This “single source of truth” for equipment standards is being built with preferred equipment suppliers.
UCI Health, the only academic health system in Orange County, CA, and one of six academic health systems comprising the larger University of California Health System, is partnering with OpenMarkets to create an equipment formulary driving adherence to equipment contracts and standards.
The formulary will allow UCI Health to design and systematize equipment standards across the enterprise, purchase more efficiently, and build valuable, long-term partnerships with its supplier partners.
As hospitals look to digitize more internal operations, web-based equipment formularies are quickly becoming the best scalable, enterprise-wide mechanism to drive equipment standards, direct end-users to preferred suppliers, and increase speed-to-order. UCI Health’s approach, developed on the OpenMarkets platform, will uniquely bring preferred equipment suppliers onto the formulary as partners, allowing key marketing and sales reps to communicate, quote, and provide rich product insight to clinical and operational users.
“What makes the UCI Health approach exceptional is that they are bringing standards – and their preferred equipment suppliers - to their end-users at the very beginning of the purchasing process,” says Trevor Wood, CEO of OpenMarkets. “The drive here is to be more efficient in all phases of the research, budgeting, and purchasing process. Enforcing standards at the outset, with suppliers in the loop, will drive new transparency for all and result in faster purchasing efforts for the right products at the right time.”
For UCI Health, long term goals include entrenching current equipment standards, and ultimately, gaining the data to create better contracts with suppliers, particularly as the UCI Health team supports the opening of a new medical center in late 2023.
UCI Health is the fifth health system in the United States to partner with OpenMarkets in the creation of an equipment formulary. To learn more about creating a custom formulary for your health system, please click here.