TCH11 - VeritasAdvantage - Transforming the Hospital Supply Chain Space

The hospital supply chain is complex and until recently, the focus on this area was left to only a few managers. More scrutiny is setting itself squarely in the C-suite crosshairs, however, as costs rise and taking up a larger share of the hospital expenses. In fact, according to Modern Healthcare, the supply chain is projected to outpace labor costs as the top expense for hospitals by 2021. Wrangling control of these costs over the years was largely left to contracting solutions with GPOs, but now, technology is taking hold that could give hospitals more transparency in supply and equipment costs. That’s where VeritasAdvantage hopes to make its mark. Ken Husted, vice president of operations at VeritasAdvantage, details how their cloud-based application transforms the way hospitals negotiate for and purchase medical supplies and devices. In essence, their app allows users to scan supply and equipment SKUs and compare prices paid by other hospitals in their network, which is fed in real time based on the hospitals in partnership with the VeritasAdvantage team. Important Links: VeritasAdvantage Website: https://www.veritasadvantage.com/