Press Release : Syft Launches New Solutions and a Comprehensive Guide for Hospital Supply Chain Recovery and Optimization Amidst the COVID-19 Pandemic
Incident surge recovery products and playbook will help hospitals improve critical supply chain processes, impacting patient safety and the bottom line
Tampa, FL – June 2, 2020 (PR Newswire) – Syft®, a leading national provider of healthcare inventory control and end-to-end supply chain cost management software and services, today launched new solutions and a free playbook for hospitals and health systems to recover and fortify their supply chains. Syft’s incident surge recovery and long-term preparedness solutions were designed to help hospitals optimize critical supply chain processes to improve care for COVID-19 patients, recover from COVID-19-related revenue losses, and prepare for future supply chain disruptions. The launch coincides with Syft’s release of a free playbook that describes an actionable, phased approach to COVID-19 recovery and supply chain optimization, available for download here.
Syft’s incident surge recovery and long-term preparedness solutions help hospitals recover from COVID-19 and prepare their supply chains for future disruptions like a second wave of the outbreak, seasonal outbreaks of influenza, natural or man-made disasters, and other events. During the COVID-19 surge, many hospitals used, moved, and replenished inventory without proper tracking and monitoring, leaving inventory levels in unknown or depleted states. Hospitals also may have procured supplies from non-traditional suppliers, but did not have time to adequately document and track this usage. In addition, many are using outdated and manual inventory management processes – a 2019 survey of 100 hospital leaders showed almost half use manual supply chain processes like spreadsheets that do not have the ability to perform sophisticated or proactive analyses. This leads to inefficiencies, waste, and the inability to use demand forecasting and AI-based algorithms to predict supply and inventory demands as well as prepare for and minimize supply chain disruptions. Syft’s incident surge recovery and long-term preparedness solutions bring together inventory SWAT teams, Master Data Management specialists, supply chain automation, and AI-based demand forecasting and other business optimization insights, to restore and strengthen the hospital supply chain.
“While supply chain management has always been a critical function that impacts patient care quality and hospital finances, COVID-19 has shone a light on how important it truly is – it’s now hospital leaders’ second highest priority, outranked only by patient safety,[i] according to an April survey,” said Brion Bailey, Syft’s Chief Commercial Officer. “They must take steps now – not only to strengthen their supply chain to better prepare for the next disruption, but also to reduce supply chain waste in order to recover from COVID-19 revenue losses. By following the approach outlined in our playbook, and by implementing our new incident surge recovery and long-term preparedness solutions, hospitals can immediately begin to experience the benefits of supply chain optimization and ensure they are prepared for future disruption events.”
Syft’s playbook, Reimagining the Healthcare Supply Chain: If Not Now, When?, describes three recommended phases to supply chain recovery and optimization:
- Phase 1: Normalize operations and improve inventory management
- Phase 2: Regain lost margins and improve revenue
- Phase 3: Fully optimize with AI-based analytics and demand forecasting
Each phase includes clear action items and guidance, such as how to conduct an inventory health check, update the item master file, review and organize operating room inventory and efficiency, evaluate and reduce physician preference item costs, and more.
“Supply chain optimization doesn’t need to be a massive undertaking – a phased and prescriptive approach that addresses a hospital’s most urgent needs first, while gradually transitioning to an enterprise-wide supply chain management platform, is the best strategy,” said Todd Plesko, Syft’s CEO. “That’s why we’ve developed our free playbook, to break down best practices into actionable steps and demonstrate that supply chain optimization is attainable, even during a health crisis.”
Syft® enables enterprise-wide inventory management through a powerful combination of services, automation tools, and real-time data analytics. The comprehensive Syft Synergy® platform eliminates the need for multiple point solutions and facilitates immediate supply savings with a range of capabilities including master data management, inventory services, supply chain management software, analytics, and advanced reporting. Founded in 1999, Syft is used by more than 245 customers (970 U.S. hospitals) to control costs, processes, and productivity across the entire organization. For more information, visit Syft at www.syftco.com.
- Whitney St. Pierre