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5 Ways to make better procurement decisions in your medical practice

5 Ways to make better procurement decisions in your medical practice
Photo by Andrea Piacquadio on Pexels.com

Medical practices are facing increasing cost pressures driven by practice closures and mergers, an aging population, and a falling number of qualified doctors. With this in mind, it is more important than ever that practices make the best procurement decisions to meet the demand for patient care.

This blog post will explore how some of the top practices have been able to stay within budget and offer a roadmap for other practices to follow suit.

1.    Set up a cross-functional team

If you are planning on implementing new software or equipment, make sure that you involve clinicians and non-clinicians from across the organization in the decision-making process.

Try to get feedback from your staff. If you are looking at implementing new computer software try to speak to existing users and ask them what they think. This will help you create a product brief that will be useful when it comes to the procurement process.

2.    Clearly state your requirements

Develop an internal or external product brief to ensure that multiple suppliers can respond to your specific needs. This will save both time and money as it allows for the supply of products that meets your exact requirements.

For example, if you are looking for a new blood pressure monitor, make sure that your decision is based on needs rather than simply cost.

Looking online for medical supplies, such as with medical-supermarket.com, can also mean that you can search specifically for what you need.

3.    Cheaper isn’t always better

On occasion, the cheapest option isn’t necessarily the best. Many medical supply companies offer volume discounts and early adopter incentives to introduce a product before it becomes mainstream.

This can help you exchange a small upfront investment for long-term cost savings. It is important that you shop around and also seek independent advice from trusted sourceswhich feature regular reviews of products and services.

4.    Use increased buying power to get the best price

There are many ways to use your buying power to get the best price. Many practices choose to buy more than one supply of a particular product or enter into a buying group to increase their purchasing power by buying in bulk.

You can also build a portfolio of different products from different suppliers so that you can compare prices and benefits between suppliers. By comparing price points across several different products, practices can obtain significant cost savings in the long run by choosing a supplier who offers them all the products they need in one place.

5.    Improved contract management

Despite being an important part of procurement, many practices neglect contract management in the rush to buy new products and services.

This can lead to problems further down the line, as it is harder for practices to make changes once a contract has commenced. Avoiding this pitfall by planning ahead can save money and make dealing with suppliers easier.

To do this, practices should set up contracts that allow them to be flexible when making changes or additions to their supply requirements so that they are able to stay on top of evolving business needs and market opportunities.

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