PartsSource Introduces Visual Analytics and Advanced Formulary Controls

CLEVELAND--(BUSINESS WIRE)-- PartsSource, the only fully-integrated, supply chain procurement and advanced logistics platform has expanded analytics and formularies for technology management and clinical engineering teams through the release of new PartsSource enterprise benefits.

Financial challenges have long ranked No. 1 on the list of hospital CEOs’ top concerns, according to the American College of Healthcare Executives. With reimbursement for medical services trending steadily downward, hospitals are focused on managing the rising cost of staff and supplies. Yet few health systems have tackled one of the most critical means of getting costs under control—eliminating variation in supply chain parts and services across all of their facilities.

PartsSource enterprise customers now can address these challenges with visual analytic and advanced formulary controls. As a result, members of the PartsSource community will be further equipped to ensure clinical availability and lower costs.

“PartsSource’s new visual analytics tool will be very valuable for us to dig in and better understand the details of our spend and identify additional cost savings for the organization,” said Tami A. Waalen, Operations Manager, Clinical Engineering Services at Allina Health. “I’m excited to access the analytics online at any time and share the data with leadership to show our internal customers the savings.”

The new benefits for the thousands of hospitals in the PartsSource enterprise community include:

Visual Analytics

PartsSource equips CE and HTM teams with comprehensive, accurate and robust information at the point of decision, helping reduce costs. With the visual analytics, enterprise customers can:

• Use built-in analytics to see trends in spend by modality, manufacturer and product type
• Access parts and services by facility and location, including technician and product condition
• Drill down into cost savings opportunities across the organization and consistently review quality outcomes

Formulary Controls

Using formulary controls, PartsSource customers now can standardize their organization’s purchases to improve quality, decrease costs and promote purchasing consistency across technicians, and hospitals. Through PartsSource formulary controls, customers can:

• Implement system-wide formulary choices across the health system, sites or departments to reduce costs
• View performance against industry benchmarks and leverage formulary libraries across similar organizations
• Manage formulary exceptions, with advanced workflows, and tracking of approvals

“Top performing healthcare organizations in our PartsSource community rely on us to help standardize procurement processes, pricing and products and they hold us accountable to improve productivity, cost savings and quality,” said Philip Settimi, M.D., President and CEO of PartsSource. “Our newest visual analytics and formulary controls further empowers customers to make evidence-based decisions to support cost, quality and efficiency.”

About PartsSource®

The PartsSource proprietary technology platform eliminates friction from the healthcare supply chain by delivering evidence-based decision support and workflow automation. Through integrated workflows and standardized processes, PartsSource empowers healthcare technology management 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 your clinical assets, visit PartsSource.com

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