We helped MaineHealth source over $5 million in purchased services and realize $1 MM in savings.
No, reverse auctions have generally not been well received in healthcare and some suppliers have policies against participating in reverse auctions. Medpricer uses an online negotiation process that simply streamlines the traditional healthcare supply chain supplier negotiation process. We do not pit vendors against each other based on price, and all vendor proposals are kept strictly confidential from other vendors. As a result, the healthcare supplier community has broadly accepted the Medpricer process.
Medpricer provides several advantages over traditional, paper-based bidding is:
- Easier to compare competing bids: With paper-based bids, comparing various suppliers’ bids or even looking up historical prices on items is difficult. Medpricer’s interface makes it easy to compare bids in real time and stores an audit trail of all bidding event history, including emails, for future reference. The process also helps in standardizing the RFP approach across a health system.
- Reduces purchasing workload: Medpricer reduces the legwork involved for purchasing staff to gather data, verify pricing, create e-RFPs and analyze terms and conditions. Our dedicated team provides on-site support for these functions and is with you every step of the way through the bidding process.
- Proposal Analysis: Medpricer’s software includes proposal analysis of the competing suppliers’ bids, aiding the bidding process and accelerating selection of the winning supplier. Each bid can be analyzed line by line, allowing for analysis of key spend and value drivers. Complete bid history is stored on Medpricer’s secure, cloud-based private portal.
With reverse auctions, the focus is typically on reducing price and selecting the lowest cost supplier. Medpricer takes into account that the world of hospital procurement is more complex; other factors, such as service, physician or nursing preference, relationship with the supplier, may supersede price for some items. Therefore, our solution allows clients to compare bids line by line, so they can see the various factors contributing to price, and select the supplier providing the most attractive total value offering for the hospital’s unique business needs.
Health systems must always look at how to balance cost and quality; to do more with less. Health systems can benefit from Medpricer’s experience and technology to obtain more competitive bids without requiring an IT investment or incurring a cost to use the service for most transactions. The Medpricer purchased services system gives purchasing departments and clinicians the ability to determine which supplier’s offer is best suited for their needs, and Medpricer’s industry experience and technology help drive the negotiation.
Real-time moderated e-negotiation is an online negotiation platform that provides a framework for the procurement bidding process. Medpricer’s cloud-based solution includes a full service support team that provides the electronic RFP and pre- and post-bid financial analysis.
Our cloud-based hosted solution has no software to purchase, no IT investment required, and is offered at no cost to the hospital for most transactions. Suppliers who are awarded a given contract pay a nominal service fee to Medpricer upon accepting the contract.
Medpricer was founded in 2006. The company’s staff has more than 100 years of combined healthcare industry experience in negotiating contracts with hospitals.
Medpricer was founded to help hospitals and health systems cut costs by securing better contract terms and pricing. We enable healthcare professionals to save valuable time by implementing a highly-efficient electronic sourcing solution that was designed from the ground up to meet the needs of the healthcare supply chain. Further, we know that reducing cost in the healthcare supply chain is more than just saving time and money. It is about relationships, and we develop close relationships with our clients as we work together to meet their financial goals. By fostering extensive communication, the Medpricer process strengthens hospital-supplier partnerships.
Our mission is to help our clients provide the best possible care for their patients through the procurement of top quality products and services, at best-in-class terms and pricing.
Medpricer has developed a process based on over 11 years of experience in healthcare sourcing, our proprietary database of billions sourced and categorized, and our sophisticated online negotiation technology. We also bring category expertise, and we have recent market intelligence because we are conducting multiple sourcing projects each year (where health systems may normally only source a given category every 3-5 years). Some of the most sophisticated supply chain departments in the country are finding they can do even better by partnering with Medpricer.
Absolutely not. Medpricer understands the importance of good supplier relations. Our project managers are trained to be unfailingly professional and polite in all supplier interactions. Medpricer assists members and suppliers in coming to a mutually beneficial agreement, which strengthens good supplier relationships.