What are the benefits of an online reverse auction versus the standard procurement process?
In an online reverse auction, suppliers are invited to bid in a web-based auction in real-time. In this process, suppliers compete against each other to win the business, driving down the price in the process. Because suppliers can see the price they are competing against, but not who they are competing with, they are much more aggressive in discounting. Once the sourcing event is over, the buyer has the information he or she needs to make an informed decision. Because suppliers submit multiple bids in response to pressure, they have more opportunities to earn a buyer’s business then in a closed format.

What is the difference between a Web-RFQ and a Reverse Auction?
In a Reverse Auction, vendors bid in real time for your business. Prices are visible, and vendors can counter with new offers until the end of the auction. In a Web-RFQ, vendors submit proposals in real-time, but prices are not visible. Instead, vendors see whether or not they are the Leading Bidder, and can submit new offers until the end of the RFQ. Buyers can evaluate proposals and change Leading Bidders at any point during the RFQ. A Web-RFQ is an ideal procurement tool for purchases where clinical evaluations are ongoing, price visibility is an issue or where there are multiple factors involved. It features many of the pricing advantages of a reverse auction, but offers more flexibility to the buyer.

When is the best time to utilize MedPricer.com in the decision process?
For capital equipment it is best to utilize MedPricer.com when the decision has been narrowed down to three or more vendors based on quality. If you are a first-time buyer or are unsure of which vendors to evaluate, we will be happy to advise you or contact vendors on your behalf. Do not commit to any of the final vendors until the reverse auction has been completed.

Who does MedPricer.com represent — the buyer or the seller?
MedPricer.com is committed to remaining neutral throughout the e-sourcing process. Our goal is to provide an online bidding environment that brings buyers and suppliers together that will be mutually beneficial to both. Buyers get reduced prices while sellers reduce their negotiation costs, shorten the buying cycle, improve their forecasting and gain true market pricing.

What are the benefits of registering with MedPricer.com and participating in bidding events as a supplier?
Once you become a registered supplier with MedPricer.com your company information will be retained in our database. Anytime we receive a RFQ (Request for Quote) for goods or services that can be supplied by your company you will be considered for invitation to participate in the bidding event. This brings new business to you through no effort on your part and opens up the marketplace in which to showcase your goods or services.

Am I obliged to buy on price only?
Absolutely not, but the tools we use on your behalf ensure that you get each seller’s bottom line price. Why should you pay more than you have to?

How can I be sure of getting bottom-line pricing?
It is important that you maintain objectivity when evaluating equipment or disposables. We will assist you in making sure that all bids are completed in a narrow timeframe that is advantageous to both sellers and buyers. When suppliers compete, buyers get the best price available.

How is MedPricer.com compensated?
MedPricer is free for buyers, with suppliers paying a nominal 1.5% administrative fee on completed transactions. Seller’s fees are due when the PO is issued and accepted. Call (203) 458-6171 for details or e-mail us at sales@MedPricer.com.

How does the use of MedPricer.com help suppliers?
The negotiation of capital equipment and disposables is often time consuming, requiring costly travel expenses and time of upper management. MedPricer.com's negotiation tools dramatically reduce time, travel expenses, and the uncertainties of blind negotiations. The shortened buying cycle and knowing whether or not you are the leading bidder gives each company time to react to market pressure and to make counter proposals.

How do I get started?
Contacting MedPricer.com is the first step toward generating cost savings for your Hospital or Private Practice. We will assist you in deciding what items would make the best candidates for e-sourcing and our negotiation tools. You can reach us by sending an email to sales@MedPricer.com or by calling us at (203) 458-6171.

How does MedPricer.com reduce the typical procurement process?
Once vendors and specifications are identified, the bidding process is compressed into hours instead of weeks or months. Bidding occurs in real-time on our platform; no more hunting for faxes and quotes that may not compare easily. The MedPricer.com platform offers you automatic bid analysis and comparison tools and provides a full audit trail for each purchase you make.

Can I view a demonstration of MedPricer.com’s platform?
To see how quickly and easily Medpricer.com can make a positive impact on your bottom line, contact us to schedule an online or face-to-face demonstration.