PartsSource Unveils New Visual Formulary Controls and Supply Chain Risk Monitor to Help Clients Improve Equipment Uptime and Supply Chain Resiliency

Breakthrough Technologies Institutionalize Evidence-Based Decisions for HTM and Supply Chain Leaders

CLEVELAND--(BUSINESS WIRE)--PartsSource, the leading online marketplace for medical equipment maintenance parts and services, unveils significant expansions to PartsSource Pro^®, the company’s flagship solution and industry’s first and only clinical resource management platform. Visual Formulary Controls and the Supply Chain Risk Monitor will be leveraged by the 1,500 member hospitals within the PartsSource Pro community. These new capabilities, powered by PartsSource PRECISION Procurement^®, will be demonstrated by PartsSource subject matter experts at booth #227 at the Association for the Advancement of Medical Instrumentation^® (AAMI) Exchange in San Antonio, Texas.

Control Variance System-Wide with Data-Driven Visual Formularies

Most hospitals source, order, manage and reconcile 200 to 700 different replacement parts and are spending 10% to 30% more on medical devices and replacement parts than necessary due to cost variance.¹ Supply chain and HTM leaders need greater visibility to make informed, data-driven decisions and the ability to forecast savings in one platform.

PartsSource Pro’s new Visual Formulary Controls provides the evidence-based data and recommendations for healthcare organizations to implement digital purchasing policies to streamline the procurement process and improve supply chain reliability, while reducing cost variance and enabling clients to:

• Make informed decisions: Evaluate supply options and understand tradeoffs across quality, deliverability and cost.
• Improve efficiency: View purchase recommendations informed by over three billion data points and standardize procurement preferences at the system, facility, supplier and modality levels.
• Simplify program management: View Formulary program savings-to-date and utilize recommendations to further increase savings. Formulary controls have proven to yield upwards of 40% annual cost savings and higher on select modalities, depending on the health system size and scope of implementation.

Improve Supply Chain Visibility and Resiliency with the Supply Chain Risk Monitor

As healthcare technology leaders face global supply chain disruptions, PartsSource provides technology-enabled insights to secure mission-critical supplies and ensure clinical availability and patient safety.

• Gain macro and micro visibility into risk: View relative supplier performance trends, benchmarks from peer hospitals across the country and evidence-based data necessary to mitigate impact.
• Reduce impact of disruptions: Utilize secondary buying options, stocking strategies and formulary rules to mitigate risks and manage trade-offs.
• Identify proactive strategies: Use the data in planning conversations with account management to explore opportunities such as expanded Guaranteed Stock and strategic Preventative Maintenance adjustments.

“With the ongoing supply chain disruptions that our hospital and the broader industry are facing, the solutions and support provided through our PartsSource Pro membership have helped mitigate the impact. The expanded data views coming through Visual Formulary Controls and Visual Analytics will enable me to see supply chain risks and equip me with the data required to evaluate tradeoffs between high quality alternative buying options,” said Jamie Elderkin, Director of Biomedical Engineering, Bassett Healthcare Network.

ADDITIONAL EXPANSIONS TO THE PARTSSOURCE PRO PLATFORM

Promote Efficiency with New Operations Dashboard Manager Views

• The Operations Dashboard leverages data to help clinical engineering managers drive better daily management and prioritization of activities to improve equipment uptime and operational efficiency.
• Managers can now easily view order updates, backorder status, shipping information and critical hard-down data in one place. In addition to reducing the time spent viewing multiple data sources, the dashboard provides exchange reminders to reduce costs and avoid penalties.

Improve Decision Quality and Reduce Costs with Visual Analytics

• Visual Analytics automates the identification of cost-savings opportunities and helps leaders evaluate performance with visibility to spend data, hard cost savings to-date, performance versus program goals and opportunities to save on shipping charges through order consolidation.
• The expanded dashboards also simplify active quality management with visibility to quality return rate by supplier and modality, on-time delivery rate by vendor and frequency of delayed shipments by source.

“We know technology has the power to institutionalize data-driven decision making. As PartsSource Pro drives the digital transformation of the medical device supply chain, we will continue to provide our clients with increased visibility to the evidence-based data required to improve asset uptime and supply chain resiliency, while empowering measurable operational and financial outcomes for the healthcare industry,” said Philip Settimi, MSE, MD, President and CEO of PartsSource.

About PartsSource^®: Ensuring Healthcare is Always On^®

PartsSource’s proprietary procurement platform eliminates friction from the healthcare supply chain by delivering evidence‐based decision support for healthcare technology management (HTM). Through integrated workflows and standardized processes, PartsSource empowers HTM teams to make data-driven decisions, manage long‐tail spend, increase equipment uptime and track the quality of clinical assets. To learn more about the value of proactively managing the lifecycle of clinical resources, visit PartsSource.com.

The PartsSource Logo, Ensuring Healthcare is Always On and Precision Procurement are registered trademarks of PartsSource, Inc.

Nicole Koharik
Senior Director, Corporate Communications
PartsSource, Inc.
nkoharik@partssource.com
330-954-1492