Start improving the way you use your capital budget dollars today!
Glenda Moore, Director of Materials Management at Regional One Health in Memphis, TN, recently sat down with OpenMarkets to discuss how she utilizes her hospital’s capital budget dollars to buy medical equipment. She explained that as a Level One Trauma Center and safety net hospital, Regional One is trying to do more with less and fulfill their mission with a shifting payor mix and changing reimbursement patterns:
“We have to try and be frugal with our funds when purchasing equipment, so I like to save money on equipment that can then be used for something else.”
Instead of purchasing equipment based on planned budget allocations, Regional One’s procurement process occurs more on a case-by-case basis. Glenda explained that the Materials Management department can submit a number of capital equipment items they’d like to purchase to the foundation, who may fund the purchases, but it acts more like a wishlist based on the allocation of available funds and necessity of the equipment - the equipment may not always get approved. She further said that many times, her end users do not negotiate prices and think that the initial price given by the Supplier is what they have to pay.
“My end users will send me a list of equipment that they have secured funding for, but a lot of it is higher than what I think we should be spending, because they used no comparative data. I’m trying to get my end users to give me the opportunity to help them get the best pricing for the equipment we need so we can better utilize our funds.”
Glenda knows the importance of considering different options when researching equipment - she mentioned that Regional One’s inventory of point-of-care ultrasounds is made up of a number of different manufacturers. This is when she turns to OpenMarkets to research products in order to save money where she can.
Regional One uses additional resources to find best pricing, one being their GPO. However, it is not the perfect option for Glenda:
“Our GPO contract is only helpful when the product is already part of the contract - I would recommend OpenMarkets first, because there’s no cost to it.”
Glenda’s been using OpenMarkets since 2018. In fact, she first used the platform to sell old equipment:
“We had some old, outdated equipment that I put on OpenMarkets. We got a response, which was great, and we were able to get some cash and credit back for that. That’s when I started using OpenMarkets regularly to get quotes for new equipment, compare products that we needed, and make sure that we were getting the best price.”
Regional One Health is a 348-bed, independent hospital in Memphis, TN. Glenda has had several successful transactions on The Exchange since working with OpenMarkets, including both buying and selling equipment. She first sold 56 beds to Alternative Source Medical, then moved on to use The Exchange to buy equipment for Regional One. Some of her purchases have included charging stations from Philips Healthcare; case carts from Lakeside Manufacturing; and a sterilization system from STERIS.
Here are just some of the products she has successfully bought and sold with OpenMarkets:
• Portable ultrasound
• Charging station
• Bladder Scanners
• Foodservice Refrigerator
• Hoyer lift
• Travel monitors
• Sleep recliner
• Stryker chairs
• Exam tables
• Beds & Stretchers
Sign up today (at no cost!) to join Glenda on OpenMarkets and start improving the way your organization buys and sell equipment.