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With the increased pressure to lower costs, healthcare supply chain leaders must strike a balance between economical equipment purchases and improved quality of care. Using data from the OpenMarkets network, we have been able to extrapolate quarterly purchasing trends. Our goal is to help providers use this data to work more efficiently with their supplier partners and lower the costs associated with buying and selling healthcare equipment.
In a review of past activity from the months of April, May, and June, we have uncovered 4 key trends.
1) May and June are popular months for purchasing, and April is a popular month for budgetary quotes
Providers in the OpenMarkets community budget just 18.6% of their yearly dollar spend to the spring months, and make 23.9% of their annual item purchases in this same quarter. Purchases in May account for 10.2% of annual dollars spent, but this month receives the smallest budget allocation for the year with just 2.2%.
June is another popular month for purchases with 10% of budget dollars allocated and 9.2% of dollars spent. Providers need to balance out their budget by allocating a small portion of April and June to the month of May. April is the month where we see a high volume of quote activity from providers to suppliers, but they aren’t following through with purchase orders. Subsequently, the value of April purchases is the lowest of the year.