TAMPA, Fla., Dec. 8, 2021 /PRNewswire/ -- As the ongoing
pandemic continues to challenge the national supply chain,
efficient supply chain management plays a critical role in hospital
margins, patient care, and staff satisfaction. It has been proven
that a stronger, more resilient supply chain eliminates waste,
streamlines workflows, and reduces the risk of supply
shortages.
However, according to a recent survey, many hospitals and health
systems continue to put off critical supply chain improvement
initiatives that will result in meaningful, long-term financial
gains as well as clinical and staffing benefits for their
organizations.
The survey findings appear in a newly released market
report from Syft,® a leading provider of
AI-enhanced inventory control and end-to-end hospital supply chain
management software and services.
Syft commissioned Sage Growth Partners, a healthcare
consultancy, to conduct the survey of 100 hospital and supply chain
leaders in August 2021. The
respondents hailed from short-term acute care hospitals, children's
hospitals, long-term acute care hospitals, and specialty
hospitals.
"With mounting pressure to improve the bottom line and bounce
back against pandemic-induced revenue losses, it's time for
hospitals to pick up the pace on supply chain improvement
initiatives," said Todd Plesko, CEO
of Syft. "Our research reveals that most hospitals haven't yet
moved beyond basic strategies to implement lasting changes that
will fortify the supply chain, such as improving real-time
visibility into supplies and implementing AI and demand
forecasting tools. This raises alarming questions regarding ongoing
supply chain vulnerabilities that could drastically impact patient
safety and staff retention."
Key survey findings include:
- Sixty-five percent said better supply chain management could
improve margins by 1-3% with 23% of respondents believing margins
can improve by more than 3%.
- Most respondents (94%) agreed that supply chain analytics can
reduce supply chain costs. Seventy-six percent said it can improve
quality.
- Less than a quarter (24%) said their organizations identify
supply standardization opportunities very well.
- Just 14% said they have enterprise visibility of cost-savings
opportunities related to supplies.
- About one-third of respondents (32%) said it would cost their
organizations more than $500,000
annually to meet new supply chain regulations like California
Assembly Bill 2357.
In addition to the key findings above, the report also provides
Syft's top recommendations for hospitals to better create a
margin-enhancing supply chain. By implementing more efficiencies
and identifying waste in the supply chain, hospitals can reduce
their expenses by an average of 17.7% annually. Syft's
recommendations include:
- Use analytics to reduce supply chain waste and identify
standardization opportunities.
- Maximize OR throughput and enhance staff satisfaction with
supply chain efficiency improvements.
- Reap continual margin improvements with AI and demand
forecasting.
"The pandemic is upping the pressure on hospitals to rethink
their strategic priorities and begin making margin-enhancing supply
chain optimization improvements quickly," said Dan
D'Orazio, CEO, Sage Growth Partners. "Standardizing supplies,
finding hidden efficiencies, and injecting predictive analytics
into supply chain operations are ready means for hospitals and
health systems to save money and cut costs."
The complete 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 analytics. The comprehensive
Syft Synergy® platform eliminates the need for multiple point
solutions and facilitates immediate supply savings with a range of
capabilities including master data management, inventory services,
supply chain management software, analytics, and advanced
reporting. Founded in 1999, Syft is used by more than 245 customers
(970 U.S. hospitals) to control costs, processes, and productivity
across the entire organization. For more information, visit Syft
at www.syftco.com.
About Sage Growth Partners. Sage Growth
Partners accelerates commercial success for B2B, B2B2C, and
B2C healthcare organizations through a singular focus on growth.
The company helps its clients thrive amid the complexities of a
rapidly changing marketplace with deep domain expertise and an
integrated application of research, strategy, and marketing.
Founded in 2005, Sage Growth Partners is located in Baltimore,
MD, and serves clients such as Pyx Health, ProgenyHealth, the
National Minority Health Association, Philips Healthcare, U.S.
Renal Care, Quest Diagnostics, Livongo, Olive, and iN2L.
For More Information
John
Gonda
616-309-4888
jgonda@sage-growth.com
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SOURCE Syft