Understanding spending is essential for any organization's success. One of the key ways to achieve this financial success is by analyzing spending and identifying areas where a practice can save money. By doing so, one can make informed decisions, optimize cash flow, and increase profitability. In this post, we discuss how spend and saving analysis and insights can benefit healthcare practices and introduce a powerful tool, 86 insights, that can help achieve these goals.
base86 recently released a new analytics product, 86 insights, a powerful spend and saving analysis tool that can help dental practices understand their spending patterns and identify areas for improvement. This tool provides a comprehensive view of a dental practice's expenses and helps identify areas of unnecessary spending as it relates to supplies, consumables, and equipment. The model also supports partner organizations, such as GPOs, DSOs, DMOs, DPOs, and various consultancies, who work with both suppliers and dental practices to analyze and optimize their supplies spend.
Some of the key benefits of using 86 insights:
1. Identify trends and patterns: 86 insights allows dental practices to analyze their expenses over time, which helps identify trends and patterns in spending. This can help practices better understand their cash flow and make informed decisions about future spending.
2. Evaluate vendor performance: The tool helps dental practices evaluate the performance of their vendors, which can help identify areas where they can negotiate better pricing or switch to a more cost-effective vendor.
3. Optimize inventory management: By analyzing inventory management data, 86 Insights can help dental practices identify overstocked or understocked items, which can lead to significant cost savings.
4. Improve profitability: By identifying areas of unnecessary spending and optimizing vendor relationships, dental practices can increase their profitability.
Using 86 Insights for spend and saving analysis is simple. The tool aggregates data from a variety of sources, including invoices. Once the data is extracted with the help of AI and HITL, practices or partners can generate annual saving reports and compare prices between multiple suppliers. This report can also be extracted into a CSV file for you to edit.
To summarize, spend and saving analysis is a critical tool for businesses to ensure financial stability and growth. 86 insights is an effective and powerful tool that can help businesses identify spending patterns, optimize vendor relationships, and increase profitability. By utilizing this tool, businesses can gain valuable insights and make informed decisions about their spending.
In today's competitive market, taking control of finances is essential for long-term success!