Healthcare supply chain management is a unique ecommerce marketplace. The idea is to bring together healthcare providers, suppliers and other trading partners for simplified, efficient and cost-effective exchanges that build business and free up healthcare providers from mundane, time-consuming supply chain tasks. Synthium Health believes its advanced, cloud-enabled platform accomplishes this and more.
“There has been significant growth in healthcare supply expenses, and supply chain professionals have been under pressure to optimize expenses and eliminate waste,” said Vijay Reddy, CEO of Synthium Health. “Our event-driven, proactive planning platform provides agile, feature-rich solutions by addressing a range of needs and budgets to help ease the pain points in the industry.”
Using the latest in transformational technologies and digital commerce practices, Synthium Health helps cut operational costs, increase efficiencies and boost revenues all while keeping things simple. In association with third party logistics (3PL) partners, it also provides central warehousing capability, which delivers products to the door just-in-time to the healthcare provider, and much needed product visibility to all key players. “It’s a real end-to-end solution,” adds Reddy.
Engineered to be sequentially logical, robust and simple to learn, Synthium Health is a fully integrated marketplace for all healthcare trading partners. Its proprietary platform offers a range of solutions that are synergistic, customizable and scalable.
Services for suppliers
Synthium Health’s platform allows suppliers to extend their reach, compete and sell faster, and efficiently, all while cutting down on operational costs. “Our platform is designed to grow the supplier’s network of customers and allow them to collaborate and build their e-Business through a single source,” says Reddy. Suppliers can use a variety of tools on the platform, such as content management, digital commerce, marketing and selling to reach the target audience.
Manufacturers generally sell their products in one of two ways–either directly to providers or through a distributor or group purchasing organization. Synthium Health is flexible enough to be able to entertain both options. “Synthium is especially good at facilitating the go-direct option, where suppliers can communicate directly with current and potential customers through webinars, instant messaging and live chats, which leads to sales transactions,” said Reddy.
Services for providers
Healthcare providers are the buyers on this platform. According to Reddy, “Synthium Health not only helps optimize spend, lower costs and reduce the supply risks for these buyers, but we streamline workload efficiencies when working with multiple suppliers.” Synthium offers its buyers many services such as eSourcing, supplier management, ePurchasing, and spend analytics. The company believes healthcare providers need reliable product availability at lower costs, especially at a time when providers are having to scrutinize costs due to changes in healthcare reimbursement.
The current supply chain model in today’s healthcare industry often relies on disparate and untimely voice communications.
The Synthium Health model is event driven through proactive planning.
Medical providers are undergoing complex challenges to optimize their supply chain systems and contain costs, while medical suppliers are interested in getting their brand in front of these providers. Medical suppliers are striving to integrate with advanced technology to automate processes and optimize workflow, which in turn reduces the cost of doing business and is extended to the cost of goods sold. The outcome is a seamless process through which healthcare suppliers and providers are aligned. “The advanced technological platform streamlines processes, showcasing supplier products that healthcare providers can quickly review and purchase to meet the needs of their patients with ease,” said Reddy.
Benefits for suppliers
From the supplier perspective, Synthium Health provides complete asset tracking and management tools by creating an eCatalog with GTIN and RFID capture that in turn creates product transparency at all times and helps the supplier maintain accurate inventory. This also eliminates the need for trunk-stock (a pain point for medical suppliers), out of stock and expired stock, which creates optimum inventory maintenance levels.
Suppliers are also able to use resulting sales data to plan and improve production planning and forecasting. They can market new products by setting up special promotions and conducting webinars on the platform. All these tools help suppliers not only lower the cost of doing business, but also pass on the savings to buyers.
Benefits for providers
The drivers in the healthcare industry are the medical providers who are constantly looking to reduce costs as mandated by the CMS value-based reimbursement program. There are enormous benefits to providers by using Synthium Health’s platform as well as its surgery scheduling system.
By using the platform, healthcare providers are able to offer the lowest cost by transacting directly with a large network of suppliers. They can compare costs and see manufacturer specials without having to look elsewhere. Providers have the option to request quotes and set up delivery schedules. Additionally, they can set up payment options and pay through the platform.
By using Synthium Health’s unique surgery scheduling system, hospitals are able to save on storage and the cost of implants by ordering products just-in-time for a surgery. Synthium Health is able to provide this feature through strategic partnerships with manufacturers and suppliers by integrating with 3PL companies.