I want to take a little time to toot our own horn here, as GHX customers this week achieved a major milestone in our “5-in-5” goal. As of March 31st, we hit the $3 billion mark in healthcare supply chain savings. This is huge, having surpassed the halfway mark in our goal to take $5 billion out of the cost of healthcare in five years. Just typing “$3 billion” doesn’t convey just how much money has been saved. So I did a bit of research to try and find another way to represent it.
This is $1 billion dollars. Now multiply this by three. $3 billion dollars (in $100 bills) would need 30 forklifts to be moved. It’s a lot of money. OK, I think I got my point across!
At GHX our mission is to drive costs out of healthcare by running supply chain processes more efficiently and collaboratively. Reducing healthcare costs helps providers deliver cost-effective, high-quality patient care. And, at the end of the day, isn’t that all that really matters?
Working at GHX, I can attest to the fact that we live, eat and breathe healthcare supply chain. As the second largest and fastest growing expense for healthcare organizations, it is both a challenge and major opportunity to drive savings. And that is why a large focus of our upcoming Healthcare Supply Chain Summit is devoted to the topic of driving costs out of healthcare with help of the supply chain.
In a keynote that I am particularly excited about, Mark Laret, CEO of UCSF Medical Center, will discuss how it reversed a $60 million annual loss and, within five years, produced a $70 million annual gain by optimizing its supply chain (among other initiatives). Some of other sessions include: