Supply Chain Visibility
Med World Live works with GPO and IDN partners to provide a solution that streamlines the product evaluation and adoption process, which ultimately benefits every stakeholder in the value chain.
As the value-based landscape continues to evolve, healthcare providers must consider the products they purchase more critically. The value analysis process has adapted to include more formalized committees, evaluation metrics and a greater influence on the buying process. The longer it takes for a health system to evaluate and adopt a product, the lower the value to all involved. The Med World Live Solution optimizes value by increasing speed to market. Delivering the information needed to make purchasing decisions in a readily accessible central location is the key to streamlining the process.
Optimize Efficiency to Maximize Value
The timeline for product adoption and conversions is influenced by multiple complex processes, from initial product introduction to staff training. Value Analysis product evaluation processes require a significant time investment—and often the information needed to perform these processes must be obtained from various sources, lengthening the cycle.
Speed Up the Process
The Med World Live solution aggregates the elements required to complete these tasks in a central location to streamline the review process. Product demonstrations, in-service & training videos, regulatory documentation, clinical evidence, specs, etc. are all available to improve not only supply chain efficiency, but also clinical understanding for better patient outcomes.
Optimize Value for All
Health Systems: Improved Value Analysis & Supply Chain efficiency leads to faster adoption of approved products, so clinical benefits & cost savings are realized sooner.
Suppliers: Increase product visibility with the audience that's making purchasing & conversion decisions. The portal gives your products exposure that reps alone simply cannot achieve.
Our Valued Healthcare Advisor, Frank Fernandez, says it best:
"The Med World Live portal offering will introduce new and existing customers to contracted products. It will certainly enhance the rapid on-boarding of new products by IDN customers.
One of the challenges hospital supply chain organizations face, is the process of value analysis prior to the decision to adopt a new device or product. Value analysis processes that are applied to potential new products have become best practice for top-performing health care supply chain organizations. These processes include: specifications review, product demonstrations, financial due diligence, regulatory documentation review, clinical outcomes documentation review, in-service training, care giver competency assessment, and other requirements. The challenge is in the protracted cycle time that it takes a hospital or health care system Value Analysis Team to perform all of the tasks that are prerequisite to product decisions.
The Med World Live portal aggregates all of the elements and tools required by Value Analysis Teams, to reduce the cycle time for reviewing and on-boarding devices. The Portal becomes a powerful tool that provides video content and related documentation in one easily accessible site, that allows health care systems to fast-track the value analysis process and the adoption of new devices and products."
– Frank Fernandez
Frank Fernandez retired in December, 2016 as Assistant Vice President of Supply Chain Services, from Baptist Health South Florida, after 33 years of service. He also served as a representative on Premier's Strategic Advisory Committee, and he is passionate about how the Med World Live solution will revolutionize the way Supply Chain organizations review & on-board new products.
Value Analysis Committees, Supply Chain Teams & Clinical Staff:
The Portal provides extensive 24/7 access to product & service information, including video content for product demonstrations, in-service training, clinician interviews, etc. and documentation such as FDA 510k, white papers & clinical trials, spec sheets & cross references. This resource reduces the number of in-person sales representative appointments and reduces search time for pertinent information—no more need to visit multiple websites. Access to information regarding new contract launches & updates on the latest technology and product releases.
Medical Device Companies & Service Providers:
Med World Live offers a start to finish solution for suppliers including professional video production and portal content build-out (including the ability to utilize & incorporate video content suppliers have produced previously). This content is then hosted within the group's proprietary portal library and made accessible to the GPO membership or IDN users for purchasing and training purposes.