Casechek Wins the 2023 Chicago Innovation Award
Chicago, IL— Casechek has been named one of the 22nd annual Chicago Innovation Awards winners.
As the city’s most recognized innovation award, the Chicago Innovation Awards celebrates innovations that have had a transformative impact in their respective fields. The award underscores the importance of innovation in creating positive change and pushing the boundaries of what is possible in business, technology, and society.
Casechek has been honored with this award for solving the challenge of the rep-managed supply chain through Bill-Only automation. From Procurement to Payment, Casechek is the only end-to-end patient-specific implant solution that integrates the ERP and EHR to align clinical and financial data. To learn more about Casechek’s Payment Solution, click here.
“The Chicago region continues to be a global leader in innovation”, said Tom Kuczmarski, co-founder with Chicago journalist Dan Miller of the awards. “The 2023 winners are solving unmet needs and making a difference in healthcare, science, logistics, art, food, beverage, consumer products, environment, industrial, energy, education, finance, manufacturing, social services, legal, HR, and workforce development”.
Unknown to many hospital executives, patient-specific implants account for a significant portion of a hospital’s supply chain expenses – up to ⅓ of all supply expenses and half of procedural expenses. Traditionally, hospitals have had little oversight or control over the payment (Bill-Only) process because vendor sales reps manage the process.
Hospitals have experienced operational inefficiencies due to multiple departments managing the process. The manual process delays accounts payable, causes missed charge capture from EHR documentation errors, and results in unnecessary spend on non-contracted items, overpayments, and other erroneous vendor fees.
One of Casechek’s core beliefs is that “great products are not built in isolation”. Casechek collaborated with numerous IDNs and stakeholders, including Northwestern Medicine, to ensure the solution delivered value to both hospitals and suppliers. Casechek uncovered and solved root problems through user interviews, deep data analysis, and process mapping.
With Casechek’s automated Procurement to Payment solution, hospitals have reduced administrative burden, improved patient safety, lowered procedural costs, and improved and predicted contribution margins.
“Nearly 350 organizations were nominated for this year’s awards”, said Luke Tanen, President and CEO of Chicago Innovation. “As a group, these nominees are responsible for generating over $3.8 billion in new revenues and creating over 10,000 jobs. The winners represent the best from this very impressive group”.