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A quick story: One hospital needs two ultrasounds, but for two different departments. For a lot of providers, a traditional capital procurement process would result in two supplier quote requests, with stakeholders completely unaware that another unit within wanted to make the same purchase.

With this archaic process, this hospital has no ability to aggregate their purchases for cost savings, or have visibility into purchasing to know where added value may be found.

This was the case for an actual provider customer of OpenMarkets. Two different clinical administrators made a request to different contacts at the same supplier for the same ultrasound approximately a month apart. However, since the transaction was completed in the OpenMarkets marketplace, the discrepancy was discovered and resolved within a day. OpenMarkets contacted the supplier, who was able to match discounts and efficiently complete both deals. In the end, the provider saved thousands of dollars and the supplier saved a ton of time.

OpenMarkets can help you create more efficient capital transactions. That’s why our team is hosting a live webinar on Thursday, June 16th at 2:00pm EST to cover tips and tools for managing your capital spend and improving your capital management process.

Ready to create a support system that brings together clinical, finance, supply chain and vendor stakeholders? Tune into the webinar to learn:

• Why capital equipment SG&A is so high and how we can lower that number

• How providers are fighting to reduce price variation

• What current capital process best practices look like

• How a “marketplace” for equipment planning and buying could impact providers

Register now! 

Tom Derrick

Tom leads a range of core functions for OpenMarkets, including strategic partnerships and marketing. Prior to OpenMarkets, Tom served as a senior communications director for... More about Tom Derrick