PLYMOUTH MEETING, Pa., Jan. 28, 2016 /PRNewswire-USNewswire/ -- ECRI Institute announces the release of PriceGuide™ 5.0, the latest enhancement to its proven suite of data-driven technology solutions. The new platform offers easier, faster navigation to the industry's leading pricing database that analyzes over $26 billion in spend data received from facilities nationwide within the past 13 months. Overall savings projected to participants in PriceGuide is between $1 billion and $5 billion.
PriceGuide's intuitive new user interface allows members to immediately identify actionable opportunities for both savings and standardization across their entire supply inventory. A dynamic dashboard with interactive graphs instantly shows top opportunities for savings by manufacturer, vendor, department, category, or item, as well as by facility for larger health systems. A trending chart lets buyers view spend and savings trends over a one, two, or three-year time span.
The new PriceGuide Score feature shows hospitals how competitive their pricing is compared to others on a scale of 0 to 100. A scatter graph displays all price points collected for supply items under consideration, and the corresponding member spend for each.
Expanded price benchmarks in PriceGuide 5.0 give users a more detailed view of supply pricing to strengthen their position at the negotiating table. They can now compare their existing and proposed pricing to the PriceGuide national low, 25th percentile, median, 75th percentile, and highest price reported by their peers. The new interface adds manufacturer-based benchmarks that reflect all price points available in the PriceGuide database for a specific item, from both distributed and direct purchasing channels.
"Managing clinical supply spend matters now more than ever," says Tim Browne, director of ECRI Institute's PriceGuide service. "As hospitals tighten their belts and continue to merge, collaborate, and consolidate, they need the most reliable benchmarks and market analytics available to negotiate the best pricing and deepest discounts from their suppliers."
For more information or a demonstration of PriceGuide 5.0, please visit www.ecri.org/priceguide, or contact ECRI Institute by telephone at (610) 825-6000, ext. 5362; by e-mail at firstname.lastname@example.org, by fax at (610) 834-1275; or by mail at 5200 Butler Pike, Plymouth Meeting, PA 19462. ECRI's European office can be contacted at email@example.com; ECRI's Malaysian office can be contacted at asiapacific@ECRI.org; and ECRI's Middle Eastern office can be contacted at firstname.lastname@example.org.
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About ECRI Institute
ECRI Institute (www.ecri.org), a nonprofit organization, dedicates itself to bringing the discipline of applied scientific research to healthcare to discover which medical procedures, devices, drugs, and processes enable improved patient care. As pioneers in this science for nearly 50 years, ECRI Institute marries experience and independence with the objectivity of evidence-based research. Strict conflict-of-interest guidelines ensure objectivity. ECRI Institute is designated an Evidence-based Practice Center by the U.S. Agency for Healthcare Research and Quality. ECRI Institute PSO is listed as a federally certified Patient Safety Organization by the U.S. Department of Health and Human Services. Find ECRI Institute on Facebook (www.facebook.com/ECRIInstitute) and on Twitter (www.twitter.com/ECRI_Institute).
SOURCE ECRI Institute