May 17, 2022

Why your Health System Needs a Contract Repository

Thousands of suppliers are actively utilized in every health system often managed by a limited amount of staff. That’s why organizations must create a centralized contract repository in order to properly manage their contracts and set their Supply Chain up for automation and success. What is a contract repository? A contract repository is simply a central location housing all vendor contracts a health system uses. As a core component of a successful contract management system, the repository must collect and consolidate ALL contracts including local and GPO contracts. The system containing the repository must be able to store the data […]
April 21, 2020

Healthcare’s Accounts Payable Teams Serve as Revenue Generators during COVID-19 Pandemic

Our nation’s healthcare industry experienced a spike of unemployment in March 2020 with a decline of 43,000 job losses as hospitals continue seeing millions of dollars lost in Q1. 151 hospitals alone have furloughed over 15,000 workers not seen as essential to cut costs while elective procedures and other sources of income are put on hold. Right now, it may seem to make financial sense to reduce clerks in Accounts Payable (AP) because they are “overhead,” not revenue generators. How can AP and Finance Leaders Make a Case for Their Workers? How can AP be turned into a revenue generator? […]
April 7, 2020

COVID-19: Impacting Healthcare’s P2P Processes – 4/06/2020

As COVID-19 continues to sweep our nation, drug and med-surg supply shortages, price gouging, and fraudulent activities are increasingly impacting our healthcare systems’ Supply Chain and Accounts Payable departments.  This Week’s P2P COVID-19 Updates  Price Gouging of Short Supplies Continues   While there are widespread efforts to curb price gouging during this crisis, health systems continue to fall victim, paying any price to procure necessary supplies. The state of New York, as a whole, is paying up to 15 times normal pricing for their medical equipment. Heightened demand and competition among states, cities, and hospitals contribute to the markup. Equipment that saw markup in New York includes:  400% mark-up  on gloves  $7.50 charged for masks previously […]
COVID-19: Impacting Healthcare’s P2P Processes – 4/06/2020
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