DALLAS, April 18, 2011 /PRNewswire/ -- GHX, a healthcare technology company recognized for delivering innovative, creative solutions to the healthcare supply chain, today announced new features and enhancements to its global trading exchange services and two of its software products. These new capabilities were rolled out at the company's 11th annual Healthcare Supply Chain Summit, which opened today in Dallas.
GHX unveiled enhancements to OnDemand AP®, an accounts payable automation solution, and Procurement Suite, a spend management solution. It also announced improvements to its flagship GHX Exchange Services to make it easier and faster for manufacturers and distributors to connect to their customers.
"Supply chain costs are typically 25 to 30 percent of a hospital's total operating expense. And for many, they are second only to labor and growing faster than any other category—so fast that one prediction is that they will supersede labor costs within the next 10 years," said Derek Smith, GHX executive vice president of marketing and product management. "We're committed to helping our customers address their need to reduce costs, and continuous product improvements are part of this commitment. We see the healthcare supply chain as playing an increasingly large role in reducing costs through automation and efficiency."
GHX said it has introduced a four-step, modular approach to OnDemand AP, which streamlines invoice receipt, document image and data capture, purchase order matching, exception management and workflow. The new approach can help customers achieve up to 100 percent electronic, touchless invoicing. Called OnDemand AP Smart Steps, it provides flexibility for customers to move at their own pace and helps enable them to meet current business needs and stay within their budgets. Among the benefits that can be achieved with Smart Steps are increased visibility and control, improved efficiencies, increased cash flow and reduced costs. GHX studies indicate that OnDemand AP can help enable savings of up to 50 percent of labor time associated with invoice processing/keying, scanning and invoice discrepancy resolution.
Procurement Suite, a Web-based solution for managing non-file and off-contract procurement, has been given enhanced cascading search functionality. By providing the ability for clinicians to perform Google-like searches among millions of enriched, normalized catalog items, Procurement Suite can drive procurement behavior that is strategically aligned to an organization's business objectives through on-contract purchasing, which ultimately reduces costs. It is a key to creating visibility to procurement occurring outside of a hospital's materials management system and controls. GHX, using a process validated by global management consulting firm PRTM, calculates providers can reduce their supply chain costs by 12 percent using Procurement Suite to enable greater contract compliance.
GHX also announced a new trading partner registration process available to all GHX exchange supplier members, which puts managing the business process directly into their hands. Instead of requiring third-party intervention, manufacturers and distributors can use Registration Center to connect with new customers in less than 24 hours. Registration Center also provides real-time access to view and validate vendor information, and delivers visibility into account utilization and new customer opportunities.
All enhancements are on display and being demonstrated at the site of this year's Summit, the Gaylord Texan, where more than 600 participants have gathered to discuss and explore the future of supply chain technology and solutions.
Global Healthcare Exchange, LLC (GHX) makes healthcare more efficient by delivering software and services that enable both healthcare providers and suppliers to increase efficiency, lower costs and deliver better patient care. With the largest footprint in healthcare supply chain management, GHX connects more than 80 percent of licensed hospital beds at U.S. hospitals, as well as providers in Canada and Europe, with the suppliers from which they purchase the majority of their medical-surgical supplies. GHX is transforming today's linear healthcare supply chain into the industry's only Healthcare Supply Cloud(SM), providing 360-degree visibility into areas affecting both clinical and financial performance. Working with GHX, organizations can improve business processes, automate supply chain systems and collaborate to solve the tough challenges facing healthcare today. GHX is owned by members of the healthcare industry, including Abbott Exchange, Inc.; AmerisourceBergen Corp.; Baxter Healthcare Corp.; B. Braun Medical Inc.; BD; Boston Scientific Corp.; Cardinal Health, Inc.; Covidien; C.R. Bard, Inc.; Thermo Fisher Scientific Inc.; GE Healthcare; HCA; Johnson & Johnson Health Care Systems Inc.; McKesson Corp.; Medtronic USA, Inc.; Owens & Minor; Premier, Inc.; Siemens; University HealthSystem Consortium; and VHA Inc. For more information, visit www.ghx.com.