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Cost Control And Collaboration

by H-Source on 11/01/2018

In an ideal world, a hospital would purchase only the products it needs and use every product it purchases. Unfortunately, we do not live in an ideal world, and every day, hospitals and surgery centers throw away expiring inventory that could have been used by another healthcare facility for the benefit of other patients.

So…why don’t we? Why don’t hospitals sell their excess inventory to other hospitals? It’s only logical – they recover costs while the facilities purchasing the items reduce spend. It benefits everybody.

Maybe the reason is until now, the technology to make this a hassle-free reality didn’t exist.

Now it does.

H-Source was created from the inside out; it was launched by a veteran of the healthcare industry and built specifically for healthcare facilities. It codifies and streamlines the loan-and-borrow program that’s been around forever. Hospitals big and small, all over the country, are buying and selling idle stock directly with one another to control costs and minimize the amount of perfectly good products thrown away due to expiration or product conversions.

Here is one example of a win-win:

A hospital in Washington state just went through a product conversion and no longer has a need for a host of inventory. They list the inventory on H-Source, making it available for purchase at a reduced rate to hospitals nationwide.
A hospital in Idaho has some products on back order and is having trouble sourcing the products it needs. Using the wishlist functionality, they are alerted to product availability on the H-Source marketplace and connect with the hospital in Washington to make a purchase.

This is just one example scenario where multiple hospitals benefit from using H-Source and collaborating with one another. Hospitals face serious issues in the battle to remain profitable. Purchasing products in bulk and allowing them to expire is not a sustainable practice. H-Source is a powerful tool for its members to remain lean and profitable in the ever-changing landscape of the healthcare sector.

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