This is the first of a weekly column presented by the North Texas Enterprise Center, or NTEC, Frisco’s only business accelerator and home to 2 dozen startups. We’ll be covering NTEC and tech news.
HOW A FRISCO STARTUP FOUND THE SOLUTION TO HEALTHCARE’S BIGGEST PROBLEM: CUTTING COSTS
The biggest challenge healthcare systems are facing is cutting costs without compromising standard of care and a Frisco startup has found a solution in what is being called a “new frontier of savings” in healthcare.
Changes in healthcare laws, rising expenses, state cutbacks, fewer paying patients and the struggle to pay employees fair market rates all contribute to higher budgets for healthcare systems across the country.
Heckler knew that consolidating the number of vendors hospitals use would contribute to savings and knew that benchmarking would make it easier and faster to find savings.
One of the challenges for hospitals was recognizing what fell under the umbrella of “purchased services.” Heckler created his own list to include managed services (foodservice, laundry, housekeeping), Revenue Cycle Services (collections, billing, reimbursements), some IT/Telecom (EMR, phone service), a few HR categories (Staffing, clinical education software/services), and Support Services (couriers, freight services, etc.) to name a few.
Valify is one of the two dozen startups that operate out of the North Texas Enterprise Center, or NTEC, in Frisco and now serves close to 150 hospitals in 22 healthcare systems across the country continues to grow.
NTEC is a business accelerator that provides resources and mentorship to startups and entrepreneurs with a future in Frisco.
Valify is enjoying steady growth in its first year in business and Heckler hopes more hospital systems will recognize the solution to cost cutting is at their fingertips.