The Value of Supply Chain Management

The Value of Supply Chain Management

The Value of Supply Chain Management

Laboratory supply chain management concerns the procurement of resources, the managing of supplies, and an interlinked cluster of processes required for lab professionals to carry out their functions. Each link in the lab supply chain impacts overall cost, lab outcomes, and service efficiency.

The Significance of Supply Chain Management in the Laboratory Industry

COVID-19-related supply chain disturbances across the United States have expedited the demand to optimize supply chain management. This is particularly true for laboratories that seek to provide high-quality care, reduce cost, and ensure service availability. Over the course of the past few years, supply chain management has become a central focus due to increasing coercion to lower cost from the pandemic, while enhancing outcomes and reimbursement. Supply chain management and optimization within laboratory systems accomplish these goals through enhanced data collection and employee engagement, vendor management, and incentive alignment.

Supply Chain Management Can Lower Laboratory Costs

Supply chain leaders within the lab industry are under tremendous pressure to lower cost across their systems. Robust utilization details is one way that supply chain managers can boost their bottom line and enhance the revenue management cycle. Dynamic entry to centralized, consumable, and real-time data permit lab systems to specify what's required, what's in supply, and the extent of future demand. Laboratory systems utilize data across their approach to capture demand, eradicate waste, and dodge redundancy.

Eradicating waste and redundancy is just one instance. Supply chain familiarity and data can be utilized across a laboratory system to execute price declines, utilization optimization, and standardization that push value to the laboratory system.

Does the Laboratory Supply Chain Impact Patient Outcomes?

In today's value-based model, lab system leaders are mandated to improve patient outcomes despite the condition to lower cost. Supply chain management plays a crucial role in enhancing patient outcomes to execute reimbursement via incentive alignment.

For instance, conclusions surrounding supply choice solicit feedback from the supply chain team and lab management with two immediate objectives: optimal patient outcomes and cost-effective stores. These teams can align with detailed data. Utilization and lab outcomes data furnish the opportunity for supply chain teams and lab management to make judgments that accomplish the goals of the laboratory system. Connecting supply chain related articles such as product standardization with patient outcomes allow these teams to align on the most cost-effective and optimal choice.

What is the Future of the Laboratory Supply Chain?

Supply chain management is a vital function for laboratory systems; the elimination of excessive costs, patient outcome advancement, and expanded reimbursement are only few of the substantial benefits optimal supply chain management delivers. Focus on data collection and engagement, incentive alignment, and vendor administration are a few routes that laboratories can use to attain these objectives in the future.

At Hankins Consulting, we specialize in supporting laboratory systems across diverse markets navigate the intricacies of their supply chain. With our years of expertise in laboratory services and supplies, we can help with everything from supplier contract assessment to expense negotiations. Contact us today to learn more about our laboratory design and consulting solutions and how we can help develop efficiency in your supply chain.

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