PartsSource® announced today that it has been selected as a finalist in the Fierce Innovation Awards – Healthcare Edition 2020, a peer reviewed awards program from the publisher of Fierce Healthcare. The annual competition highlights companies that demonstrate innovative solutions with the greatest potential to reduce costs, engage patients, or revolutionize the healthcare industry.
PartsSource Pro was recognized as a finalist in the category of Financial/Operational Solutions for its impact on streamlining clinical operations and increasing the quality and cost effectiveness of medical equipment maintenance and purchasing. The company’s powerful data analytics and marketplace platform improves quality and cost outcomes and drives compliance and best practices for thousands of leading health systems.
The first-of-its-kind service is powered by PRECISION Procurement®, a proprietary technology leveraging over 15 years of longitudinal data to give healthcare technology management (HTM) and supply chain teams instant access to the highest quality clinical resources at the point of purchase.
“We are honored to be a finalist for the Fierce Innovation Awards. PartsSource Pro is driving the digital transformation of the hospital medical device supply chain, and based on the cost, quality and resiliency challenges the healthcare industry has faced due to COVID-19, that is exactly the direction the industry needs to head,” said Philip Settimi MSE, MD, President and CEO of PartsSource. “Prior to joining PartsSource I spent 10 years building EMRs, decision-support systems and connected medical devices. The evidence-based, data-driven and software-enabled principles which generate reliable and reproducible outcomes were the driving force behind the innovation for PartsSource Pro, and I could not be prouder of the impact we are having at thousands of hospitals across the U.S.”
The cloud-based PartsSource Pro platform combines best practices and analytics dashboards to maximize medical equipment uptime, increase productivity and reduce costs, resulting in top-quartile performance for HTM teams in over 1,200 hospitals across the U.S. The average PartsSource Pro hospital benefits from an additional 179 days of equipment uptime per year due to the service’s ability to prevent significant quality failures. Equipment uptime increases capacity to serve patients and prevents lost revenue for hospitals that are already challenged by declining operating budgets.
PartsSource Pro delivers the following proven outcomes for hospitals:
- 6x fewer returns of purchased products due to poor quality
- 95% reduction in order process time, from request to payment
- Immediate cost reduction, depending on the scope of assets included in the program
Fierce Innovation Award applications were reviewed by an exclusive panel of executives from major healthcare companies including Accenture Health, Aspirus, Inc., Aveus, a Division of Medecision, Cook Children’s Health Care System, Duncan Regional Hospital, Evolution Road, GNS Healthcare, Hackensack Meridian Health, HMS, Proliance Surgeons and Author, The Health Care Consumers Manifesto. All applications were evaluated based on the following criteria: effectiveness, technical innovation, competitive advantage, financial impact, and true innovation. A full list of judges can be found at https://fiercehealthcareawards.secure-platform.com/a/page/judges
Winners will be announced in the 2020 Innovation Report set to publish by Fierce Healthcare on Monday, September 14.
To learn more about PartsSource, visit https://corporate.partssource.com/about/.
PartsSource®: Ensuring Healthcare is Always On®
PartsSource’s proprietary procurement platform eliminates friction from the healthcare supply chain by delivering evidence‐based decision support for healthcare technology management (HTM). Through integrated workflows and standardized processes, PartsSource empowers HTM teams to make data-driven decisions, manage long‐tail spend, increase equipment uptime and track the quality of clinical assets. To learn more about the value of proactively managing the lifecycle of clinical resources, visit PartsSource.com.
The PartsSource Logo, PartsSource Pro, Ensuring Healthcare is Always On and Precision Procurement are registered trademarks of PartsSource, Inc.