5 Reasons Top Hospitals Leverage a Marketplace to Boost CQO Initiatives | Prodigo Solutions
August 1, 2017

5 Reasons Top Hospitals Leverage a Marketplace to Boost CQO Initiatives

By Michael DeLuca - EVP of Operations
By Michael DeLuca - EVP of Operations

What do the nation’s top hospitals have in common? Their stellar performance is backed by a strategic approach to contract management. They recognize the substantial impact supply contracting can make on their CQO initiatives. Ultimately, this helps them earn a prominent spot on the U.S. News & World Report “Honor Roll” of best hospitals.

Seven of the nation’s top 15 hospitals have already partnered with Prodigo Solutions to help them control their spending and drive real savings. In addition to tapping millions in supply chain savings annually through improved contract compliance, here are the top benefits they’re realizing:

1. Better, long-term control over the supply chain

The best-in-class contract management tools deployed by top hospitals are helping them improve the quality of their data over time, bringing real-time transparency and cost control to purchasing activity across the enterprise supply chain. As their real-time visibility to what’s being purchased improves, contract compliance rates improve and they’re in a better position to negotiate contracts that are more advantageous to their health system.

2. Reduced risk

Traditional procurement systems have limited search capabilities. Most don’t have robust product descriptions or photos to help verify the correct product is being purchased. That’s a risk top hospitals aren’t willing to take. Prodigo’s Marketplace displays detailed descriptions of products and pictures, giving requestors confidence they’re purchasing the right product for the right application. Prodigo’s solution also proactively searches for recalls and removes recalled items from your procurement system in real-time, making them no longer available for purchase. Moreover, it can tell you how many recalled products were recently purchased. And because product conversions can introduce clinical and operational risk, Prodigo’s solution allows for requestors to find the new item(s) at the right time from the right vendor(s).

3. Better prepared for M&A

M&A events place high demand on a health system’s supply chain due to the sizable integration of catalogs and contracts. Adding even more complexity, the same item may need to be in the system twice with different contract parameters. Unlike item masters, Prodigo’s marketplace allows the same item to have multiple contracted prices. Additionally, Prodigo’s content management system can sit on top of multiple ERP systems, meaning that compliance rates won’t suffer while you wait for the integration to get sorted out.

4. Increased productivity and job satisfaction

Prodigo makes sure employees spend less time searching for product they want to order, and more time delivering quality patient care or keeping your system running at its best. More time to do the job they love improves employee satisfaction.

5. Better optimized ERP investment

Some health systems are realizing their ERP system isn’t perfect, especially when it comes to its ability to improve contract management and compliance. While it has its limitations, top hospitals aren’t giving up on their ERP investments. Prodigo’s solution helps them leverage the investment they’ve made in their ERP system by filling in the gaps to make it even better.

Each of these benefits helps increase efficiency and lower costs. By using Prodigo’s Marketplace, health systems have the potential to save up to $9M in supply chain costs annually. Results like this aren’t limited to the nation’s top hospitals. But it isn’t a coincidence that the nation’s top hospitals have these outcomes in common. One begets the other. We can put the same solutions in place for your health system today. Let’s get to work.

About Prodigo Solutions 

Prodigo Solutions is a healthcare technology company that improves providers’ financial control and reduces supply chain cost. Prodigo Solutions’ technology was purpose-built for healthcare by supply chain experts to deliver tangible results across a continuum of care. Customers who use our systems purchase more than $23 billion annually for the more than 700 hospitals they operate. 

For additional information please contact:

Prodigo Solutions’ Marketing Department

Michael DeLuca
EVP of Operations