PartsSource, an online marketplace for medical equipment maintenance parts and services, unveiled significant expansions to PartsSource Pro, the company’s clinical resource management platform.
The new expansions, Visual Formulary Controls and the Supply Chain Risk Monitor, will be leveraged by the 1,500 member hospitals within the PartsSource Pro community. These new capabilities, powered by PartsSource PRECISION Procurement, will be demonstrated by PartsSource subject matter experts at the Association for the Advancement of Medical Instrumentation (AAMI) Exchange in San Antonio, Texas.
Control Variance System-Wide with Data-Driven Visual Formularies
Most hospitals source, order, manage, and reconcile 200 to 700 different replacement parts and are spending 10% to 30% more on medical devices and replacement parts than necessary due to cost variance.1 Supply chain and HTM leaders need greater visibility to make informed, data-driven decisions and the ability to forecast savings in one platform.
PartsSource Pro’s new Visual Formulary Controls provides evidence-based data and recommendations for healthcare organizations to implement digital purchasing policies to streamline the procurement process and improve supply chain reliability, while reducing cost variance and enabling clients to:
- Make informed decisions: Evaluate supply options and understand tradeoffs across quality, deliverability and cost.
- Improve efficiency: View purchase recommendations informed by over three billion data points and standardize procurement preferences at the system, facility, supplier, and modality levels.
- Simplify program management: View Formulary program savings-to-date and utilize recommendations to further increase savings. Formulary controls have proven to yield upwards of 40% annual cost savings and higher on select modalities, depending on the health system size and scope of implementation.
Improve Supply Chain Visibility and Resiliency with the Supply Chain Risk Monitor
As healthcare technology leaders face global supply chain disruptions, PartsSource provides technology-enabled insights to secure mission-critical supplies and ensure clinical availability and patient safety.
- Gain macro and micro visibility into risk: View relative supplier performance trends, benchmarks from peer hospitals across the country and evidence-based data necessary to mitigate impact.
- Reduce impact of disruptions: Utilize secondary buying options, stocking strategies and formulary rules to mitigate risks and manage trade-offs.
- Identify proactive strategies: Use the data in planning conversations with account management to explore opportunities such as expanded Guaranteed Stock and strategic Preventative Maintenance adjustments.
“With the ongoing supply chain disruptions that our hospital and the broader industry are facing, the solutions and support provided through our PartsSource Pro membership have helped mitigate the impact. The expanded data views coming through Visual Formulary Controls and Visual Analytics will enable me to see supply chain risks and equip me with the data required to evaluate tradeoffs between high quality alternative buying options,” says Jamie Elderkin, director of Biomedical Engineering, Bassett Healthcare Network.
1 Behm, Jason, et al. Reducing Cost Variance and Increasing Quality Across Medical Device Maintenance Purchasing. Journal of Clinical Engineering. Vol 46(2):94-97, April/June 2021.