Lucro Company Update and Year in Review

As you likely experience every day, uncertainty and cost pressures in healthcare have created unprecedented challenges and opportunity for the industry.

How do healthcare executives, across a group of hospitals and physician practices, really understand the problems they face, get trusted input to find the right solutions, and ensure broad buy-in and support for accelerated implementation?

In a recent blog post, visionary healthcare innovator (and Lucro advisor), Molly Coye poses this industry challenge and describes Lucro as a new operating system to achieve “system-ness” in healthcare.”

Today, Lucro is supporting “system-ness” by reducing the costs and time to find, evaluate and buy healthcare technology and purchased services vendors.  

Earlier this year, Lucro was made available, initially focusing on projects driven by innovation and health IT. Users explored broad topics such as telehealth, artificial intelligence, and patient engagement.

Our clients are evolving their use of Lucro to better align innovation with specific day-to-day needs of hospital operators and service line leaders. This has led to more specific vendor selection and consolidation projects from operations, finance, clinical services, project management, and purchasing.

Two specific areas where healthcare organizations are now leveraging Lucro:

  • Select new vendors at a lower cost (specifically in more complex selections requiring collaboration across multiple areas)
  • Standardize existing vendors to achieve savings across current purchased services spend (within and beyond Health IT)
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Achieving Network Effects while Reducing the Cost and Time of Vendor Selections

Client Example 1

Health System #1 needed to replace their physician credentialing application to support a new, centralized business office. They did not have the budget to hire a consultant or resources for a formal RFP process (traditionally 12 months) but wanted to minimize risk in the decision. Instead, they used Lucro as the tool to perform their vendor diligence.

After posting their need for a physician credentialing vendor in Lucro, the health system received information from new vendors and compared their solutions to information easily added from several known vendors. Each internal stakeholder was able to compare and evaluate all their options in one convenient location.

By asking vendors qualifying questions through Lucro, the team quickly and easily narrowed their options from 11 to 2 in half the time expected. Previously, siloed data and clerical tasks were spread across a volume of word documents, spreadsheets, emails and unnecessary meetings. Lucro saved the project manager dozens of hours of administrative work.

“Lucro made the process so easy, saved me time, and just made my job easier by eliminating so much administrative work.”
- Project Manager, Health System #1

NOTE: Health System #1 is still in contract negotiations and prefers to remain unidentified until the agreement is finalized and their current vendor notified.

Client Example 2

Eric Thrailkill, CIO at AMSURG, which operates 245+ ambulatory surgery centers nationally with more than 2,000 physician partners, had a similar operational need to select a new physician credentialing vendor.

The AMSURG team created their short list of vendors to consider in minutes, eliminating what is normally a time-consuming market research effort. Because health system #1 used Lucro to evaluate their credentialing vendors, these vendors were already represented in the platform and ready to be compared.

Those vendors, who only knew of Lucro through Health System #1, were notified that they were actively considered for a new opportunity at AMSURG– creating a new, qualified lead for a previously unknown opportunity (engage once, reap ongoing benefits for market development).

"Lucro enabled us to quickly and more easily select a vendor partner for our corporate pilot facility credentialing project. Much of the information on relevant products was already populated in Lucro, expediting our market research. Our team collaborated internally and directly with the vendors through the platform for clarifying questions and insights, minimizing time and resources otherwise wasted with an RFP and unnecessary meetings. We intend to use Lucro for more of our enterprise vendor selection initiatives going forward."
- Eric Thrailkill, Vice President and Chief Information Officer, AMSURG - an Envision Healthcare Solution

 

You Are Invited

Any healthcare organization seeking to buy a physician credentialing application in the coming year, and would prefer to spend half the time and resources to make a selection, is invited to use Lucro for that decision process.

Beyond credentialing, many additional topics are being addressed today in Lucro, and you can easily add any other project for which you seek a solution now.

In 2018, expect a replication of this model for many more technology and purchased services decisions, ranging from diabetes monitoring applications to emergency department staffing companies.

Also, we’ll be forming more strategic alliances with established, trusted industry associations and consulting firms, such as our previously announced partnerships with the American Medical Association and Health 2.0, for greater adoption of Lucro across healthcare providers.

Whether you are with a healthcare organization or a vendor that serves the industry, you are invited to join us to reinvent buying in healthcare by signing up here.

Follow these links for more information on how health systems and vendors can use Lucro today. Also, this whitepaper describes current use cases and benefits for key stakeholders.

Our entire team is grateful for your interest, encouragement, and support this past year, and we anticipate continued strides ahead in 2018!

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Bruce Brandes
Founder and CEO, Lucro

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