not require a financial institution. Consumers have many options: there is “virtual currency” offered by social networking mobile apps such as Facebook, "tap and pay" apps via smartphone using near-field communication (NFC) offered by Google and telecom providers, and mobile peer-to-peer services from PayPal, among others. Undoubtedly, there are additional mobile payment channels being innovated as I type this.
Banks are keenly aware of the risk mobile payments pose to a key part of their business. However, it is the security component of mobile payments that deserves a second look. Security is a differentiator and one in which non-bank providers may have a hard time competing with the banks. By developing capabilities for payment transactions that bypass financial institutions, thereby circumventing the advanced systems that help secure and oversee transactions, consumers could be at risk. Naive consumers might falsely believe that they have the same type of security and protection that they do with their bank. From an individual concern, payment data could wend its way without needed security and structure.
Certainly the mobile payment market is fascinating to watch. Who would have imagined 20 years ago that your wallet could very well be replaced by a mobile phone?
But will this technology disrupt or energize banks? While mobile payments pose some challenges, I believe banks will rise to the occasion, and many already have. Billions of dollars have been spent securing the existing payment ecosystem and new entrants have to play by the same rules. This is one area where banks clearly have a leg up, and are well-prepared for the challenges ahead. Banks, mobile payment providers and consumers should keep this in mind.
What do you think?
Thursday, April 29, 2010
WEB payments up, unauthorized transactions down
Posted by Mark Brousseau
Companies experienced cost savings in 2009 as people switched to lower cost ACH bill payments and companies spent less time managing unauthorized debits.
WEB bill payments (ACH payments initiated at the billing company's website) grew 9.7% in 2009 vs. 2008 and unauthorized WEB debits decreased 13% down to 0.04%.
One utility company in Florida continued their strong growth in 2009. However, this utility company has not always grown their electronic payments at impressive rates. Looking back to 2004, the utility's electronic payment adoption rate was well below industry average. The utility company substantially increased their electronic payment options and integrated the entire payment process resulting in a tripling of their electronic payment adoption rate.
Source: NACHA, April 7, 2010
Companies experienced cost savings in 2009 as people switched to lower cost ACH bill payments and companies spent less time managing unauthorized debits.
WEB bill payments (ACH payments initiated at the billing company's website) grew 9.7% in 2009 vs. 2008 and unauthorized WEB debits decreased 13% down to 0.04%.
One utility company in Florida continued their strong growth in 2009. However, this utility company has not always grown their electronic payments at impressive rates. Looking back to 2004, the utility's electronic payment adoption rate was well below industry average. The utility company substantially increased their electronic payment options and integrated the entire payment process resulting in a tripling of their electronic payment adoption rate.
Source: NACHA, April 7, 2010
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