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At OpenMarkets, our job is to help hospitals buy equipment more efficiently. As we execute this vision, we’re amassing hundreds of millions of dollars in capital data across thousands of transactions. Unfortunately, our data is showing that all-too-often hospitals are paying thousands more for equipment than needed, as suppliers struggle to sell around inefficiencies innate in healthcare.
In a review of past activity in the months of January, February and March, we’ve revealed five key trends. Leading hospitals can use these trends to operate more efficiently, and to work proactively with their supplier partners to drive waste out of the healthcare supply chain.
1) Data across the OpenMarkets community shows that hospitals allocate the least amount of budgeted capital spend to January and February.
Jan and Feb average less than 1% of annual capital spend per month. However, March gets one of the highest chunks, with providers dedicating almost 19% of their yearly spend. So taken together, hospitals budget less capital dollars in January and February than any other month, and allocate nearly all of that quarterly budgeted spend to March.