Solution offers real-time supply spend transparency Last Updated: February 4, 2015
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CHALLENGE

Hospitals today face historic challenges as reimbursement converts from episodic care driven by quantity to population health driven by quality. Healthcare entities must find solutions that allow them to more closely tie resource utilization and patient care. Real-time supply spend transparency is critical to achieving this goal. Hospitals must see all spend, including purchased services, from all their IT systems and from all facilities – acute, non-acute, physician office, ambulatory, etc.

SOLUTION

Efficient, effective cost management of supplies – generally the second largest expense for healthcare facilities – is a must today. To do so requires the ability to access data in real-time so decisions can be made quickly and savings opportunities can be attained even faster.

PremierConnect® Supply Chain significantly improves the ability to successfully manage the procurement process from start to finish. PremierConnect Supply Chain delivers an easy-to-use, high-performing cost management solution whether an organization is a single facility or a growing network of multiple locations. PremierConnect Supply Chain provides complete visibility to all spend so operations can be standardized without difficulty.

RESULT

Mount Sinai Medical Center in Miami Beach, FL, has used the MySpend™ solution from Premier, Inc. (NASDAQ:PINC) since it was developed, said Nate Yuen, Director of Surgery Operations and Business Development. “We have found MySpend very useful in identifying cost savings initiatives for both on contract as well as non-contracted spend.”

However, Yuen said, “there were capabilities missing” – the ability to drill down into data, cross referencing capabilities, and forecasting as well as a comprehensive look at contract categories.

“Once we saw the new PremierConnect Supply Chain solution we knew it is what we had been missing,” Yuen said. “We signed up immediately as early adopters for the Supply Analytics module. We now have complete transparency of our supply chain spend for the entire medical center.”

Leaders at Memorial Healthcare System in Miramar, FL, had a similar experience according to Saul Kredi, MBA, CLSSGB, Director of Supply Chain Management.

“When we saw the newly introduced PremierConnect Supply Chain solution – the powerful information it provides and how it is structured by category and for easy cross referencing – we were excited,” Kredi said. “This level of transparency and real-time data will allow us to drive standardization and make better strategic decisions around our spend.”