-- A new update on a proven technology has been launched by VIE Healthcare Consulting, designed to examine hospital purchased services invoices to identify inaccuracies and overcharges. The product, Invoice ROI, automates the reconciliation process. This new 2.0 update has enhanced features and patents that is generating millions of dollars in historical payment recoveries.
More information is available at https://viehealthcare.com/purchasedservices
The 2.0 launch of Invoice ROI is based on the purchased services invoice validation knowledge of Lisa Miller, who developed the technology to identify expense reduction opportunities.
Purchased services invoices—examples include outsourced reference lab testing, wound care services, revenue cycle services or telehealth services —represent 45-50 percent of US hospital and healthcare system non-labor expenses.
Invoices for purchased services are subject to time-consuming manual validation as hospital financial administrators and department managers examine charges for contract pricing errors and overbilling.
Invoice ROI extracts line item details and reconciles invoices. The technology identifies cost reductions from off-contract charges or inaccuracies, for example from incorrectly applied contractual terms.
The technology also integrates with analytics and benchmarking tools and provides data visualization.
Use of Invoice ROI results in calculated line-by-line reductions in charges that can inform bill pay, contract negotiations, RFPs, and strategic financial management.
Hospital CFOs face unique challenges related to purchased services, which are billed after they are provided, as distinct from buying medical equipment or supplies.
Healthcare costs are extremely variable and complex, dependent on incompatible systems, and subject to intricate contractual terms. Excessive fees, billing errors, manual processing costs, and off-contract spending are among the fiscal challenges that health care organizations face.
Charges for purchased services are not pre-approved or available in utilization reports. Instead, purchased services, which can include IT, telecommunications, administrative, HR, facilities and other services are often billed monthly.
Invoices can be dozens to hundreds of pages long with hundreds or thousands of line items. Hospitals may find it more cost efficient to pay such bills instead of manually analyzing them.
Invoice ROI automates a granular examination of purchased services invoices, then outputs a structured spreadsheet with cost audit validation and cost savings results. It is not uncommon for the system to identify 10 to 20 percent or more in unwarranted charges.
In addition to a customized database, the system generates reports that can be used to refine the supply chain, finance or send to vendors.
By documenting overcharges, the Invoice ROI automated reconciliation tool supports revenue enhancement and margin improvement for hospitals and healthcare systems.
“We took a proven methodology where we have helped hospitals save hundreds of millions of dollars because we took the time to dig into the line item data,” said VIE Healthcare Consulting CEO and Founder Lisa Miller, MHA. “Now we have turned this methodology into a patented technology.”
Further information can be found at the website above.
Release ID: 88997437