Long term care facilities and other healthcare providers that are looking for ways to reduce their operating costs may want to pay closer attention to their supply chain.
The supply chain is an area with many cost-savings opportunities that are often overlooked. By studying your supply chain and understanding what you are purchasing, you can make better strategic decisions regarding your purchasing process and the items you purchase.
For example, purchasing and stocking different brands of the same item is generally more expensive than stocking fewer brands. In addition, it is important to be aware of your reorder point for different items. Determine how much and how quickly you use various medical supplies so that you don’t end up stocking too much of something that you use infrequently. At the same time, make sure to avoid shortages of items that are used frequently by keeping a large supply on hand.
Michael is an accomplished leader with deep expertise in the healthcare sector. As the CEO of Prime Source, he has driven innovation and strategic growth in healthcare procurement and management. His extensive knowledge of the industry has made him a sought-after speaker, regularly lecturing at trade groups, seminars, and to industry executives on the most pressing healthcare trends and challenges. Michael is passionate about exploring the intersection of business and healthcare, providing thought leadership that shapes the future of the field.