Although suppliers and providers may hesitate at a partnership approach, it is possible to collaborate on total cost of ownership (TCO) – provided the right mechanisms are put into place at the start. Learn from the diverse experiences of expert providers and suppliers in the field as they identify the variables that make a successful partnership, where pitfalls can happen, and steps to overcome challenges. Open conversations will increase transparency around TCO and help move the conversation from price to a more holistic approach that focuses on efficiency and works to reduce cost for both parties and positively impact patient care.
How this session relates to the Cost, Quality, and Outcomes (CQO) Movement: Collaborating with suppliers to identify the total cost of ownership and share risk can reduce costs by ensuring that all costs are taken into account up front. Accurate value analysis of each product improves quality of care with the identification of the exact needs of patients and improves the likelihood of positive reimbursement outcomes. TCO is the first step in the work of achieving CQO.
- Identify the critical success factors in implementing TCO with a partner.
- Use shared practices and tools to successfully collaborate with a partner to identify TCO.
- Hold productive internal conversations on when it’s appropriate to properly evaluate partnerships and products for TCO.
- Gloria Graham — Clinical Materials Contracts Specialist Value Analysis/Supply Chain Management, Cincinnati Children’s Hospital
- Mike Hughes — Vice President of Healthcare Business Solutions, Cook Medical
- Richard Bagley — Senior Vice President & Chief Supply Chain Officer, Penn State Health Milton S. Hershey Medical Center
- Robin Lane — Senior Manager Value Analysis, Pensiamo