August 19, 2022 – GHX announced customer Stanford Medicine has been named a finalist in the 12th annual Constellation Research “SuperNova Awards” in recognition of its collaboration with GHX to improve its Procure-to-Pay (P2P) operations. As digital transformation evolves across industries and geographies, organizations must make greater investments in technology to remain leaders in their field. The SuperNova Awards recognize individuals and teams who are prioritizing disruptive technology and transforming their organizations with digital initiatives.
Stanford Medicine and GHX set out to build a stronger, more reliable data foundation to drive more informed decisions about the healthcare organization’s P2P operations. By cleansing and integrating multiple sources of data across the organization to increase visibility into cash flow, Stanford Medicine has been able to:
- Successfully automate nearly 100 percent of invoices, eliminating costly delays and inefficiencies in order processing and meeting payment terms
- Improve inventory data accuracy to support real-time supply chain decision making
- Strengthen supply reliability efforts during product shortages
- Maximize savings and reinvest in patient care
- Deliver financial reporting in the P2P cycle
“Savvy digital leaders from all industries have made the move from digital channels to digital business models. Despite a high level of uncertainty, rampant inflation, rising interest rates, uncertain inventory and a massive labor shortage, this year’s SuperNova Award winners have made a significant impact to their businesses,” said R “Ray” Wang, founder and CEO of Constellation Research. “The lessons learned from these organizations provide a strong template and great inspiration for other leaders looking to pave the way in their organizations.”
“From the outset, Stanford Medicine’s dedicated team set out to create a system that would improve financial, operational and, ultimately, clinical outcomes. It’s gratifying to see their years of hard work recognized,” said Bruce Johnson, president and CEO, GHX. “We take pride in the relationship we have built over the years and aspire to apply this blueprint for success more broadly so that we can drive more data-driven decision making across the healthcare ecosystem.”
The 2022 SuperNova Award judges, comprised of technology thought leaders and journalists, selected finalists who demonstrated success in implementing cutting-edge business models and emerging technologies for their organizations. Finalists achieved remarkable results, including competitive advantage, cost savings and quantifiable improvements in agility.