Hospital Procurement: Essentials You Need to Know

Following the rising unpredictability of healthcare procurement and the value of effective supply chain solutions, experts are urging hospitals to implement modern technology to successfully administer healthcare procurement and supply chain activities.

E-procurement solutions, for example, are already increasing the efficacy of procurement in industrial and retail sectors by improving the quality of supplier management and sourcing activities. 

However, despite such benefits, there are still many questions about how these solutions help hospital procurement. We’re going to explore this issue right here in this article.

Photo by camilo jimenez on Unsplash 

1. Regulatory Compliance

There are numerous new safety and health regulations that apply differently in the hospital ecosystem. It is difficult to overstate the burden healthcare providers feel when adhering to ethical and regulatory requirements.

With an integrated e-procurement solution, all supplier or vendor data is unified and well-organized. Access to consolidated vendor information helps hospitals monitor the latest changes to regulatory requirements from authorities such as the FDA.

2. Order Management

Since most hospital procurement personnel are not constantly involved in medical problems, they may overlook some requirements and place incorrect orders. For example, a doctor may feel more confident operating with a specific brand of diagnostic devices, but the procurement department may neglect that brand and prioritize affordability.

Clinicians, doctors, and other practitioners can manage their orders using an e-procurement system or platform to receive what they need. The e-procurement procedure protects them from breaching the hospital’s procurement guidelines and regulations.

3. Safety 

Occasionally, a particular system or piece of equipment may function poorly. In that case, you can help your non-procurement personnel reach the suppliers through an e-procurement platform, directly express their concerns, and solve the issues quickly. This eliminates all the intermediaries and a lot of back and forth.

4. Demand Fluctuation

As with disease outbreaks, it is sometimes hard to predict and anticipate demand fluctuations in healthcare. Your regular supplier may be unable to meet an unforeseen demand change. However, with an e-procurement platform’s broad vendor network, you may identify new purchasing options and be fully prepared to address this demand shift difficulty.

5. Transparency

It is an undeniable reality that corruption is global. Corruption in the healthcare sector may have catastrophic implications and result in the loss of lives due to poor quality treatments and care. Keeping procurement-related procedures traceable gives you all the insight you need to prevent any issues that may originate behind the scenes.

Bottom Line

There is no time machine to predict your future service and goods requirements. But, by tackling procurement issues and reviewing your supply chain, you can avoid typical stumbling blocks and improve your hospital’s operation. We at Penny offer a wide range of affordable e-procurement solutions tailored to the healthcare industry. Just contact us and let our team of experts solve your challenges.

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Frequently Asked Questions

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.

  • Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
  • Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
  • History and records of requests and purchases can be extracted and tracked easily via the platform. 
  • Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
  • Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
  • penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Yes. If your product search finds no results, you can submit a non-standard request.

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