According to a CFO’s View of Procurement study, greater than 60% of identified/negotiated cost savings are never realized over the life of the contract. In addition, a study done with Afaxys, Inc. found that clinical staff spend over 36 minutes per shift on supply chain duties; resulting in less patient-facing time.
Health system supply chains have less than 45% of supply chain spend flowing through the Item Master and less than 65% of purchases in healthcare being tied to valid, active contracts, concluded from Prodigo’s Benchmark Study. Studies like this continue to surface as CFOs feel the pressure to become lean and efficient. The financial impact, determined in a 2019 report from Navigant, suggests hospital systems can save $25.6 billion if they improve their supply chain operations and harness their data. Prodigo has proven that clients gain the necessary control and visibility to meet their aggressive savings goals.