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.
