How Can Hospitals Reduce Supply Chain Costs?
The medical industry is spending millions in resources to get the right supply of products at the required points. However, recent surveys and analyses by independent firms have shown that the supply chain represents almost half of the overall budget of a hospital. Yes, the hospitals have been spending almost half of their operating revenue as well as investment in the supply chain. Not only India, but the same story can also be observed all over the world in major nations such as the USA, UK, Australia, etc. However, what the healthcare organizations do not realize is that proper management and strategic decisions implemented in time can help in the reduction of the supply chain costs.
A recent change- much appreciated The trend of supply chain management and making the right decision has finally been given the green flag. SBH Health Systems for the first time ever, moved to award Medline a 3 year contract worth 40 million dollars, focussing on improving its operational efficiency. According to this contract, Medline would become its prime vendor for the next three years. Known to many, SBH is home to the popular St. Barnabas Hospital which is a large 437-bed profit-based hospital and trauma center. As per reports, Medline is supposed to provide the medical network and SBH with a wide array of medical equipment and consumables for the years to come. The supply of medical equipment and necessities to the network will help the hospital in streamlining the supply chain operations to a great extent. In order to help the hospital keep a track of all the business transactions, Medline also offered assistance through online software INSIGHT that would help the hospital track every tool, equipment or supply along with the expenditure in quarters. However, such a step is still awaited from hospitals and care facilities in India who have gradually begun to understand the importance of reduction of supply chain costs and making the right buying decisions. After all, it is crucial for any vendor contract or partnership to go in line with the hospital’s vision of providing the best healthcare services and products to all their patients. Nothing is more important than improving the quality of patient care which can be easily achieved with an efficient medical supplies procurement process. Smart Medical Buyer- Bringing the Change Smart Medical Buyer is one of the most trustworthy and of course one of its kind online medical supplies store that has pledged to provide quality products to all hospitals as well as on-site medical stores to ensure that consumers receive quality products at better rates. The hospitals in India still depend on the manufacturers and unorganized distributors for end delivery which increases supply chain costs. To make sure that the costs are reduced and delays are minimized, the Indian Healthcare Providers need to understand the importance of making the right buying decisions. Smart Medical Buyer is committed to the same mission with a goal to revolutionize the medical supplies domain with its quality delivery of high-end medical products and equipment.
