THE FUTURE OF PURCHASING
The included projections and insights are from experts in the healthcare industry, including, but not limited to, medical device executives, suppliers, and healthcare and practice management consultants, as well as medical device market research. Below are the questions facing the healthcare industry today.
WHAT COVID-19 MEANS FOR THE HEALTHCARE INDUSTRY
How will hospital spending be impacted?
- Hospital spending during the second half of 2020 will likely be reduced compared to spending during previous years.
- Spending will continue to focus on PPE and patient care devices for as long as recovery from the COVID-19 pandemic remains unpredictable.
What will hospital spending look like after the COVID-19 pandemic?
- Hospitals will have a pent-up demand for certain medical devices following their reduced spending.
- Vendors will need to prepare to immediately supply hospitals with needed equipment.
- Hospitals will be looking to financing structures to preserve their cash flow.
What factors are impacting hospital budgets?
- Revenue-boosting procedures are shut down or very limited, resulting in a significant decrease in hospital revenue.
- In tough economic times, patients with high deductible plans may put off some elective procedures.
- Hospitals will hoard cash to offset lost revenue.
What do healthcare vendors need to consider when serving their customers during and after the COVID-19 pandemic?
- Vendors will have limited ability to call on hospital customers face to face due to social distancing restrictions.
- Vendors will need to modify their marketing strategies to find new and creative ways to reach their hospital customers.
- It will be helpful for vendors to become more transparent in regard to their inventories and turn-around times.
- Sole source agreements may no longer be viable, 2nd and 3rd tier supplier relationships may be necessary.
- RFI and RFP process responses may be done via video conferences to answer questions or clarify responses.
- Vendors may need to offer creative finance solutions to bridge the need for equipment or services until customer revenues are more readily available.
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