Medpricer, the only complete cost management solution for purchased services, together with TPC, a partnership of independent hospitals formed as a regional purchasing coalition across Arkansas, Missouri and Texas, have announced a complimentary webinar on “How TPC Uses Precision Benchmarking to Supercharge Negotiation Success and Savings.” The webinar will take place at 11:00 am EDT on Wednesday, May 31st.
Healthcare organizations are under extreme pressure to reduce operating costs and they use benchmarks to help them determine how much cost reduction is possible. However, using the same approach for purchased services as for purchased goods and capital is ineffective.
“In purchased services, many organizations rely on simple ratios comparing purchased services spend to number of beds, square footage, etc. While this may work as a rough cut to judge relative orders of magnitude, it’s not generally effective data for a successful supplier negotiation. But with Medpricer precision benchmarking you have the exact data you need,” said Medpricer CEO Chris Gormley. “Medpricer precision benchmarking leverages contract details and Medpricer’s competitive bidding results to create a detailed assessment of what price and terms you should be paying so that you can provide suppliers with data-backed expectations,” he explained.
In this impactful webinar participants will learn:
- A framework of how to think about competing purchased services benchmarks.
- The four factors that make purchased services especially challenging to negotiate.
- How TPC increased savings on elevator repair and blood products, despite initial resistance from existing suppliers; and
- How precision benchmarking can help them exceed their strategic sourcing goals in purchased services.
“TPC has proven itself as a frontrunner in purchased services contracting. Through our dedicated focus, we have demonstrated industry-leading results for our Members year after year. By partnering with Medpricer, we have had the opportunity to enhance our purchased services strategy and thus increase the value we can provide to our Members,” says TK Khen, Director of Purchased Services at TPC. “At this event, participants will gain insights into how we leveraged Medpricer’s nationwide data to confidently challenge existing suppliers on their pricing, service levels and terms resulting in increased savings and a more efficient process to advance negotiations faster,” he added.
For more information and to register for the webinar, visit http://info.medpricer.com/precision-benchmarking-tpc.
About the presenters:
TK Khen, TPC Director of Purchased Services, collaborates with the TPC Purchased Services team and TPC Members to identify, evaluate and execute savings opportunities. TK holds an MBA in MIS and Marketing, and a BS in Business Administration from the University of Texas at Dallas and is certified as a Master Project Manager.
Chris Gormley, CEO of Medpricer, sets the strategic direction for continuous innovation, improvement, and growth at Medpricer, drawing from a wealth of experience in Cloud Technology, electronic Sourcing, and Healthcare. Chris earned an MBA in Finance & Strategy from the Wharton School and a BS degree with high distinction in Chemical Engineering from Worcester Polytechnic Institute.
Medpricer provides a complete Purchased Services cost management platform that improves operating margins through superior visibility, savings, and control over unmanaged spending. Medpricer empowers healthcare providers with technology so that they can independently find, get, and keep purchased services savings. For more information, please visit http://www.medpricer.com/.
Based in Plano, Texas, TPC is a partnership of community-based hospitals that work together as a single system to aggregate business volume and leverage economies of scale without sacrificing individual independence or local ownership. By working through a committed platform, TPC drives collaboration and innovation across a range of clinical, operational and economic areas enabling providers to maximize the financial and non-financial value they receive. TPC represents 11 health systems and approximately $1 billion in purchasing volume, and has achieved $180 million in savings since 2010. TPC exists for the sole purpose of helping healthcare organizations remain strong and independent. For more information, visit http://www.tpc1.com.