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During the final broadcast of 2016, TK Khen, Director, Purchased Services at TPC and his colleague Andrew Parry, Manager, Purchased Services, led a discussion aimed at improving the healthcare capital equipment procurement process. The broadcast recording is now available for viewing.
Tom Derrick, OpenMarkets Co-Founder and Senior VP, joined Khen and Parry for the hour-long broadcast, which revealed TPC’s unique approach its members take to capital equipment data aggregation, contracting and working with suppliers. Khen and Parry explained how members are able to drive a proactive capital sourcing strategy that is constructed on shared data. This approach, they noted, not only reduces provider costs, it also establishes better partnerships with key suppliers like Philips Healthcare.
Innovation such as this is more important than ever, said Derrick, and today’s healthcare economic model is not sustainable. The healthcare percentage of GDP is 17.8%, doubling since 1980. Also, merger and acquisition activity in healthcare is exploding and was $174BN in 2015. The greying of America will also impact the healthcare economic model going forward, as the 65 and over population, which was 12.4% of the U.S. population in 2000, will be 21.7% by 2040.
As these factors continue to shift the economics of healthcare, Khen said the industry must pursue innovation. “For TPC, innovation is a core value,” said Khen. “Doing a better job with capital is a member-driven priority.”
Parry also revealed TPC’s new partnership with ROi, which is effective as of December 2016. Its current relationship with Vizient will expire Dec. 31. Parry said TPC would work collaboratively with ROi on potential capital opportunities.
OpenMarkets Healthcare Supply Chain Broadcast Series is aimed at educating healthcare providers and equipment suppliers on how new processes and intelligence can be utilized to save valuable time, better collaborate with customers, and maximize efficiency. Click here to view the newest recording.