Medical Device News Magazine

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

About Medical Device News Magazine

About Medical Device News Magazine. We are a digital publication founded in 2008 located in the United States.

Advertise with Medical Device News Magazine! Join Our #1 Family of Advertisers!

We pride ourselves on being the best-kept secret when it comes to distributing your news! Our unique digital approach enables us to circulate your...

Summation

  • 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.

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.

1 Behm, Jason, et al. Reducing Cost Variance and Increasing Quality Across Medical Device Maintenance Purchasing. Journal of Clinical Engineering. Vol 46(2):94-97, April/June 2021.

Medical Device News Magazinehttps://infomeddnews.com
Medical Device News Magazine provides breaking medical device / biotechnology news. Our subscribers include medical specialists, device industry executives, investors, and other allied health professionals, as well as patients who are interested in researching various medical devices. We hope you find value in our easy-to-read publication and its overall objectives! Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

Other News

HeartFlow Introduces Next Generation Interactive Plaque Analysis Platform to Assess Patient Risk in Suspected Coronary Artery Disease

The HeartFlow Plaque Analysis uses proprietary algorithms to analyze coronary CT angiogram (CCTA) scans, creating a personalized 3D model that quantifies and characterizes plaque volume in the coronary arteries, aiding risk assessment of coronary artery disease. The technology was introduced at the Society of Cardiovascular Computed Tomography (SCCT) Annual Scientific Meeting in Washington, D.C.

Ultrahuman Announces its App Store ‘PowerPlugs’ with the World’s First AFib Detection Technology on a Smart Ring

Recognizing each individual’s health journey is unique, PowerPlugs enable people to choose and focus on the aspects of their health that matter most. It’s designed for highly personalized health insights, ensuring that every individual can personalize their health tracking to their unique needs and goals.

VisionAir Solutions Celebrates Milestone and New Collaboration

This achievement marks VisionAir Solutions commitment to bringing technological innovation to pulmonary medicine. Since its acquisition by Theken Companies last year, VAS has over doubled its growth and continues to demonstrate industry adoption and the advantages of personalized healthcare.