When Value Analysis Director Kristin Sinke joined Michigan-based Spectrum Health in 2017, the value analysis team for the 14-hospital system consisted of herself and one other person. Within two years, she had helped create a completely centralized program comprising 14 full-time employees (FTEs), and in March 2021, the team launched its first strategic outcomes-based partnership with Medtronic, a global leader in medical technology.
While hospitals and health systems, along with their suppliers, have long recognized the benefits of supply chain process automation—greater efficiency and accuracy, lower costs—the COVID-19 pandemic has revealed how critical it is to procure products in a timely manner.
Standardization is a primary goal for today’s health systems. Hospitals highly regard standardization as a valuable approach that promotes quality patient care at a cost-effective price. An additional benefit is the opportunity to reduce supply chain costs.
Compliance also benefits from standardization. The laws, regulations, guidelines, and best practices that govern healthcare are necessary to protect both patient and staff. However, driving compliance consistency across multiple venues can be challenging.
The clinical, operational and financial impacts of the COVID-19 pandemic on healthcare organizations have been well documented and publicized. As virus cases surged, hospitals were forced to cancel or delay elective procedures, stifling their most lucrative revenue stream.