ECRI Institute has announced a new platform to enable members to identify cost-saving opportunities across their supply inventory. PriceGuide 5.0, the latest edition of ECRI’s pricing tool, aggregates data from $26 billion in spending data collected from facilities nationwide over the past 13 months. The Institute projects that total savings to participants in PriceGuide falls between $1 billion and $5 billion.

The user interface includes a dashboard that allows hospitals to gauge the competitiveness of their pricing on a scale of 0 to 100 compared with other facilities. Interactive charts also allow users to identify potential for savings according to manufacturer, vendor, department, category, or item, and facility, and to view spend and savings trends over a 1- to 3-year time span.

“Managing clinical supply spend matters now more than ever,” said Tim Browne, ECRI director of the PriceGuide service. “As hospitals tighten their belts and continue to merge, collaborate, and consolidate, they need the most reliable benchmarks and market analytics available to negotiate the best pricing and deepest discounts from their suppliers.”

For more information, see the ECRI Institute announcement.