Louisville, Colo.—Dec. 13, 2013—According to GHX, a large connected, intelligent healthcare supply chain, the company hit two key milestones in a year marked by product innovation, customer wins and industry recognition. The company increased its trading partner relationships to 357,000 unique connections, an increase of 26 percent from 2012. It also hit a record $5 billion single-month transaction dollar volume in October 2013, illustrating that the healthcare industry is increasingly focused on automation and accuracy to address the current demands of the healthcare market.
GHX and its customers, which include provider, distributor, manufacturer and group purchasing organizations, are working to transform the healthcare industry by reducing costs associated with the supply chain by making overall supply chain processes more efficient, collaborative and transparent. GHX continues to improve planning and execution throughout the supply chain process—with the ultimate goal of reducing costs of healthcare.
“We are creating an intelligent healthcare supply chain that connects the systems and processes that occur inside an organization’s four walls, with the systems, processes and business partners that make up the supply chain outside those four walls,” said Bruce Johnson, CEO, GHX. “We are continually focused on making a difference for healthcare, taking the unnecessary billions out of the cost of doing business, and helping the industry focus on what really matters, quality patient care.”
Other 2013 GHX business highlights include:
- Transforming the implantable device supply chain. GHX launched a solution for managing and tracking implantable devices at the company’s Supply Chain Summit in Las Vegas, which assembled 600 attendees from across the healthcare industry. Case Xpert, the company’s implantable device supply chain (IDSC) solution, was created to help track and manage implantable devices more collaboratively, accurately and with greater visibility, and in turn, help reduce $5 billion(1) in losses across provider and supplier organizations each year. Major healthcare providers signed on for the IDSC solution throughout the year, including Mercy Health System, Sisters of Charity Leavenworth and Vanderbilt University Medical Center.
- The “5-in-5” milestone. In April 2013, GHX surpassed $3 billion in supply chain savings for the North American healthcare market. The company’s “5-in-5” goal aims to take $5 billion out of the cost of healthcare by Dec. 31, 2014, by enabling supply chain processes to run more efficiently and collaboratively.
- More product innovation. The company announced the GHX Market Intelligence reporting platform, providing suppliers with immediate, continuous online access to $30 billion of distributed medical-surgical sales data to help measure competitive performance and shape business strategies. GHX also reported that the healthcare industry drove more than $121 million in costs out of the supply chain with its NuVia Content Management Solution through improved transactional and pricing accuracy, reduced overpayments and more accurate reimbursement capture.
- Global growth. GHX continued to grow in Europe and Canada as the demand for intelligent, connected supply chains grew in the increasingly global healthcare industry. Additionally, information technology (IT) industry veteran Nedzad Fajic was appointed president of GHX Europe.
- Premier partnership. GHX and the Premier healthcare alliance, a large performance improvement alliance of more than 2,800 U.S. hospitals and 95,000 other sites, partnered to deliver new functionality to Premier members using the price activation portal and the GHX Collaboration Portal solution. Over the past year, eliminating contract pricing errors was shown to reduce more than $62 million in extraneous costs for buyers and sellers connected to the GHX Global Network(2).
- Industry recognition. GHX was honored with the Frost & Sullivan “2013 Global Healthcare Supply Chain Management Solutions Provider of the Year Award.” The analyst firm recognized GHX for its achievements in global integration, product and technology innovation, and leadership in driving healthcare savings. Supply & Demand Chain Executive selected GHX and its customer, Anne Arundel Medical Center (AAMC), for its “2013 100 Great Supply Chain Projects.” AAMC engaged GHX to automate its previously manual procure-to-process, which resulted in a savings of $1 million annually. The same publication also named Derek Smith, chief commercial officer at GHX, as one of its “Provider Pros to Know” for his work to promote supply chain effectiveness in the healthcare industry.
(1) Annual estimated waste and loss in the U.S. implantable device segment of the healthcare industry, including both provider and supplier organizations; PNC Healthcare; GHX Quantitative Research Study (August 2010)
(2) As measured by the GHX “5 in 5” savings model, created and validated by PRTM (see recent news release on “5 in 5”)