Is your medical device procurement strategy right for your organization? With the right strategy, your procurement can have a significant positive impact on both your facility’s budget and its storage needs. In this article, we’ve got four practical tips to help you stop overpaying for and overstocking medical devices while still ensuring quality and reliability.
Tip #1 – Buy Directly from the Manufacturer
When it comes to medical device procurement, cutting out the middleman is a smart move. Purchasing directly from the manufacturer, whenever possible, eliminates additional markups and ensures you receive the product at the most competitive price. A direct relationship with the manufacturer also offers advantages such as access to their specialized expertise, technical support, and the latest information on new products.
Tip #2 – Opt for Simple Packaging
While attractive packaging might catch your eye, it’s essential to remember that you’re also paying for it. Many manufacturers use colorful or branded packaging, which, while aesthetically pleasing, doesn’t enhance the device or tool’s quality or functionality. Instead, it adds unnecessary costs that can impact your budget.
To optimize your procurement strategy, prioritize medical device providers that offer plain and efficient packaging. As long as the packaging ensures the device’s safe transit, fancy branding should really be avoided. By choosing simplicity, you can reduce expenses without compromising on the quality of the device itself.
Tip #3 – Seek No-Minimum Orders
Not all medical devices are in constant demand, and bulk ordering isn’t always the most cost-effective approach. Some devices may only be required for specific procedures or in limited quantities. Traditional manufacturers and distributors often impose minimum order requirements, which can strain your cash flow and leave you with excess inventory.
Instead, opt for a medical device provider that offers no-minimum orders. This flexible approach allows you to order precisely what you need when you need it, eliminating unnecessary stockpiling and reducing storage requirements. In addition, look for suppliers that offer fast shipping to ensure you can promptly receive the devices required for your procedures without overstocking.
Tip #4 – Embrace Just-in-Time Inventory Management
To further streamline your medical device procurement, consider implementing a just-in-time (JIT) inventory management system. JIT focuses on ordering and receiving products as you need them, which reduces excess inventory and its associated costs. Its methodology aligns orders with demand, so you can maintain a leaner inventory and free up capital for other essential healthcare investments.
Implementing JIT requires careful planning and coordination with your suppliers. It also involves tracking usage patterns, lead times, and ordering quantities that ensure the right number of devices arrive when you need them. There are great software programs that can help you with the process. While it may require some initial adjustments to your procurement processes, JIT can lead to substantial cost savings in the long run.
Hobb’s Medical is the right fit if you’re seeking to optimize your procurement strategy. We sell our tools and devices directly to the end-users (hospitals and medical centers), not to middlemen. We lower costs by simplifying our packaging, while still ensuring the safe transit of each product. And finally, we offer the no-minimum orders and fast delivery you need to get just the right number of devices at exactly the time you need it.
If you want to learn more about how Hobbs Medical can meet your procurement needs, reach out for a conversation! [email protected] | (860) 684-5875 | Contact Us
