Optimizer, a OpenMarkets data-driven SaaS product, identified a solution benefiting a west coast children’s hospital and their chosen supplier, resulting in nearly $30,000 in cost avoidance for the hospital and an on-time purchase order for the supplier.
The Challenge:
Like many hospitals, this children's hospital has been grappling with the challenge of managing the inflationary pressures of medical equipment and labor shortages. Sourcing equipment is a time-consuming process, and as sourcing departments are increasingly stretched, sourcing has become even more demanding. As a result, suppliers are increasingly burdened by slower sales cycles.
This specific hospital was in the process of selecting a musculoskeletal product. As part of the review, there was interest in a product and pricing analysis and an assessment of their existing quote to assure optimal pricing was achieved. The problem? That takes time, a lot of time.
OpenMarkets Optimizer Solution:
The hospital leveraged Optimizer to run a thorough analysis of the quote. As part of the solution, the hospital loaded their quote into Optimizer, which then kick-starts a proprietary 15-step data review and market analysis. Specific areas of focus – depending on selected interests of the buyer – include pricing verification, comparable product exhibit, and a review of refurbished/demo products available on the market.
Within 48 hours, Optimizer returned a revised quote with 2.5% savings and a detailed report of the project for the hospital's purchasing records.
“Optimizer is how we maximize value and minimize costs," said the Purchasing Manager. “It's easy-to-use software and saves us hundreds of thousands of dollars and countless hours. It’s made our team far more efficient.”
Results:
Buttressed by the additional Optimizer-created savings of $27,500, the hospital continues to stay under budget and on-time, allowing the supply chain team to more strategically deploy resources towards other capital purchases and projects. Optimizer is creating positive outcomes for the supplier as well; this specific supplier partner gained new visibility into the deal cycle and received a PO faster, allowing them to hit their own timing deadlines. A win-win scenario that improves and simplifies the market. OpenMarkets is committed to delivering exceptional value to our customers and is focused on innovative solutions simplifying healthcare equipment purchasing.
Click here if you are an organization seeking to optimize your capital procurement process!
