Irving, TX—Oct. 5, 2011—VHA Inc., the nationalhealth care network, rolled out VHA PriceLYNX 2.5, with multiple enhancements that are designed to further help hospitals improve their bottom line, strengthen their cash flow and maintain high-quality outcomes while they continue to confront shrinking reimbursements, escalating costs and the rapidly evolving health care environment. This $60 billion database represents the value of members' supply purchases and enables subscribers to gain greater insight into prices on their supplies.
Launched in 2010, and developed in conjunction with Novation, VHA's supply contracting company, VHA PriceLYNX has allowed subscribers to identify more than $300 million in savings opportunities on supplies so far in 2011. Typically, supply costs represent 46 percent of a hospital's total non-salaried spend.
VHA PriceLYNX compares an individual hospital's prices to the total hospital market, providing a transparent view of cost management opportunities on both contract- and non-contract items.
New and expanded VHA PriceLYNX 2.5 features include:
- Constructs allowing for the creation of custom groups of items for monitoring performance by item or as a whole
- A 10 percent increase in data pool size
- An IDN version that allows review of performance at the system and the hospital level, to uncover additional savings opportunities and potentials for standardization
- Market share reports that help hospitals identify opportunities for standardization and cost reduction at the supplier level, allowing for a strengthened position for negotiating with suppliers
- Easier homepage navigation and single-click connection to all dashboards
"These new business intelligence features provide hospitals with greater control over their supply chain purchasing and represent the best way yet for them to attack their day-to-day sourcing activities and reduce their costs," said Nik Fincher, vice president of analytics at VHA Inc. "By providing more comprehensive information and greater data transparency, VHA PriceLYNX 2.5 will catapult hospitals to the next level of improved pricing by helping them improve vendor negotiations, achieve better pricing, identify standardization opportunities and track their individual and system-wide pricing performance to realize immediate and long-term sustainable savings."
