05/02/2024 | News release | Distributed by Public on 05/02/2024 13:58
If ever there was a time to "lead the way," it's now.
Four years after the pandemic permanently altered the healthcare landscape, financial pressures remain a frustrating reality for suppliers and providers. But out of this "new normal" has emerged a different way of thinking: Tough times have inspired a collaborative mindset that is poised to drive true transformation.
"Now is our time to double down on the value we create for providers - not always focusing on the price point of a product, but how it can make a difference in the patient experience or outcome, workforce efficiency, and other areas of meaningful clinical and operational impact," said Vizient CEO Byron Jobe as he welcomed attendees to the 2024 Vizient Supplier Forum, themed "Lead the Way." "The next two days are focused on exactly that: How we together can lift up the performance of the entire healthcare industry."
Simrit Sandhu, president, spend management.
At the annual event - which this year took place April 25-26 at the Omni PGA Frisco - experts from across the company emphasized to the supplier audience the importance of true partnerships rather than transactional relationships (a prevailing pillar of Vizient's approach to strategic supplier performance), along with leveraging Vizient data, tools and insights to assist providers in their high-performance journeys.
"You all are innovators by the very nature of your work and collectively, you should be very proud of your accomplishments - I hear so many examples of how your organizations are innovating and partnering with providers in new and unique ways," Jobe said. "I truly believe that when we are aligned together to better serve providers, we have the chance to make a difference for patients and our communities."
This mission has prompted a reinvention of Vizient's spend management approach, including through the recent alignment of pharmacy, lab, capital and medical-surgical categories under one leader. It also involves harnessing the power of data, insights and consulting to augment the power of aggregation by customer segment to meet healthcare's unique needs and solve complex problems.
"Our customers are under immense pressure and facing different challenges as they navigate cost, quality and growth. How we partner with them is key to aiding in their performance improvement," said Simrit Sandhu, president, spend management.
Mainstage panels at the event further discussed opportunities for collaboration across the healthcare ecosystem:
From left, John Becker, SVP, sales, service and insights delivery; Lara Latham, SVP, spend management delivery; Ryan Freel, Kaufman Hall, managing director; Byron Jobe, CEO
John Becker, SVP, sales, service and insights delivery; Ryan Freel, Kaufman Hall, managing director; Lara Latham, SVP, spend management delivery
The big takeaway: Health systems face an uphill climb to full financial recovery - and suppliers have an indispensable role in supporting that ascent.
"We're operating in a new normal," Freel said. "Cost basis and labor costs have increased - that's not a short-term change. Those who are trying new things and innovating are the ones who are doing by far the best."
Ecosystem insights:
What you should know…
"All of us need to think carefully about how we connect with the entire system," Becker said. "The concern with point solutions in healthcare - whether it's digital or a novel new entrant - is that if it's not connected to the overall healthcare market, then it's not helping with the total cost of care. It's not about a single point solution, but rather how you fit into the overall flow of the ultimate patient outcome."
Dan Kistner, GM, category management and strategic programs and Bonnie Lai, SVP and GM, clinical and physician preference, drove home a particularly relevant golf metaphor at the event.
Dan Kistner, GM, category management and strategic programs; Bonnie Lai, SVP and GM, clinical and physician preference
The big takeaway: Golf may be an individual sport, but the biennial Ryder Cup transforms it into a team event. There's passion, accomplishment, camaraderie! If golfers can come together, so can healthcare stakeholders.
"We recognize that we need to up our game and help our providers deliver better, higher-value care," Lai said. "To win, we need to partner together in driving growth, providing access to stakeholders, mobilizing around data and market insights, and improving patient care."
Ecosystem insights:
What you should know…
Beth Godsey, SVP, Data Science and Product and Platform Strategy
Beth Godsey, SVP, Data Science and Product and Platform Strategy
The big takeaway: If you want the U.S. to become the most effective, efficient and data-driven healthcare system in the world, that means aligning stakeholders and scaling non-provider customer value. Vizient is committed to doing both.
"Vizient is investing in how we report and provide insights not only for our provider community but also for the non-provider community," Godsey said. "We have vast market share and future demand planning insights for both providers and non-providers to support future planning and growth."
Ecosystem insights:
What you should know…
From left, Bonnie Lai, SVP and GM, clinical and physician preference; Mark Schreiber, VP, national accounts, Edwards Lifesciences; Karl Karlsson, VP, Sg2 life sciences and industry
Karl Karlsson, VP, Sg2 life sciences and industry; Bonnie Lai, SVP and GM, clinical and physician preference; Mark Schreiber, VP, national accounts, Edwards Lifesciences, critical care
The big takeaway: When Vizient, Edwards Lifesciences and a provider collaborated on a clinical pilot to reduce cardiac complications, the results were, well … heartening. They included both a reduction in length of stay and decrease in cost per case as validated using the Vizient Clinical Data Base (CDB).
"This partnership is a great example of how - by optimizing the system, looking at challenges more holistically and proving the impact on patient outcomes - we can move forward and solve healthcare challenges together," Lai said.
What you should know…
"None of this happens without relationships," Schreiber said. "Taking the time and effort to develop the relationships - being there with them, listening to their concerns and working through those challenges together with your customers - means a lot."
John Grande, Group SVP and GM, spend management services and delivery
John Grande, Group SVP, spend management services and delivery
The big takeaway: Anyone who works in the healthcare ecosystem understands there's a patient at the end of every transaction. Remembering that will guide the importance of your work, particularly in challenging times - and help you figure out how to unlock value, together.
"At the end of the day, if we're focused on value delivery, we're going to be successful together," Grande said. "The value equation doesn't work if you're only an advocate for one side."
Ecosystem insights:
What you should know…
Day two concluded with Vizient experts facilitating small groups of suppliers for interactive peer-to-peer discussions on challenges that face healthcare, as well as Vizient subject matter experts leading breakouts for category-level strategic overviews and discussions.
Learn moreabout how Vizient supports suppliers to drive sustainable performance.