REVOLUTIONIZING HOSPITAL PROCUREMENT: HOSPITALSTORE.COM INTRODUCES INNOVATIVE BEST VALUE PROCUREMENT SYSTEM (BVPS)
The medical device market in India is growing at a rapid pace, with projections estimating that it will reach $50 billion by the year 2030. To accelerate this growth and making the medical equipment & supplies easily available, accessible, and affordable for Hospitals, Hospitalstore. com have launched its Best Value Procurement System, an innovative platform for Hospitals to procure the medical equipment and supplies.
Best Value Procurement system (BVPS) is an innovative procurement system based on procuring and realising the highest value for the lowest price (best value). It is a procurement system that looks at factors other than only price, such as product specifications requirement, product quality standards, warranty terms, payment terms and after sales service when selecting products and suppliers. In a BVPS, the value of procured goods or services can be described as a comparison of costs and benefits.
BVPS systems guides the review and decision-making to procure a medical device. The novelty of this approach is the multi-criteria approach to make procurement decisions. In this approach, all dimensions of the value equation (outcome/related costs) must be considered.
Solving pain point for Hospital procurement:
Managing healthcare procurement manually is costly, time-consuming, and resource-intensive. Procurement automation system like BVPS eliminates manual tasks, provide comprehensive approach, saving staff efforts and administrators money, time, and frustration.
Poor visibility into procurement practices affects healthcare organizations in multiple ways. Without a comprehensive view of procurement operations, organizations cannot accurately benchmark prices, compare product specification, measure profitability, or optimize cash flow. This leads to higher costs and less successful negotiations with suppliers. It also limits the ability to see and access savings opportunities.
Moreover, online platforms are expected to play a pivotal role in this sector's future sales and procurement strategies. The Best Value Procurement System aligns perfectly with this trend by providing an efficient online solution for hospital procurement needs. By introducing this system, Hospitalstore.com stands at the forefront of innovating healthcare procurement management—a vital step toward accommodating the expanding demands within India's fast-growing medical device market.
Sonu Kr. Yadav, CEO and founder of Hospitalstore.com, stated, “The Best Value Procurement System (BVPS) is more than just a cost-saving tool for hospitals; it addresses various challenges that hospitals encounter in their procurement processes. It empowers administrators to analyze the needs of different hospital departments, comprehend requirements from end-users, outline procurement budgets, solicit bulk offers, compare product features, assess profitability, and enhance cash flow management among other capabilities. BVPS offers a holistic approach to hospital procurement."