Reduce wasted cost amid supply chain challenges

Editor's Note

As supply chain challenges remain a top concern for health leaders in 2023, ECRI Institute shared three strategies to reduce wasted cost and maximize savings on February 28.

1. Identify substitute products. Consider lower cost, functionally equivalent products and alternative suppliers. Work towards supply chain standardization.
2. Access utilization. Review usage data to understand where to reduce waste, and compare your product usage to facilities of similar size and scope.
3. Implement an evidence-based assessment process. Develop a review process for new products to eliminate individual bias. Rely on data and clinical evidence to evaluate cost, quality and outcomes.

“Supply chain disruption isn’t ending,” Andrew Martin, MSN, RN, CPHRM, Patient Safety Analyst/Consultant, ECRI Institute, explained at the 2023 OR Business Management Conference, while offering three long term tactics to use when encountering supply chain issues.