Benchmarking Program Overview
PayStream Advisors has started the Benchmarking Program for hospitals on a membership structure model, based on other highly successful executive forums, councils and industry associations.
Through benchmarking, roundtable panel discussions, small workshops, and networking opportunities, executives from hospitals will have the unique opportunity to openly discuss challenges and best practices to drive purchase to pay operational excellence.
Benchmarking forums and educational sessions will be driven by the needs of participants and facilitated by the analysts of PayStream Advisors.
Why Healthcare Benchmarking is important?
• Help finance and procurement managers to identify potential areas to increase efficiency, drive innovation and build a robust platform to support growth,
• Improve data visibility, cash management and service quality by allowing hospitals to compare themselves against other hospitals, and
• Prompts managers to evaluate fundamental questions, such as, “Are we running our operation in the most effective manner?”
Overview of major participants in the program
Some of the largest hospitals in the US with industry leading revenues and diverse supply chains are already part of PayStream’s Benchmarking program.
|
|
Hospital A |
Hospital B |
Hospital C |
Hospital D |
Hospital E |
|
Annual Revenue in Millions (2011) |
$4,050 |
$8,475 |
$9,001 |
$5,827 |
$1,790 |
|
Number of Patient Beds |
2,676 |
1,132 |
3,350 |
1,239 |
932 |
|
Employees |
47,386 |
58,000 |
45,000 |
34,000 |
12,500 |
|
Total # of Invoices processed per month |
72,000 |
98,000 |
77,500 |
84,000 |
34,000 |
|
Automated Invoices |
42% |
98% |
98% |
35% |
32% |
|
Manual Invoices |
58% |
2% |
2% |
65% |
68% |
|
Total # of Payments per Month |
55,500 |
25,000 |
28,200 |
25,500 |
18,000 |
|
Geographic Coverage |
Maryland |
Arizona |
Pennsylvania |
Ohio |
Ohio |
Members are required to complete a series of benchmarking assessment documents. Data submitted is aggregated by PayStream Advisors and shared with members in combined form.
Your hospital can participate too!
When you sign up to attend the PayStream Summit in Charlotte, NC from September 17-19, you will be eligible to participate in our Benchmarking study at no additional cost.
Participants will have access to the following:
• Summit Learning Labs and Sessions – The Summit features a healthcare specific track which will address each aspect of the Purchase-to-Pay process through case studies from leading healthcare organizations. You will have ample to opportunities to network with your peers and to learn from leaders in other industry sectors
• Benchmarking Study – The study will compare the performance of AP departments across hospitals in the US using key metrics and performance Indicators
• Healthcare Insights - At the conclusion of the summit, PayStream will publish a diary of the proceedings and interview summaries.
Quarterly Meetings
Members of the Benchmarking Group will be invited to quarterly web-based meetings to discuss and collaborate on issues pertinent to the members. The quarterly meetings will take place as follows:
• January
• April
• September 17-19, 2012 at PayStream Summit in Charlotte, NC
• November 2012
Each quarterly session will have a focus topic, such as electronic invoicing, EDI processing, labor efficiency, departmental structure, automation, ERP integration, e-requisitioning and other topics.
What are the participation fees?
Participation in the base benchmarking is free of charge but we highly encourage attending the PayStream Summit to meet and network with the other participants.
PayStream Advisors is facilitating this effort for several reasons:
1) Facilitate hospital collaboration for improved Purchase-to-Pay processes
2) Encourage attendance and participation in the annual PayStream Summit
3) Build awareness for more detailed consulting assessments at member and non-member hospitals
Healthcare Research and Advisory Services
PayStream has an active healthcare Purchase-to-Pay advisory practice designed to help organizations embrace leading practices and automation of supply chain, purchasing, and accounts payable.
PayStream’s most recent Healthcare ePayables report, published in June 2012, provides an overview of solutions available to streamline and optimize the invoice and payment management process at hospitals and other healthcare organizations.
Download: Healthcare ePayables: Turning AP into a Paper Free Environment
Research. Analysis. Strategy. ®