Medpricer is pleased to announce the upcoming conclusion of its “Pulse of the Market“ survey of healthcare executives involved in the supply chain. Alarming findings revealed from early respondents indicate that 90% don’t have a clearly defined process to achieve their purchased services savings goals and less than 14% of supply chain staff have expertise in developing and performing RFPs for all purchased service categories.
Purchased services represent more than $100 Billion annually or up to 40% of a hospital’s supply chain costs. As hospitals and healthcare systems nationwide are confronting increased financial pressure and being forced to cut jobs and services, they must identify savings across all services to meet shrinking budgets. The stakes have become far too high to continue ignoring the overlooked savings available in purchased services departments.
We find that industry-leading sourcing teams can save between 10% and 78.5% on purchased services, which leads to more cash on hand to address budget shortfalls. Typical barriers that prevent access to these savings in purchased services include:
- Limited visibility into spend due to incomplete or flawed data that doesn’t reveal accurate and current contract terms, supplier data and pricing.
- Inability to execute a systematic sourcing strategy that drives high impact results. The typical cause is that organizations do not have cross-functional sourcing teams equipped to execute a tightly managed process on a category-by-category basis that engages both internal stakeholders and external vendors.
- A lack of available resources necessary to optimize purchased services effectively.
Are you experiencing these challenges? Click here to take the benchmark survey before June 30th and have your voice heard. Don’t wait! See how you compare to your peers (all respondents will receive a report of the complete findings).