Managing the Costs Of Backordered Medical Supplies

Many U.S. healthcare facilities routinely run low on medical supplies at critical moments, forcing them to postpone surgeries, reschedule appointments and not be able to provide adequate care to patients. In addition to driving up costs, long lead times for some products may force critical treatments to be delayed and require hospitals to use therapies with which clinicians aren’t familiar. That’s where OpenMarkets and Central Infusion Alliance (CIA Medical) come in.

According to the estimates of CIA Medical, the average price paid for backordered supplies can be 100 to 500 percent higher than for non-backordered items. COVID-19 has made it nearly impossible to source PPE quickly and affordably, leaving many hospitals and healthcare providers to pay extravagant amounts for otherwise inexpensive products.  

Amidst the pandemic, healthcare providers are facing even more challenges than ever before. Managing the supply of face masks, face shields and disinfectants without blowing up their budgets can be extremely difficult. As many facilities struggle to buy N95 masks, CIA Medical continually sources hard-to-find medical products at critical moments. CIA Medical has the ability, expertise, and desire to help their customers meet the challenges brought on by supply shortages.

CIA Medical’s medical supply sourcing capabilities are second to none. With their arrival on the OpenMarkets Exchange, our healthcare providers have access to any medical product imaginable without the extravagant costs. CIA Medical has relationships with vendors around the world that grants access to latest PPE and healthcare equipment including N95 masks, gowns, disinfectants, and more. 

In addition to providing one-of-a-kind sourcing capabilities to healthcare providers, CIA Medical is passionate about giving back to the community. In the spring of 2020, for many organizations, it was difficult to procure much-needed face masks. CIA Medical elected to donate masks in person to the people at the front line protecting us and serving the community. Read more about their donation here.

Join other OpenMarkets providers in shopping CIA Medical’s 20,000+ wholesale PPE products including ready-to-ship N95 masks on the Exchange!  Sign-up or log-in to the OpenMarkets Exchange today at no cost.

 

† “Revisiting Supply Cost Strategies.” The Advisory Board Company, Financial Leadership Council, 2013.

‡ Abdulsalam, Y., and E.S. Schneller, “Hospital supply expenses: An important ingredient in health services research,” Medical Care Research and Review. 2017.

 

 

About Author

Tom Derrick
Tom Derrick

Tom leads a range of core functions for OpenMarkets, including strategic partnerships and business development. Prior to OpenMarkets, Tom served as a senior communications director for a rapidly growing medical device manufacturer, and as a D.C.-based public relations director conducting advocacy for the orthotic and prosthetic community. Tom is a co-founder of OpenMarkets. He has degrees from Wake Forest and DePaul Universities.

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