The need for data visibility to improve decision making continues to be one of the most important healthcare supply chain outcomes needed in 2018 as identified by some of the most successful supply chain leaders in North America. The results are based on a survey conducted by Global Healthcare Exchange, LLC (GHX) with its Best 50 provider organizations on priorities and outcomes for the healthcare supply chain in 2018.
Today, supply chain is reported to represent 30 percent of hospital operations costs, ranking second only to labor costs. With governance over such a large percentage of a hospital spend, the GHX survey revealed a continued commitment by supply chain leaders to cost savings, spend visibility, and increased standardization and optimization of the supply chain. When asked to identify the top three supply chain outcomes needed in 2018, the following five areas were selected as the most important to healthcare:
The supply chain holds a vast trove of data that is the foundation for insights into meaningful use and best practices in healthcare business processes. Three of the top four desired 2018 outcomes are anchored in the need for accurate and accessible data, with other top outcomes requiring data and processes that improve efficiency.
“Supply chain leaders understand how critical quality data is to solving the large issues of cost, quality, and outcomes in healthcare,” said Bruce Johnson, president and CEO of GHX. “Every year we initiate a dialogue with our customers about what is most critical to them in solving the cost quality equation. There is consensus among this elite group that quality data is critical to steering their organizations’ decision making, but that it also has the ability to improve the efficiency of business processes and is at the heart of linking business and clinical processes.”
Healthcare Supply Chain Priorities for 2018
Supply chain initiatives these healthcare organizations will undertake in 2018 include:
Supply Chain’s Role in the Future of Healthcare
GHX also asked the Best 50 leaders in what areas supply chain would be critical to the future of healthcare. Improving data-driven decision making was the leading answer followed by maximizing efficiency and management of acute and non-acute spend, and expansion across the continuum of care, such as connecting the supply chain to clinical systems. Supply chain leaders anticipate the use of this information becoming key to value (cost and quality) measurement and an important metric for assessing overall financial performance.
GHX Best 50
To select the Best 50, GHX evaluates the performance of more than 4,100 hospitals in the U.S. and Canada currently connected to the GHX electronic trading exchange. Annually, GHX identifies the 50 healthcare provider organizations that score highest in automation of transactions with their trading partners, Exchange utilization and trading partner connections during the calendar year. The 2017 Best 50 were announced in February 2018. To view the Best 50 criteria, visit: https://www.ghx.com/about-ghx/ghx-awards/best50/.
Global Healthcare Exchange, LLC (GHX) is a healthcare business and data automation company, empowering healthcare organizations to enable better patient care and maximize industry savings using its world-class cloud-based supply chain technology platform. GHX brings together healthcare providers, manufacturers and distributors in North America, and Europe, who rely on proven healthcare-focused technology and comprehensive data to automate business processes and make more informed, timely and fact-based decisions. Solutions span procurement and accounts payable automation, contract and inventory management, vendor credentialing and management, business intelligence, payment management and other supply chain-related tools and services. For more information, visit www.ghx.com and The Healthcare Hub.