1 week Ago
WESTPORT, Conn. , Sept. 9, 2024 /PRNewswire/ -- LogicSource, the market leader for non-clinical procurement services and technology, and Cleveland Clinic are pleased to announce a collaboration aimed at bringing leading practices and benchmarking of non-clinical procurement to health systems.
This collaboration will adopt procurement practices, honed by LogicSource over the past fifteen years across multiple non-healthcare industries, into healthcare by leveraging Cleveland Clinic's top-rated healthcare supply chain knowledge. The collaboration will help health systems apply benchmarks from complex and difficult-to-assess spending categories. These benchmarks, successful in other industries, will be adapted to meet the specific needs and expectations of healthcare.
Supported by Cleveland Clinic's healthcare guidance, the collaboration will also provide health systems with access to LogicSource's extensive category experts. "Our commitment to the pursuit of excellence extends beyond the clinical delivery of care," said John Dockins , Executive Director of Sourcing and Vendor Management at Cleveland Clinic. "There are significant opportunities for health systems to find efficiency and savings in non-clinical expenditures, and we are excited to work with LogicSource to take our learnings a step further – to help make the business-side of managing a health system more financially viable for everyone involved and organizations can focus on putting savings back into patient care.
" Health systems across the country are dealing with increased costs , talent challenges in retention and recruitment, while also navigating a rapidly changing technological landscape, all impacting their bottom line. "Health systems are broadly underinvested in non-clinical procurement compared to other industries. Yet, they spend between 20 to 25 percent of net revenue in the categories – more than their non-industry counterparts," said Mark Van Sumeren , Strategic Advisor of Healthcare at LogicSource.
"Alongside the team at Cleveland Clinic, we have confirmed that healthcare can benefit from practices and benchmarks established across non-healthcare industries to improve profitability for the organization and free capital to enhance high-impact clinical initiatives." Cleveland Clinic and LogicSource aim to share best practices learned from their collaboration at industry events with other healthcare supply chain and procurement leaders over the course of the next year. "For the most part, we all can agree that healthcare is at an inflection point for innovative solutions," continued Van Sumeren .
"We're all eager for improvement, and non-clinical spend is one of those high-impact opportunities ripe for innovation that we have a responsibility to explore, advance, and share." About LogicSource The innovative leader in procurement services and technology, LogicSource is purpose-built to drive profit improvement, mitigate risk, and ensure supply chain continuity through better buying. LogicSource focuses exclusively on the sourcing and procurement of indirect goods and services, which typically represent 20% of an organization's revenue and the area of greatest spending inefficiency.
These include complex categories like marketing, packaging, corporate services, facilities, information technology, distribution and logistics and more, for which organizations often lack the capacity, focus and scale to achieve best-in-class buying. Unlike traditional advice-based consultants, LogicSource is a purpose-built buying utility with assets that are configurable to their clients' needs and ready to deploy. By combining decades of sourcing and procurement expertise, superior market intelligence, cross-portfolio spending leverage, and their OneMarket® Source-to-Pay technology, LogicSource executes customized solutions that deliver immediate savings and sustainable value.
For more information visit www.logicsource.com .
About Cleveland Clinic Cleveland Clinic is a nonprofit multispecialty academic medical center that integrates clinical and hospital care with research and education. Located in Cleveland, Ohio , it was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion, and innovation. Cleveland Clinic has pioneered many medical breakthroughs , including coronary artery bypass surgery and the first face transplant in the United States .
Cleveland Clinic is consistently recognized in the U.S. and throughout the world for its expertise and care.
Among Cleveland Clinic's 81,000 employees worldwide are more than 5,743 salaried physicians and researchers, and 20,160 registered nurses and advanced practice providers, representing 140 medical specialties and subspecialties. Cleveland Clinic is a 6,690-bed health system that includes a 173-acre main campus near downtown Cleveland , 23 hospitals, 276 outpatient facilities, including locations in northeast Ohio ; Florida ; Las Vegas, Nevada ; Toronto, Canada ; Abu Dhabi , UAE; and London, England . In 2023, there were 13.
7 million outpatient encounters, 323,000 hospital admissions and observations, and 301,000 surgeries and procedures throughout Cleveland Clinic's health system. Patients came for treatment from every state and 132 countries. Visit us at clevelandclinic.
org . Follow us at twitter.com/CleClinicNews .
News and resources available at newsroom.clevelandclinic.org.
Media contact: Erica Olenski [email protected] 678-504-6786 SOURCE LogicSource.
