Healthcare supply chain leaders could land some purchasing deals in Q2
A new report, published by OpenMarkets, a platform for buying medical equipment and supplies, explores patterns and trends in Q2 equipment purchasing. The report highlights four key purchasing trends in the $80 billion capital healthcare market, and identifies insights tied directly to the months of April, May, and June (Q2).
The company says the report is based on capital budget and transaction data from thousands of sites of care across the OpenMarkets community, with 4 key trends analyzed and presented in a way that makes it helpful for buyers to use when making purchasing decisions.
Those four trends are:
- Hospitals buy routine equipment this time of the year
- Timing purchases effectively can save money
- Planned spend and actual spend differ
- It takes longer to buy this time of the year
“Be on the lookout for several supplier promotions and sales at this time of the year on routine equipment products, as suppliers seek to stand out and differentiate from their competitors” the report states.
Additionally, OpenMarket data shows “Health Systems don’t plan to buy much in Q2, as just 8.65 percent of their annual spend is earmarked for April, May and June.”
Tom Derrick, Senior Vice President at OpenMarkets suggested supply chain professionals consider the following: “If you have a big-ticket item that you plan to by in Q3, find out what it would cost in Q2. I think you might have a little bit of leverage. “If a health care system has the ability to purchase equipment in May, don’t wait until June. Instead, be proactive, and ask suppliers to provide that “last day of the quarter” pricing now. Just get the transaction done, efficiently, for all. You will be rewarded for this efficiency. This tactic is even more powerful when you are applying in competitive situations, with more than one supplier vying for your business. The most progressive, efficiency-minded suppliers will be eager to work with you on your terms.”
