4 Secrets on How to Adapt to a Changing Healthcare Supply Chain Marketplace

It’s predicted by 2020 that healthcare supply chain expenses will eclipse labor as a major cost driver for healthcare organizations. Even if this prediction if only half right it still means that supply chain will be under the spotlight to manage their hospital, system or IDN’s supply chasing expenses with the utmost skill, astuteness and professionalism. Here are four ideas on how to prepare for this eventuality:

 

  1. Benchmark what others are doing to reduce their cost and improve their quality and services: Most supply chain leaders don’t realize it, but benchmarking is the “search for best practices that lead to superior performance”.  It is one of the secrets to getting better than just good in your supply chain performance, because it opens a whole new area of opportunities for you.
  2. Be proactive Vs. reactive with your programs and services: Don’t wait to be told by your management to get better or improve your operations.  Be proactive Vs. reactive with your programs and services.  Try something new at least every 90 days!
  3. Be open to new and better strategies, techniques and tactics: It’s easy to do the same thing year after year even to the point of perfection, but that doesn’t lead to enhancements in your supply chain operations.  Always be looking for better ways to improve your supply chain processes.  The ability to identify the “new way” is a valuable asset because most people won’t see past the way things have always been done.
  1. Create stretch goals and objectives for any given fiscal year: Annual goals and objectives are necessary to motivate, inspire and persuade your staff to do better.  However, to keep them on their toes create stretch (a little out of their reach) goals and objectives for even greater rewards and recognition for their efforts.

 

We all know that nothing remains the same in healthcare, but if supply chain expenses jump from an average of 33%-40% today to 50% plus by 2020 this is an incredible leap forward in a healthcare organization’s expense ratios.  To be ready for such an eventuality, supply chain leaders need to adapt to a changing marketplace guided by these four ideas that will quickly improve your supply chain operations.

 

 

If you are looking to learn about new and innovative Supply Chain Expense Management Systems and Tools, fill out the online walk-thru request below: