INNOVATIVE DATA ANALYTICS AND SERVICES

Optimizing data by performing analytics requires the right tools and technologies. A group purchasing organization (GPO) like Provista offers data and analytic solutions for members. For instance, Provista offers a comprehensive suite of analytics and services for non-acute members that include:

• Cost Savings Analysis. Provista compares a member’s purchasing data to its contract portfolio. Provista then identifies exact matches and also finds substitutions, both with national brands and the Novaplus® private label, to determine where it makes sense for the member to switch products. This ensures members get the best prices and save the most money. The process is particularly helpful for new members.
• Procurement Analytics. If Provista can access a member’s data from a materials management information system (MMIS) like Envi®, then analytics can identify opportunities to improve purchasing processes. This type of analytics requires the collection and integration of all procurement data, which is why an MMIS is essential. The analytics can also help members better predict their procurement needs.
• Price Discrepancy Resolutions. With Provista, members can rest assured that they are paying the contracted GPO price. If a price discrepancy occurs, Provista will work with the supplier on the member’s behalf to ensure the supplier makes the necessary price adjustment.
• Item Master Cleanse. The records containing key information about inventory items must be accurate and up to date to avoid problems. Provista helps by creating formularies and consistencies within a member’s item master, cleansing records of outdated information to streamline purchasing, and prevent duplicate or extra ordering.
• Member Portal. The portal gives members full visibility into their spend, including spend by contract, month, product segment and year-over-year. In addition, members can view active contracts, top 10 contracts and pending contracts. All of these insights into spend can help members make more informed purchasing decisions. Members can log into the portal to view their purchasing data 24/7.

DATA ANALYTICS CAN DRIVE SUSTAINABLE SAVINGS

Organizations like non-acute healthcare providers can use data and analytics to answer questions about their business—even questions the facilities have not considered until now. While many non-acute providers use basic cost-savings analytics to compare products to determine best prices, they can gain additional benefits from more advanced analysis. For example, facilities can compare their spend against industry benchmarks and historical trend performance to see how they compare with their peers.
 
In addition to offering a range of analytics, Provista also provides self-service options and analytic advisory services. These capabilities enable members to access their data to perform their own analytics or tap analytic expertise when needed.
 
Organizations that are positioned to allow data and analytics to drive their business have seen a range of benefits, from cost savings, to automated procurement processes, to identifying potential shortages. Provista data analytic solutions, for example, have enabled members to achieve millions of dollars in ongoing savings. And in today’s non-acute healthcare environment, facilities need data insights more than ever to run profitable businesses and deliver high-quality, personalized care.