Intelligent invoice analytics

Helping hospitals identify, analyse and achieve purchased services cost savings

VIE Healthcare stands at the forefront of healthcare innovation and optimization. One service they offer their customers is Invoice ROI™, a proven process to identify, analyse and achieve hospital purchased services cost savings.

This process starts with importing the scanned invoices received from hospitals in Invoice ROI™, powered by IRISXtract™. Invoice ROI™ reconciles the data extracted from the invoices with the contracts the hospital has with its providers for real-time corrective actions. Invoice analytics are then performed based on the invoice line item details, helping to identify trends, variations, quality and utilization improvement opportunities.

Based on this analysis, VIE Healthcare presents their clients with purchased services cost reduction opportunities in real time and on a monthly basis.

The IRIS and VIE Healthcare Partnership Benefits

Before the partnership with IRIS, VIE’s analysis was a manual process. By automating invoice data capture, Invoice ROI™ limits manual error and speeds up the process by 50 to 60%.

This automation helps identify billing errors, items that are not on contract and utilization improvement opportunities, making it easy for hospitals to act on trends as they occur.

And finally, these intelligent invoice analytics minimize the need for performance improvement initiatives and AP Audits.

VIE Healthcare partnered with the IRIS team in 2016 and it‘s been our most successful decision to collaborate and utilize the industry‘s best extraction system. By working with IRIS, VIE Healthcare has been able to deliver a new and pioneering solution to the healthcare industry that will deliver consistent cost savings year over year. Since VIE‘s mission is to support the business of healthcare, our partnership with IRIS will be the foundation of delivering more solutions to our clients.
Lisa Miller, CEO, VIE Healthcare

Solution with:

Key facts

  • Up to 2 millions images processed annually
  • Used by 250 hospitals in the United States
  • 50 to 60% increase in processing speed