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Advice and Information for Finance Professionals

How to Arm Yourself with the Latest Healthcare Knowledge

Did you know that supply chain management costs rank among some of the biggest expenses for healthcare and hospital systems?

2018 survey of healthcare executives found that reducing healthcare supply chain costs are one of their top priorities. What differentiates the supply chain for healthcare, as opposed to consumer goods, is that healthcare supplies can’t be stocked like traditional products.

A major factor in healthcare supply chain costs is the item preferences of healthcare professionals like physicians and surgeons. The specific requests of practitioners on preference cards (itemized lists of supplies needed for procedures) are the final say in many purchase decisions. To illustrate how expensive this practice can be: when Spectrum Health reduced the number of hand sanitizers from 30 to 3, the decision saved them over $30,000 per year. It’s estimated that practitioner preference items account for over 60% of healthcare supply chain costs. Without systems in place that prioritize uniformity and seamlessly update preference changes, then healthcare supply chains will continue to be a financial black hole, at a time when healthcare providers are experiencing higher costs and lower insurance expenditures.

Leverage Your Network to Stay Ahead

The Association for Healthcare Resource & Materials Management (AHRMM) of the American Hospital Association is the leading membership group for healthcare supply chain professionals. With more than 4,200 members, AHRMM provides members ample opportunities to learn from their peer network about how improving supply chains can lead to higher rates of efficiency and cost savings.

This year’s AHRMM conference will be held in San Diego from July 28-31. It’s projected that over 1000 people will attend this year. With over 80 speakers and 50 learning lab sessions, the learning opportunities will be vast. It’s a great opportunity to learn best practices from peers, build a more robust professional network, and make use of AHRMM’s member benefits.

Stop by booth #224 to learn more about how Oracle Healthcare can lead to the digital transformation healthcare providers need to improve supply chain management and control costs, while still maintaining high clinical standards.   

Register now for AHRMM 2019.

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