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SciQuest Showcasing Methods for 'Transforming the Future' of Healthcare Purchasing and Procurement

Monday, August 2, 2010 General News J E 4
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Leading Source-to-Settle Solution Provider Tackles Healthcare Purchasing Pain Points at AHRMM10

CARY, N.C., Aug. 2 /PRNewswire/ -- SciQuest, Inc., a leading provider of on-demand strategic procurement and supplier enablement solutions, is showcasing how they hope to "transform the future" of the healthcare supply chain by unveiling its focus on three key healthcare purchasing and procurement issues at AHRMM10, the annual conference and exhibition of the Association for Healthcare Resource & Materials. AHRMM10 takes place today through August 4 at the Denver Convention Center; SciQuest can be found in booth 204.

(Logo:  http://photos.prnewswire.com/prnh/20100624/DA25925LOGO)

(Logo:  http://www.newscom.com/cgi-bin/prnh/20100624/DA25925LOGO)

SciQuest's three main areas of concentration include:

  • Controlling spend on Physician Preference Items (PPIs)
  • Increasing visibility into overall spending  
  • Making item master and catalog items more searchable.

Stephen Wiehe, president and CEO of SciQuest, said, "The complexity and expense of healthcare places an extra burden on supply chain managers, who must delicately balance patient needs and physician preferences with fiscal responsibility. SciQuest has developed a revolutionary approach that addresses these significant issues in ways that perfectly illustrate AHRMM10's 'transforming the future' theme."

As budget constraints increase, controlling spend on Physician Preference Items (PPIs) is becoming increasingly important to hospitals.  Since spend on PPIs and expensive implantable devices is difficult to manage and can account for 60% of overall medical supply cost for hospitals, SciQuest is creating a virtual surgical 'item master' for PPIs – an online contract repository of surgical goods that will allow supply chain leaders to gain visibility to spend on these costly goods while providing support to clinicians requisitioning and recording user of goods.

This increased spend visibility helps to minimize blanket purchases and improves understanding of operating room spending habits. SciQuest's solution helps hospitals source and contract strategically for preferred items and gives users control and visibility to help them spend money better. Users can streamline catalog management, direct spend to preferred vendors, drive higher compliance with contracts, tighten control and increase visibility throughout the entire source-to-settle process.

Another area SciQuest is addressing is making item master and catalog items more searchable. SciQuest's solution offers a catalog approach to searching the item master, enriching the content with detailed and product-rich data that helps drive the selection to the right good or service.  SciQuest also aids hospitals' content management challenges through supplier-enriched data. Hospitals employ several full-time equivalents who have the responsibility of maintaining and updating the item master to keep items current. In addition to staff, hospitals also use data-scrubbing services, often annually, to clean and manage data. The SciQuest solution changes the focus from scrubbing data to using supplier-enriched data to improve data quality with continually refreshed current content.

About SciQuest

SciQuest provides a leading on-demand strategic procurement and supplier enablement solution that integrates customers with their suppliers to improve procurement of indirect goods and services. Our on-demand software enables organizations to realize the benefits of strategic procurement by identifying and establishing contracts with preferred suppliers, driving spend to those contracts and promoting process efficiencies through electronic transactions. Using our managed SciQuest Supplier Network, our customers do business with more than 30,000 unique suppliers and spend billions of dollars annually.  

Our current target markets are higher education, life sciences, healthcare and state and local governments. We tailor our solution for each of the vertical markets we serve by offering industry-specific functionality, content and supplier connections. We serve more than 160 customers operating in 16 countries and offer our solution in five languages and 22 currencies.

For more information about SciQuest, please visit www.sciQuest.com or call 888-638-7322 in the U.S. or +44 1794 341182 in Europe.

Trademark information: SciQuest is a registered trademark of SciQuest, Inc. All other trade names are trademarks or registered trademarks of their respective holders.

SOURCE SciQuest, Inc.

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