Medbuy/GHX agreement enables Medbuy members to access timely and accurate contract data with minimal human intervention
TORONTO and LONDON, Ontario, Oct. 1, 2012 /CNW/ - Healthcare provider members of Medbuy, a Canadian national group purchasing organization (GPO), now have greater access to accurate contract data with little or no manual intervention based on a new agreement between Medbuy and GHX. Medbuy has agreed to add automated contract data sharing with its members through GHX to improve transaction accuracy and process efficiency.
Many healthcare providers struggle with manually entering large volumes of contract data into their systems and subsequently have to manage frequent price changes and new product additions. Not only is the process labor-intensive and time-consuming, it also increases the risk for costly order and invoice discrepancies. By automating contract data sharing with its members through GHX, Medbuy can help provide timely access to accurate information, while also helping reduce their labor burden.
The GHX contract and price management tool is a near real-time repository of GPO and local contract pricing for the healthcare industry. When an order is placed through the GHX Exchange, the tool performs a three-way price match between the purchase order, acknowledgement and contract price to help ensure the right product is purchased at the right price. GHX customers often save up to 3 percent of their contract spend by paying the correct contract price, and can achieve significant labor savings by reducing manual work.
"Effective data standardization and utilization are key priorities for Medbuy. We have always believed strongly in facilitating data sharing to drive efficiency and improve data quality," said DJ Robins, chief information officer, Medbuy. "By automating the contract data sharing process through GHX, we can further these goals to help our members reduce costs and increase savings through greater process efficiency, transactional accuracy and contract compliance."
"Medbuy's move to share contract data with its members through GHX is yet another example of the value that Canada's healthcare community sees in collaborative data sharing. GHX is proud to be a trusted partner to all healthcare supply chain stakeholders in this regard," said Nils Clausen, general manager, GHX Canada. "Healthcare providers across Canada are committed to driving efficiencies and cost savings within their organizations and we applaud Medbuy's efforts to support this critical step in true healthcare transformation."
Global Healthcare Exchange, LLC (GHX), a healthcare technology and services company, helps reduce the cost of doing business in healthcare by enabling better supply chain management. GHX makes it easier for hospitals, other healthcare providers and the suppliers that do business with them to drive cost and inefficiency out of their processes. Working with GHX, the healthcare organizations that make up the GHX Global Network are on track to save $5 billion by 2014—savings that can be invested in such things as hiring more nurses, providing care to uninsured children or developing new medical products. GHX is owned by organizations on both the buy and sell side of the healthcare supply chain, including some of the largest companies in the world. Find GHX on the Web, on Twitter @GHX_LLC and on Facebook @GHX.
As Canada's longest standing national healthcare group purchasing organization, Medbuy partners with healthcare organizations – from hospitals, health authorities and shared services organizations to other publicly accountable health service providers – to deliver the best medical supplies, services and pharmaceuticals for the best possible price. Since 1989, we have saved the health system hundreds of millions of dollars. With more than two decades of strategic sourcing experience and first-in-class technologies, we simplify your decisions, and ultimately, help you make the best choices for your patients.
SOURCE: GHX, LLC
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