Operational Efficiency is the Profit Driver in Maturing Markets: Orthopedic Device Market Will Event

In these tough times, medtech manufacturers must focus on operational excellence to drive growth and profitability. Share Following an era of high growth and profitability in the medical technology industry, total shareholder returns have been declining during the past few years. This decline, combined with slower revenue growth and flatter profits, indicates a transition from a growth stage to a more mature stage of the industry’s life cycle. While many medtech companies are seeking topline growth by reassessing their capabilities, global business models, and marketing strategies, they have focused less on improving operating performance as a strategy for driving shareholder value. Yet, thi

Lowering the Orthopedic Implant Supply Chain Cost....

Tim Burney, founder and CEO of Advantien, an implant management company that specializes in maximizing the value of spine and orthopedic implants, highlights key ways ASCs can enhance their supply chain to improve the value of their spine and orthopedic procedures. Question: What are the biggest sources of waste in the supply chain for traditional orthopedic and spine procedures? A: Of the price that surgical facilities pay for implants, a significant portion is sales and marketing. For example, a pedicle screw may cost less than $50 to manufacture, but may sell for over $1,500. Much of gross profit goes into supporting the wasteful sales and distribution channels (e.g., $200-$800 of that sa

UPS Opens First Facility to Offer Medical Device Replenishment Services

Hub features decontamination capability, instrument inspection and more to support distribution services to hospitals As part of its long-term strategy to support medical device manufacturers, UPS® (NYSE: UPS) today announced the opening of a new healthcare-compliant distribution and warehousing facility in New Jersey to support the growth of its customers. The multi-client hub is the first in UPS’s network to offer medical device companies comprehensive logistics services such as autoclave capabilities, instrument inspection and surgical set replenishment, among other services. The 208,000-square-foot facility is healthcare-dedicated and strategically located near UPS’s air hub at Philadelp

Strengthening Healthcare's Supply Chain

Dramatically changing the sector’s inefficient supply chain may eliminate the dangers posed by counterfeiting and medication errors. he manufacturing of pharmaceuticals and medical devices is becoming increasingly complex. Companies are expanding their product portfolios to meet rapidly changing markets and lengthening product life cycles. Emerging economies want more affordable products. Quality and compliance issues are rising because products are more complex and regulatory scrutiny is stricter. And the number of drug recalls is increasing. Yet the supply chain remains fragmented and incomplete, with weaknesses that put patients at risk, cost billions in value, and lessen the health-care

Employee turnover another reason to scan in the O.R. and SPD

Staff turnover at hospitals is picking up, and very damaging to productivity. Just ANOTHER reason to be scanning assets in the O. R. and in SPD.... Hospitals today are facing higher turnover and attrition rates than ever before, according to a survey report from Leaders for Today, a hospital management staffing firm. What's more, increasing turnover isn't limited to certain healthcare jobs — it is affecting every role from the C-suite to the front desk and the front lines. Survey data from LFT show hospitals will need to replace nearly half of their staff every five years. This challenge is compounded by a shrinking talent pool as more hospital employees retire. "This study confirmed what i

This is how implants are recorded during surgery in the OR...

This is a photo from a state of the art, brand new operating room. And this is how they record implants used during a trauma case. After this step, the sales rep re-records this onto an inventory control sheet. Then the rep hands that sheet to the circulating nurse, who takes 20 minutes manually entering the implants into the hospital EHR system. After that, a copy of the inventory control sheet is sent to purchasing, where they will re-enter the information into their software package. The sales rep then calls the order in, and has to come back the next day to restock the trays. He then will have to track down a PO for the implants at a later date from purchasing. Does this seem efficie

Cost of supporting a sales rep in the OR is on the radar of hospitals...

To cut the price of orthopedic implants and curb the influence of manufacturers, some hospitals are training their own employees to provide technical assistance to operating room staff, displacing company sales representatives who have offered this service to surgeons for decades. Few patients being rolled into surgery for a hip or knee replacement are aware that a sales rep is often in the operating room during their procedure, aiding the surgeon and nurses with decisions about instruments and sometimes influencing the kinds of products that will be used. Now, a small number of hospitals around the country are collaborating with manufacturers to replace this model. One is Loma Linda (Ca

Can the Supply Chain and the OR Spike Gold with IT-fueled Track and Trace?

As healthcare organizations yearn for universal device, equipment and process interoperability, Supply Chain and Surgical Services aim to implement this seemingly lofty goal in several ways. By enacting service and supply data standards, recording product usage per patient and procedure, and linking product consumption and clinical procedure performance to the patient’s electronic health/medical record, Supply Chain and the OR close the loop by connecting all of this to accounting and billing downstream on one side and to manufacturers for replenishment upstream on the other side. The efforts resemble the feats of the Union and Central Pacific Railroads joining their eastward and westward ra

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