Over 5,000 materials management and purchasing professionals were represented in the sweeping series of supply chain IT user polls, as formidable challenges are forcing providers to advance their technologies to maintain solvency.
TAMPA, Fla., August 7, 2023 (Newswire.com) - Medical revenue losses, staffing troubles, inflation, and the sluggish recovery of inpatient volumes have added up to increased total health system expenses, upwards of 13% in Q2 2023. The compounding fiscal distresses of providers have created intensifying demand for advanced technologies to confront straggling supply chain systems and underperforming services, report 90% of the healthcare industry's collective C-suite.
Black Book™ collected survey responses from 5,220 health system materials managers, executives, staff, analysts, consultants, and directors from hospitals and medical organizations to determine the top-performing vendors among in-demand supply chain software, technology platforms, and systems, and assess the gaps and urgencies of materials management technology administration.
"Collaboration with vendors and suppliers has become critical to ensure a seamless flow of goods and reduce the risk of shortages, and closer partnerships are allowing for better visibility into inventory levels and demand fluctuations," said Black Book's founder Doug Brown. "The pandemic exposed vulnerabilities in healthcare supply chains and as a result, there is an increased emphasis on building resilient supply chains capable of handling unexpected disruptions and diversified sourcing strategies."
Key findings in the annual Black Book survey include:
58% of hospital materials managers responding are prioritizing digitalization and technology Integration in CY2024 as their healthcare organizations are increasingly embracing digital solutions to optimize their outdated supply chains. Technologies like blockchain, Internet of Things (IoT) devices, and AI-driven analytics are being adopted to enhance transparency, traceability, and efficiency.
The use of data analytics and predictive modeling in healthcare supply chain management continues to be on the rise. Up from 62% in 2017, 93% of materials managers now confirm that these tools help their organizations forecast demand, identify potential disruptions, and make data-driven decisions to improve inventory management.
74% of all participants confirm that their healthcare organizations are paying more attention to sustainability and ethical sourcing compared to last year's survey results. Reducing waste, adopting environmentally friendly packaging, and ensuring fair labor practices are becoming high-impact priorities in the industry.
The rise of personalized medicine and advanced therapies requires specialized and often time-sensitive supplies. 90% of materials management respondents report that their healthcare supply chains need to adapt to accommodate the unique requirements of these treatments.
Patients are demanding greater transparency in the healthcare supply chain the impact has been a developing challenge for materials managers as consumers want to know the origin of their medications and medical devices and if they were sourced responsibly.
The last-mile delivery of healthcare products is a crucial area of focus for 77% of materials managers. Ensuring efficient and reliable delivery to patients' homes or alternative healthcare facilities, such as subacute and rehab units and assisted living facilities, is a major priority, particularly in the context of telemedicine and remote care.
"The lack of advanced analytic tools, strategic dysfunction caused by failed supply chain software integrations, and outdated dashboard and decision support systems have put focus on the immediate technology needs of health system materials managers in the next 18 months," said Brown.
69% of senior leaders in the 2023 Black Book survey revealed the absolute need for digital transformation in their supply chain divisions for the commercial stabilization and long-term survival of their healthcare organizations. Less than 6% of respondents confirmed their organizations have fully initiated comprehensive strategies for extensive materials management IT improvement.
Black Book's full 2023 supply chain software solutions survey results including 20 materials management categories and over 300 vendors can be viewed at https://blackbookmarketresearch.com/supply-chain-and-materials-management
Solutions ranking highest by supply chain client experience among 18 qualitative, key performance indicators for 2023 by survey participants are:
PURCHASING OPTIMIZATION & SOURCING SOLUTIONS
AMAZON BUSINESS - HEALTHCARE
GROUP PURCHASING ORGANIZATIONS & COALITION SERVICES
VIZIENT
BENCHMARKING & COMPARATIVE ANALYTICS
AXIOM BY SYNTELLIS PERFORMANCE SOLUTIONS
AUTOMATED ASSET TRACKING RTLS SOLUTIONS
ZEBRA TECHNOLOGIES
SUPPLY CHAIN MANAGEMENT CONSULTING & ADVISORY
BLUEBIN INC
COST ACCOUNTING & FINANCIAL DECISION SUPPORT SYSTEMS
AXIOM BY SYNTELLIS PERFORMANCE SOLUTIONS
MATERIALS MANAGEMENT IT IMPLEMENTATION & CLOUD SOLUTIONS
TECSYS
HEALTHCARE SUPPLY CHAIN MANAGEMENT SOFTWARE SOLUTIONS
CURVO
ENTERPRISE DOCUMENT MANAGEMENT SOLUTIONS
STREAMLINE HEALTH
HEALTHCARE ERP
WORKDAY
SPEND MANAGEMENT SOLUTIONS
SYMPLR
CREDENTIALLING SERVICES
VERGE RL DATIX
MEDICAL INVENTORY & WAREHOUSING TECHNOLOGY
TECSYS
VALUE ANALYTICS SOLUTIONS
PREMIER INC
CLINICAL SUPPLY CHAIN INTEGRATION & OPTIMIZATION SOLUTIONS
ORACLE
CLINICAL & BIOMEDICAL ENGINEERING MANAGED SERVICES
EDGE BIOMEDICAL
FACILITIES MANAGEMENT OUTSOURCING
ARAMARK
SURGICAL ASSET TRACKING SOFTWARE
STERIS
STERILE PROCESSING DEPARTMENT IT SOLUTIONS
SURGLOGS
CONTRACT MANAGEMENT & OPTIMIZATION SOLUTIONS
AXIOM BY SYNTELLIS PERFORMANCE SOLUTIONS
About Black Book
Black Book™, its founder, management, and staff do not own or hold any financial interest in any of the vendors covered and encompassed in the vendor satisfaction surveys it conducts. Black Book reports the results of the collected satisfaction and client experience rankings in publication and to media prior to vendor notification of rating results and does not solicit vendor participation fees, review fees, inclusion or briefing charges, consultation requirements, and/or vendor collaboration as Black Book directly polls vendors' clients.
Black Book™ has polled for vendor satisfaction and industry trends across the healthcare software, technology, and outsourcing sectors around the globe. Since 2010, Black Book began polling the client experience of now over two million healthcare software and services users. Black Book expanded its survey prowess and reputation of independent, unbiased crowd-sourced surveying to IT, clinical, operations, and financial professionals, physician practice administrators, nurses, consultants, executives, and hospital information technology managers.
Source: Black Book Research
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