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GHX Helps Advance Healthcare Digital Transformation by Fueling Cloud ERP Adoption - Jane Oliver - 07-19-2022
Global Healthcare Exchange (GHX) today shared business highlights from its Cloud portfolio during the first half of the company's 2022 fiscal year (ended June 30). More than 130 health systems have elected to work with GHX on their cloud migration strategy for supply chain. GHX successfully facilitated more than 80 cloud ERP migrations since 2018 and has been selected to manage more than 50 additional cloud migrations in the next two years.
"Healthcare organizations are moving to the cloud to improve care delivery, minimize the impact of staff vacancies and reduce costs. But experience has shown us that there are several often overlooked areas that can threaten the success of an implementation when not proactively addressed," said Bruce Johnson, president and CEO, GHX. "To maximize the value of a cloud-based system, it's imperative to establish a strong data foundation, embrace automation tools like AI and machine learning, keep clinical integration in mind, vet supplier data and add new suppliers and select a solution provider who has a partnership with the ERP to improve integration. When this is done, it can help drive greater collaboration and more dynamic decision making."
Business Highlights:
- According to Gartner's 2020 Cloud End-User Buying Behavior study, 75% of provider respondents said that they plan to increase their spending on cloud.
- GHX has invested more than $40M in product advancements to accelerate healthcare's digital transformation and harness the power of cloud computing to increase supply chain resiliency, advance frictionless patient care in more locations, and improve information sharing in real-time and over-time between health care systems and supply partners.
- GHX represents the healthcare industry through the highest-level partnerships with Workday (Select Partner), Oracle (Gold Partner) and Infor (Complementary Partner) based on its healthcare expertise and modern data core.
- GHX was also recently named a 2022 Workday Software Partner Innovation Award winner for its GHX Data Connect integration.
- GHX customer Prisma Health was honored as a finalist in Constellation Research's SuperNova Award based on its work with GHX and Workday to automatically cleanse, validate and unify item master data at scale to help inform data-driven decision making.
- GHX is uniting leading healthcare organizations, ERP providers and implementation consultants to accelerate best practice sharing including recent sessions at Summit 22.
As healthcare seeks to become more efficient and resilient, the global cloud ERP market reached $44.83 billion in 2020 and is expected to grow at a CAGR of 15.6% by 2028. In fact, Gartner's 2021 ERP, Procurement, HCM and Finance Survey found more than 70% of organizations have ERP modernization plans that have already started or will start in the next 12 months, and 16% have already completed the modernization process for one or more ERP applications.
Yet, despite this uptick in adoption, Gartner estimates 20 to 25% of ERP initiatives are considered failures and another 55 to 60% are compromised. Healthcare providers moving to a cloud ERP are increasingly turning to GHX for its data foundation and scalable, interoperable supply chain platform to achieve success with implementing the system and achieving the strategic goals behind the decisions to move to the cloud.
GHX's Cloud solutions are powered by its unified data core and include:
- GHX Exchange Enterprise modernizes the healthcare supply chain through increased standardization and automation. Traditionally, providers have managed the order cycle and their growing teams manually, which can increase error rates and impact performance. GHX Exchange Enterprise digitizes the entire cycle for more efficient processes, more connected supply chain data and better performance insights.
- GHX Data Connect is a data service that fuels best-in-class item data management initiatives by continually monitoring, cleansing and enriching item master data, maintaining its integrity and making it available to all stakeholders to support more informed business decisions.
- GHX Category Optimization uses data from a health system to provide evidence-based savings strategies, spend and physician utilization insights and tracking capabilities to help ensure accuracy and compliance.
- GHX eInvoicing digitizes paper and email invoices, matches invoices to purchase orders for automated exception removal and delivers invoices into the ERP system for a fully digitized procure-to-pay process.
About GHX
Building on decades of collaboration among providers, manufacturers, distributors and other industry stakeholders, Global Healthcare Exchange, LLC (GHX) is leading the charge in helping organizations run the new business of healthcare. By automating key business processes and translating evidence-based analytics and data into meaningful action, GHX is helping the healthcare ecosystem to move faster, operate more intelligently and achieve greater outcomes. With the support of GHX, healthcare organizations have removed billions of dollars of wasteful healthcare spend. For more information on GHX's suite of world-class, cloud-based supply chain solutions, visit www.ghx.com and The Healthcare Hub.