Healthcare is an industry we see again and again having the biggest impact through TEM initiatives. Why? Because the healthcare industry as a whole is constantly forced to do more with smaller budgets. What that means is tightening their spending belts wherever they can. For the IT department, that’s where proper telecom expense management comes into play. Telecom expense management solutions, the pairing of tools and managed services, to achieve higher levels of optimization within telecom spend and resources dedicated to managing the environment.
The Healthcare Connect Fund
Now more than ever the healthcare industry should be looking into services such as technology expense management. Due to our current conditions caused by the 2020 pandemic, a new opportunity for rural healthcare organizations makes adopting TEM easier than ever. The Healthcare Connect Fund offers a 65% discount to those that qualify. Find out qualifications here.
To demonstrate the impact Valicom has had on healthcare organizations in the past, we share a client who came to Valicom with a community system consisting of seven hospitals, numerous clinics and related services, employing over 6,800 staff members. This healthcare client has over 100 years of experience creating fresh approaches to today’s healthcare challenges, including ongoing enhancements to maximize information technology resources to provide the best care possible.
Challenges
When they came to us their telecom spend was large and complex, including over $2.5 MILLION annually across 42 different locations.
The client required support reviewing and processing invoices for their large and complex telecom environments. This client was struggling to manage invoices for accurate review and timely payment. Mergers and acquisitions of new clinics and facilities added complexity and growing pains to their efforts of quality control.
They knew their costs were out of control, but they did not have the internal resources to stop them from climbing higher each month. They wanted to perform regular invoice audits, but the sheer volume of invoices made this a difficult and time-consuming task. They desperately needed improved and efficient processes to free up their internal team for higher-priority information technology tasks.
Solutions
With only five employees dedicated to IT and telecom management, the client needed additional telecom experts in their corner. Valicom quickly built a dedicated team to support their needs around invoice review, approval, and payment.
To address frequent system mergers and acquisitions, Valicom also assisted with creating consistencies and coherent processes to unify disjointed telecom environments. Another core focus was improved cost allocation. This initiative has allowed the healthcare client to distribute telecom costs to various locations and departments, precisely and fairly.
The result of these initiatives, efficient invoice processing, consistent procedures across “locations, and precise cost allocation, have allowed smooth growth within the expansive healthcare system.
Highlights
The client experienced an extremely fast return on investment and an overall savings of 28% of their total telecom spend, with only 2.9% in TEM solution costs. The total six-year savings is over $700k with recurring soft dollar savings in streamlined invoice processing and bill payment.
Services include:
Direct from this client
“Valicom brings so much telecom expertise to the table. Their knowledge means that we can lean on them for more than just invoice processing and payment. We can rely on Valicom to investigate new technology and wireless services which frees up our internal team. Another value we derive from the relationship is the cost savings of having dedicated experts reviewing our invoices each month and making suggestions for optimization.”
We are doing our best to spread the word about the Healthcare Connect Fund because we believe this is an amazing opportunity for rural organizations to save money upfront while receiving huge savings on the back end. If you do not qualify for the Healthcare Connect Fund, as shown in the explained case study, our clients see almost immediate savings on their investments.
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ABOUT THE AUTHOR: CHANTEL SOUMIS
Chantel Soumis brings over a decade of knowledge in workflow enhancement through the use of technology. Chantel studied marketing communications and business administration at Franklin University and proceeded to work in a fast, ambitious environment, assuring client delight in the healthcare and pharmaceutical industries. Passionate about project productivity and streamlining workflows through the use of technology, Chantel strives to inform organizations of Valicom’s advanced telecom expense management software and services by mastering communications and messaging while delivering helpful information and supporting resources.