17th
April
2017

Vendor Consolidation Spoken by the Best

Hot off the press is Will Kinsey, Vice President of Client Services at PartsSource. Will was just in 24×7 Mag, speaking about how lack of planning and inefficient processes can lead to poor decision-making for healthcare facilities. By looking for ways to streamline and improve the overall buying process of medical parts, facilities can benefit from vendor consolidation.

He recognized how it can be overwhelming searching for quality medical suppliers. A lot of time is spent searching the Internet and calling many vendors. But as more medical products are ordered, healthcare facilities invariably end up buying the same products from the same vendors at varying costs. This means they’re missing opportunities to save.

When a healthcare facility consolidates medical suppliers, quality analytics can be leveraged to help drive supply chain efficiencies in areas needing improvement within the procurement process. Also, by leveraging technology to consolidate vendors, they can have a holistic view of the process, giving hospitals the greatest opportunity for savings. They’ll be able to look at key initiatives, such as sustainability, innovation and risk reduction.

It can get hard tracking cost centers when parts spend is spread throughout the hospital, and this can happen from not having a standardized procurement process. A healthcare facility should always consider the reporting and analytics of a technology-based platform, because it can help create an efficient process. Utilizing strategic sourcing processes allows hospitals to leverage their relationships with a narrowed group of vendors who can negotiate on their behalf. Also, with fewer suppliers, the number of separate transactions decreases and so does the amount of time it takes to manage every supplier and their terms.

Utilizing the right platform will not only enable simple purchasing of on-demand parts, accessories and services online, but it will also integrate with asset management and ERP systems. PartsSource provides technology to help consolidate vendors and streamline the procurement process. To learn more, contact us today.