LOUISVILLE, Colo., July 27, 2023 /PRNewswire/ -- In collaboration with strategic healthcare providers and suppliers, Global Healthcare Exchange (GHX) today released the "Consignment Implant Order Automation Guide," the first industry guidelines designed to help solve the complex challenge of automating implant orders, which comprise 40-60% of total supply chain spend.
The guidelines are the result of deep industry collaboration which began at GHX Summit 2022 where the company established a working group of approximately 20 leading provider and supplier organizations including Cleveland Clinic and UNC Health. This group continued to meet throughout the year to discuss and establish guidelines for optimizing implant order management, a longstanding challenge for the healthcare industry.
For decades, providers and suppliers have been plagued by complexities in the clinical supply management process, putting patient safety and quality outcomes at risk. Misalignment and inconsistencies in system capabilities and customer preferences has caused providers and suppliers to default to inefficient, manual processes that create gaps in getting the right product to the right patient at the right time.
The Consignment Implant Order Automation Guide is the first known recommended practices guide of its kind in the industry and will help improve consistency, visibility, and control of pricing and the invoice to payment process.
"The Implantable Medical Devices market accounted for $98.6 billion in 2022 and is estimated to grow to $166.3 billion by 2032. Today, only a fraction of this spend is automated, representing approximately a $92 billion opportunity for healthcare," says Chris Luoma, senior vice president, Chief Strategy Officer at GHX. "Managing implant orders similarly to non-implantable med-surg spend will deliver vast improvements to providers in a clinically integrated, procure-to-pay process and to suppliers in the order to cash process, ultimately helping to strip waste and inefficiency from healthcare in order to deliver better care to patients. We're proud to collaborate with so many leading healthcare stakeholders to create these guidelines that anyone in the industry can adopt to drive efficiency. Already, we're seeing improvements in the process, and we're excited about the potential for the future."
Building on decades of collaboration among providers, manufacturers, distributors and other industry stakeholders, Global Healthcare Exchange, LLC (GHX) is leading the charge in helping organizations run the new business of healthcare. By automating key business processes and translating evidence-based analytics and data into meaningful action, GHX is helping the healthcare ecosystem to move faster, operate more intelligently and achieve greater outcomes. With the support of GHX, healthcare organizations have removed billions of dollars of wasteful healthcare spend. For more information on GHX's suite of cloud-based supply chain solutions, visit www.ghx.com and The Healthcare Hub.Back to HCB News