New Haven, CT. Yale New Haven Health (YNHH), the largest comprehensive healthcare system in Connecticut, is rolling out a unique equipment formulary to serve as the “go-to resource for ordering vetted and approved materials and equipment from YNHHS’ contracted vendors.” The formulary, developed on the OpenMarkets platform, is customized to only include the clinical, organizational and contracted equipment standards of YNHHS and to serve as the go-to-purchasing resource for all employees across the health system.
As part of the first phase of release, YNHH Corporate Supply Chain is working with clinical departments to identify preferred equipment and suppliers.
“This will be an incremental process, with items beings added on a rolling basis,” said Jim Fusco, Strategic Sourcing Manager. “We’re starting with items that we’re currently under contract to purchase. In the future, the formulary will include items as they are vetted and approved by departments and leaders.”
Key equipment suppliers, including Philips, GE and Medline, are actively participating in the vetting of products and working alongside clinicians, service line managers, and administrators in the OpenMarkets platform.
Three Key Outcomes
YNHH is excited about delivering the following benefits to the health systems over time:
1. Consistency with YNHH’s Care Signature
The YNHH Care Signature is a recognizable stamp that ensures that wherever patients go in the health system, they will receive YNHHS’ best standard of practice. The new equipment formulary will help YNHHS continue standardizing clinical and non-clinical supplies and equipment to reinforce the Care Signature.
2. Cost Savings
Having a one-stop shop for equipment orders will create new visibility, earlier, for Supply Chain and Finance leaders. This visibility will help Fusco and his team proactively use capital forecast data to work with key participating suppliers on unique contracts, deal acceleration and standardization initiatives. This creates several new ways to control costs throughout the health system.
3. Ease of Ordering
In the formulary, product information, pictures and technical specifications are available for review before ordering, along with vendor contact information to request price quotes and ask product questions directly from the local sales reps. This will allow YNHHS employees to more efficiently request quotes in the formulary and submit them for approval; this will also give the Finance team a more accurate cost forecasts to use during capital budgeting.
Learn more about how a custom equipment formulary could be built on OpenMarkets for your hospital or health system.