An article in MedCity News evaluates the ties between patient experience and hospital profits:
“Hospitals that deliver a better patient experience perform better financially, the latest research shows,” writes David Betts, a principal in Deloitte Consulting LLP in Medcity News. “Customers are more loyal. Reputation spreads, boosting referrals. And happier patients typically result in lower malpractice risk for physicians, to name just a few benefits…Since 2012, hospital Medicare payments have been based on these three goals, with patient experience currently accounting for 25 percent. However, research shows that VBP incentives tied to patient experience account for around 7 percent of the association between patient experience and hospital financial performance.”
ASP Global is familiar with this premise. Having worked with leading U.S. hospitals and IDNs to deliver high-quality products at better value through global sourcing, ASP has witnessed the relationship between improved patient experience and increased hospital profits firsthand.
Northside Global Sourcing through ASP: Making a personal patient connection, removing layers upon layers of cost and improving HCAHPS scores.
In the five years since Northside initiated its global sourcing program with ASP Global, the program has quadrupled and yields greater than 20 percent savings on average. In addition to the patient comfort care kits, Northside and ASP Global have also developed a new mom care kit including bottles, a beautifully engraved baby spoon, and custom reusable ice packs, all in an insulated carrying case.
Kathy James, clinical supply chain manager with Northside says, “It’s the little things that make big differences in the lives of the patient. So while there are many commercially available products we could have had relative to our patient comfort kits, we wanted it to be part of a personal experience which is why we chose to work with ASP Global.”
“All of these efforts to improve the quality and utility of our hospital branded, patient amenity and other products sourced through ASP Global have done nothing but improve our HCAHPS scores,” Kathy says. “When we started the process of custom designing our Amenity Kits we did not realize how much more of a personal connection we could make with our patients and what surprised us more than anything was how many middle layers of cost we could remove by going direct. As a result, we’ve gone to a more direct sourcing model on other items and are looking to grow.”
With decades of experience in the healthcare and sourcing industries, ASP Global places the highest value on providing customer service excellence with the utmost integrity by optimizing the sourcing of hospital medical products to improve quality and lower costs. ASP Global eliminates millions in unnecessary marketing, promotions and selling expenses that sit between manufacturers and providers. ASP cuts out the cost of the middleman’s branded products and passes the savings on directly to our hospital partners.
Related case study: “Global sourcing brings next level savings and quality improvements for the Westchester Medical hospital supply chain.”
Put global sourcing to work for you
If your hospital, IDN or large group practice is ready to implement global sourcing of hospital medical products, including branded products, to improve the patient experience, contact email@example.com or call 404-620-6924.