A case study by Relatable Healthcare.
Significant savings opportunities identified for a specialty hospital after evaluating usage and spend data.
Challenge:
Comparing products, pricing, and performance of products between medical device companies is challenging and labor-intensive. The customer was experiencing high implant spend, numerous vendors, and redundant products. The inability to quickly and objectively compare products and fair market value pricing resulted in low confidence that their facility is receiving optimal pricing.
Solution:
The Relatable Healthcare software platform standardizes and compiles product specific medical device data to power a robust Product Data Catalog (PDC).
Relatable then analyzes usage and spend data at the enterprise, facility, and individual surgeon level through Analytics Leading to Action (ALTA) engine. Dynamic reporting allows both surgeons and administrators to visualize case costing metrics by facility and surgeon - identifying areas for improvement.
Relatable’s secret sauce, the Guided Purchase Solution (GPS), uses algorithms to offer alternative recommendations for specific medical device products - identifying savings opportunities.
Relatable helps educate administrators, physicians, and healthcare teams on the clinical and economic value of implants and supplies. Relatable strives to help facilities offer their patients the best care for the best price.
Analysis & Results:
Relatable analyzed $10M in biologic product usage over 12 months.
Relatable evaluated over 500 biologics products from 17 different companies.
GPS identified:
30% reduction in unique implants
36% reduction in redundant vendors
25% achievable savings ($2.5M)
The Relatable team recently presented these findings and continues to work with this specialty hospital on the process of realizing medical device savings across additional product lines.
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