Nearly 80% of hospital executives say optimizing the supply chain cuts costs and improves margins

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TAMPA, Florida, December 8, 2021 / PRNewswire / – As the ongoing pandemic continues to challenge the national supply chain, effective supply chain management plays a critical role in hospital margins, patient care and staff satisfaction. A stronger, more resilient supply chain has been proven to eliminate waste, streamline workflows, and reduce the risk of supply shortages.

However, according to a recent survey, many hospitals and healthcare systems continue to postpone critical supply chain improvement initiatives that will result in significant long-term financial gains as well as clinical and personnel benefits for their patients. organizations.

The results of the investigation appear in a market report recently published by Syft,® a leading provider of AI-enhanced inventory control and end-to-end hospital supply chain management software and services.

Syft asked Sage Growth Partners, a healthcare consulting firm, to survey 100 hospital and supply chain leaders in August 2021. Respondents were from acute acute care hospitals, children’s hospitals, long term acute care hospitals and specialty hospitals.

“With increasing pressure to improve results and bounce back from the pandemic-induced revenue losses, it is time for hospitals to step up the pace of supply chain improvement initiatives,” said Todd plesko, CEO of Syft. “Our research reveals that most hospitals have not yet gone beyond basic strategies to implement lasting changes that will strengthen the supply chain, such as improving real-time visibility into supplies. and the implementation of AI and demand forecasting tools. This raises alarming questions regarding continuous supply. vulnerabilities in the chain that could have a dramatic impact on patient safety and staff retention. “

The main findings of the survey include:

  • Sixty-five percent said better supply chain management could improve margins by 1-3%, while 23% of respondents believe margins can improve by more than 3%.
  • Most respondents (94%) agreed that supply chain analysis can reduce supply chain costs. Seventy-six percent said it could improve quality.
  • Less than a quarter (24%) said their organizations identified opportunities for standardization in the offering very well.
  • Only 14% said they had corporate visibility on the savings opportunities related to supplies.
  • About a third of respondents (32%) said it would cost their organization more than $ 500,000 every year to meet new supply chain regulations like California Assembly Bill 2357.

In addition to the main findings above, the report also provides Syft’s main recommendations for hospitals to better create a supply chain that improves margins. By implementing more efficiency and identifying waste in the supply chain, hospitals can reduce spending by 17.7% per year on average. Syft’s recommendations include:

  • Use analytics to reduce supply chain waste and identify opportunities for standardization.
  • Maximize OR throughput and improve staff satisfaction with improved supply chain efficiency.
  • Enjoy continuous margin improvements through AI and demand forecasting.

“The pandemic is increasing the pressure on hospitals to rethink their strategic priorities and start quickly making supply chain optimization improvements that improve margins,” said Dan D’Orazio, CEO of Sage Growth Partners. “Standardizing supplies, looking for hidden efficiencies, and injecting predictive analytics into supply chain operations are ready ways for hospitals and health systems to save money and costs. lower the costs.”

The full market report is currently available for download from the Syft website.

About Syft. Syft® enables enterprise-wide inventory management through a powerful combination of services, automation tools and real-time data analysis. The complete Syft Synergy® platform eliminates the need for multi-point solutions and facilitates immediate supply savings through a range of features including master data management, inventory services, supply chain management software ‘advanced sourcing, analysis and reporting. Founded in 1999, Syft is used by more than 245 customers (970 US hospitals) to control costs, processes and productivity across the organization. For more information, visit Syft at www.syftco.com.

About Sage Growth Partners. Sage Growth Partners accelerates the business success of B2B, B2B2C and B2C healthcare organizations with a focus on growth. The company helps clients thrive amid the complexities of a rapidly changing marketplace through deep domain expertise and an integrated application of research, strategy and marketing. Founded in 2005, Sage Growth Partners is located in Baltimore, Maryland, and serves clients such as Pyx Health, ProgenyHealth, the National Minority Health Association, Philips Healthcare, US Renal Care, Quest Diagnostics, Livongo, Olive, and iN2L.

For more information
John gonda
616-309-4888
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SOURCE Syft

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