In this episode of the HTM 24x7 podcast, PartsSource President and CEO Phil Settimi, MD, joins host Keri Stephens delve into the key challenges within healthcare technology management (HTM), particularly parts and service contracts. Dr. Settimi’s background as a physician and his experience in medical device businesses laid the foundation for his involvement with PartsSource, a company dedicated to enhancing clinical uptime and streamlining the healthcare supply chain.

PartsSource began by analyzing data on supplier performance and realized the potential to transform the healthcare supply chain by applying evidence-based decision-making and technology. Their initial focus was on parts and accessories procurement, and they introduced PartsSource Pro, a technology-enabled solution that streamlined procurement processes, reduced costs, and improved productivity for hospitals.

The podcast also delves into PartsSource’s study of service contracts within healthcare systems. They found that health systems manage a significant number of contracts, with varying costs and a lack of transparency. Many hospitals are challenged by the complexity of managing these contracts, leading to inefficiencies and potential overpayments. Furthermore, the absence of vendor performance monitoring and a lack of standardized data make it difficult for health systems to evaluate and optimize their service contracts effectively.

In the podcast, Dr. Settimi suggests several strategies for overcoming these challenges, including consolidation and rationalization of contracts, risk-based analysis for vendor selection, and the use of national benchmarks to determine fair pricing. The implementation of technology plays a crucial role in streamlining workflows, monitoring vendor performance, and achieving cost savings.

Finally, the podcast emphasizes the need for evidence-based, tech-enabled solutions in HTM to improve clinical uptime and support healthcare professionals in delivering safe and effective care.