Geoffrey H. Silver, CEO, Sterling Healthcare Logistics
For Geoffrey H. Silver, the CEO of Sterling Healthcare Logistics (SHL), the pure euphoria of seeing the results of hard work had never doused out since the onset of his entrepreneurial career in the healthcare industry at the age of 19. It was during one of those early days when he was working in the laboratory testing space that Silver was approached by a customer to help devise a solution that would optimize the supply chain. Driven by enthusiasm to create solutions, Silver readily agreed, but little did he expect what happened next; the sheer amount of discrepancies in healthcare supply chains was staring at him in the face. The primary concern revolved around the range of prices quoted on the same product to different ambulatory clinics and facilities of large healthcare systems. In order to bring the alignment of prices, products, invoices, and purchase orders under scrutiny, Silver realized that healthcare supply chains had to be integrated and the solution to do that should provide a single source of truth.
Enter SHL’s ACXSS Marketplace, a holistic web portal where the end-users—who procure supplies for their respective facilities within the same healthcare system—can make order requests and send them for approval. Following the order request, the ACXSS technology aligns vendor contracts with that of group purchasing organizations (GPOs), identifies discrepancies if any, and pushes the order forward for approval and then to the accounts payable departments. All these diagnostic capabilities are enabled in real time and in a live environment, allowing the customer to keep a check on vendor price creeps, overpayments, invoice mismatches, double payments, and so on, and resolve them immediately.
The software creates a master file for each product being purchased and ensures pricing parity across the entire system comprising of different facilities, vendors, contracts, and GPOs. SHL’s solution is a quintessential purchase order lifecycle manager for healthcare organizations that helps them identify cost-savings opportunities in their supply chain.
ACXSS is changing the rules to create a positive impact in the healthcare supply chain with constant innovations and win-win solutions for the industry
“We don’t just provide the software; we work in tandem with the client so that they utilize and thereon, identify savings opportunities, and reduce supply-chain costs by 10-20 percent, and in some cases, by up to 30 percent,” explains Silver.
The ordering process created by ACXSS Marketplace is complemented on the backend with an analytics dashboard. It allows the customer to access all their data on pricing, purchases, expenditures, and so on, viewable in time periods such as year-to-date, quarter-to-date, monthly, and on a daily basis. “The most amazing thing about ACXSS is that the data is in real time,” says Silver. A single-pane-of-glass view on the dashboard allows C-suite personnel to make informed decisions based on supply chain trends of the organization, visualized in a graphical form. One health system, a customer of SHL, was purchasing 22 different types of the same patient testing kit, which was the cause of inefficiencies in their supply chain, and did not bode well for the patient care. Based on the insights provided by the ACXSS Analytics Dashboard, the customer was able to hone in on a single product that all their facilities could purchase, and aggregate this product with a single vendor. The engagement resulted in substantial savings of over 60 percent, with the identification of a cross-savings opportunity along with the clinical significance created by aligning the patient testing.
SHL is looking to expand its proposition to other areas of the supply chain and is all set to release a smart inventory solution for real-time inventory management in January 2018. Continued integrations and advancements of features and functions in the ACXSS software is an essential part of SHL’s strategy. “ACXSS is changing the rules to create a positive impact in the healthcare supply chain with constant innovations and win-win solutions for the industry,” concludes Silver.