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In the most recent installment of the “Supply Chain Tip of the Week,” Tom Derrick from OpenMarkets shared his advice to help providers discover and evaluate new equipment suppliers with Becker’s Mackenzie Bean.

Supply chain tip of the week: Using the right equipment suppliers at the right time

*Written by Mackenzie Bean May 08, 2017*

More than 2,500 suppliers provide healthcare equipment to the U.S. acute care market, according to Tom Derrick, a senior vice president at Chicago-based OpenMarkets.

He said supply chain leaders can take full advantage of this market by using a streamlined approach to discover and evaluate new equipment suppliers, which can boost innovation, create more product choices for clinicians and lower costs.

Mr. Derrick shared the following tip with Becker’s Hospital Review.

“When it comes to product purchases and departmental need, supply chain must balance the economics of the purchase with the quality of care. Having a streamlined way to bring in new equipment suppliers can keep clinicians happy by offering more choices and help providers meet budget goals through greater cost savings.

“Supply chain leaders need to have a plan for when and how they bring in and vet new suppliers for non-standardized equipment categories. There are hundreds of distributors and new equipment manufacturers in the market now, all able to serve hospitals in cost-efficient ways.

“Having an easy way to know the market share across equipment categories is one way for a supply chain leader to facilitate more supplier competition for their capital dollars. For example, the ultrasound market is highly competitive. Knowing who the suppliers are and having an easy way to collaborate with them in your capital process is key to maximizing dollars in this high-spend category. A proactive supply chain leader can drive down costs by tens of thousands of dollars simply by bringing in the right mix of suppliers at the right time.”