Archstone Contract Compliance
Vendor Accountability Review
ARCHSTONE
Contract Compliance Audit
In an increasingly complex healthcare landscape, hospitals face numerous challenges, from rising costs to intricate contractual obligations. At Archstone, we understand the critical importance of contract compliance and its impact on financial stability. That’s why we offer our specialized service: Contract Compliance Review. Our comprehensive audit ensures that hospitals’ contract terms are being adhered to while uncovering opportunities for better pricing and increased savings.
Our Contract Compliance Review is designed to help hospitals proactively manage their contracts, identify potential risks, and optimize cost-saving opportunities. With our team of experienced professionals, we meticulously examine all relevant contracts, agreements, and vendor relationships, focusing on compliance, pricing accuracy, and overall cost efficiency.
Benefits:
Streamlined Operations and Risk Mitigation:
By conducting a thorough review of your contracts, we identify any discrepancies, inconsistencies, or potential compliance issues. Our experts help you navigate through complex contractual language, highlighting areas that may expose your organization to unnecessary risks. By addressing these concerns proactively, we streamline operations, minimize legal and financial liabilities, and enhance overall risk management.
Cost Reduction and Increased Savings:
Our Contract Compliance Review goes beyond ensuring compliance; it seeks out opportunities for better pricing and increased savings. We closely examine pricing terms, discount structures, and contractual obligations to identify areas where cost optimization is possible. By leveraging our expertise and industry insights, we help hospitals negotiate more favorable terms, eliminate hidden fees, and uncover potential savings that contribute directly to your bottom line.
Enhanced Vendor Performance and Relationship Management:
In addition to contract compliance, our review focuses on evaluating vendor performance and identifying opportunities to improve vendor relationships. We analyze key performance indicators, service level agreements, and contractual obligations to ensure that vendors are meeting their commitments effectively. This proactive approach fosters stronger partnerships, enhances vendor accountability, and supports the delivery of high-quality patient care.
Comprehensive Reporting and Actionable Recommendations:
At Archstone we believe in delivering transparent and actionable insights. Following the completion of the Contract Compliance Review, we provide a detailed report that outlines our findings, recommendations, and opportunities for cost savings. Our team works closely with your organization to help implement these recommendations, ensuring measurable improvements and sustained financial benefits.
Leveraging Technology to Deliver Savings
Powered by a sophisticated combination of high-end machine learning models, our artificial intelligence platform represents the vanguard of healthcare financial analytics. Our platform features an innovative blend of anomaly detection algorithms, regression analysis techniques, decision tree learning, and other advanced unsupervised learning methodologies, translating raw data into actionable insights.
At the core of our solution, we’ve incorporated a robust anomaly detection system. This powerful tool harnesses statistical methods, uses deviation metrics, and machine learning algorithms to identify outliers in purchasing data, flagging unusual price movements. When integrated with our proprietary regression analysis models, it predicts your hospital’s TRUE price with high accuracy.
In short, our AI platform leverages state-of-the-art machine learning algorithms to analyze and understand complex purchasing data, empowering hospitals to optimize their procurement strategies. With this potent blend of AI technologies, we can identify, anticipate, and resolve anomalous price movements, ultimately delivering significant cost savings and ensuring financial stability for our healthcare partners.
AREAS OF COVERAGE
- Distribution Pricing
- Laboratory Pricing
- Direct Manufacturer Pricing
- Pharmaceutical Pricing (Including Medicare Programs)
- Service Vendors Pricing (Laundry, Print Services, Food Services, etc.)
BENEFITS
- Immediate Price Correction
- Overpayment Recovery
- Transparency
- Vendor Contract Optimization Reporting
- Reduced Burden on Supply Chain Personnel
- Improved Purchase Process Efficiency