The COVID-19 pandemic revealed the vulnerabilities of hospital supply chains, prompting healthcare facilities to seek innovative solutions to address rising costs, inefficiencies, and the need for better strategic planning.
In L.E.K. Consulting's recent article, "How Hospitals Can Use Software to Drive Strategic Supply Chain Transformation," OpenMarkets was recognized as a best practice in the field. Let's explore how OpenMarkets and similar software platforms are transforming healthcare supply chain, making it more efficient and effective for both hospitals and suppliers.
Hospitals have been facing a perfect storm of challenges, including financial pressures, inflation, staffing shortages, and increased spending on medical supplies and equipment. This has highlighted the urgent need for supply chain transformation in healthcare. According to L.E.K. Consulting, hospitals are focusing on cost-effective contracting, standardization, workflow optimization, and reducing the total cost of ownership of equipment and supplies as key strategic initiatives.
Hospitals have three core unmet supply chain needs that OpenMarkets addresses:
- Current procurement processes are often manual and non-standardized, leading to inefficiencies.
- Procurement teams often lack visibility into corporate purchasing standards and preferences.
- Standardizing the procurement process can save time, reduce human errors, and improve the overall experience for stakeholders.
- Hospitals struggle with incomplete and non-standardized inventory data, making analysis and decision-making challenging.
- Complete, augmented data catalogs can provide context and enable efficient supply chain management.
- Data analytics help in preventing over-purchases and improving pricing negotiations.
- Hospitals are seeking to build stronger strategic partnerships with their suppliers.
- Virtual engagement opportunities around training, education, and procedural support are becoming more important.
- Resiliency programs and real-time visibility are critical for managing supply chain disruptions effectively.
The Impact of OpenMarkets:
OpenMarkets creates a true supplier-provider partnership by standardizing supplier and product details, streamlining the procurement process, and reducing rework, resulting in faster and more efficient purchasing. This not only saves time and costs but also enhances contract compliance, a crucial element for patient safety, worker productivity, and the bottom line. Moreover, OpenMarkets facilitates data visibility, enabling hospitals to manage their inventory effectively, reduce costs, and ensure the availability of the right products when needed. To gain a more comprehensive understanding of the impact of OpenMarkets, you can read L.E.K. Consulting's article.
For further information on how OpenMarkets is driving supply chain transformation and its potential benefits for your organization, please visit our website. OpenMarkets stands at the forefront of the $80 billion healthcare equipment market, connecting leading hospitals and equipment suppliers to work together more efficiently.