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December 21, 2019

BTOES - POSTER SPOTLIGHT: Vizient Inc. - Transforming the healthcare transactional supply chain into a strategic value driver

Read this article by Vizient Inc., on their Poster Presentation 'Transforming the healthcare transactional supply chain into a strategic value driver' for the 2019 Business Transformation & Operational Excellence Summit.

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Healthcare is changing. From the way that people access care, to the consumerization of care, to the way that health care organizations are compensated for care, the industry faces the threats of eroding margins, new business models, mergers and acquisitions. The one thing that is certain is that healthcare’s slow-moving, slow-to-change, steady-as-she-goes approach to doing business has reached a tipping point requiring business leaders to re-consider the way things have always been done to find new approaches that can deliver savings… and FAST!

 

In health systems, where the supply chain function can account for as much as 40%+ of the operational budget, this is not a line item that can be easily overlooked. As such, executive leaders are recognizing the strategic importance of the supply chain function to their financial success.

 Vizient Poster

Where, historically, the supply chain function has counted on leaders that can “get it done” by focusing on transactional requirements to purchase goods and services for the hospital, today’s health systems need leaders that have the skills to identify broken processes and the ability to further improve functional operations through the implementation of new technologies and solutions.

 

This poster session outlines the challenges one healthsystem overcame to deliver $23.5M in cost savings and operating efficiencies thereby achieving their 5 year goals in just 3 years. In the process of achieving their goals, this health systems transformed its transactional supply chain function into a strategic value driver to become a model of what it looks like when supply chain efficiency is unchained.

 

Ed Bonetti 

Critical success factors:

  • Established a new way of thinking about how the supply chain function delivers value
  • Centralized the supply chain function and management
  • Developed formalized committees that included physicians and nursing leadership
  • Aligned existing personnel with a new way of working

 

Organizational impact:

  • Increased manufacturer’s rebates by 30%
  • Implemented rapid-cycle and Lean process improvements
  • Established groundwork for clinical-to-supply integration
  • Drive standardization on clinical procedures to reduce supply usage and cost
  • Generated positive change on nontraditional health system costs typically thought of as nonsupply chain related (e.g., labor efficiency, purchasing new technology, and capital expenditure to perform new procedures)
  • Delivered $23.5 million in documented savings 

 

Lessons learned:

  • To maximize effectiveness and be viewed as a strategic value driver, supply chain executives must operate at the enterprise level of the organization
  • To deliver maximum value and achieve the necessary changes within the organization, supply chain executives must engage key stakeholders early and include them in decision making
  • To optimize supply chain performance, it is critical to assess the strengths and weakness of current personnel, develop personnel where appropriate, and redeploy personnel to operate in their areas of strength
  • To establish long-term efficiency gains supply chain leaders must automate transactional and repetitive supply chain functions where possible

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BTOES.com

The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry (BTOES19). March 18-22, 2019, Loews Portofino Bay Hotel at Universal Orlando Resort®

BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.

It also hosts the Business Transformation & Operational Excellence Awardswhich showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.

The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.

With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.

 

Quick Links

Speakers

Agenda

BTOES19 Awards

 

There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.

 

The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including

  • All-day Refreshment & Themed Breaks

  • 1¼ Hour Hot Breakfast Networking Sessions

  • 1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables

  • 1½ Hour Roundtable Sessions by Topic & Industry Sector.

  • Keynote & Themes Panel Sessions

  • Hosted Welcome Receptions from 5.30pm

  • Expanded more lavish Awards Program

  • Newly launched Night Summit for attendees to meet after dinner

For more information or to discuss the summit in more detail please schedule a call below,

Click here to schedule a call. 


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