As the healthcare industry continues to evolve, cost reduction remains a critical focus.
One of the factors that significantly affect healthcare delivery costs is the supply chain management of medical devices, including surgical cables. The use of exclusive surgical cable supply contracts has far-reaching impacts on the overall cost of healthcare delivery.
In this article, we'll explore how exclusive surgical cable supply contracts affect healthcare costs and how LifeSync Source, as the sole manufacturer of surgical cables that directly sells to hospitals, can help to mitigate these impacts.
What Are Exclusive Surgical Cable Supply Contracts?
Exclusive surgical cable supply contracts are agreements between a medical device manufacturer and a healthcare facility, in which the manufacturer is the only supplier of surgical cables to the facility.
This means that the healthcare facility is prohibited from purchasing surgical cables from any other manufacturer, even if the other manufacturer offers a similar or better product at a lower cost.
Advantages of Exclusive Surgical Cable Supply Contracts
Exclusive surgical cable supply contracts provide several benefits for both the medical device manufacturer and the healthcare facility.
For the manufacturer, it guarantees a steady stream of revenue and creates a barrier to entry for potential competitors. For the healthcare facility, it simplifies the supply chain management process and reduces the need to negotiate with multiple suppliers.
The Effect on Healthcare Costs
The impact of exclusive surgical cable supply contracts on healthcare costs is significant.
When healthcare facilities are prohibited from purchasing surgical cables from any other manufacturer, they are forced to pay whatever price the exclusive supplier demands. Healthcare facility expenditures may rise as a result, which could lead to higher patient bills.
LifeSync Source: The Solution for Exclusive Surgical Cable Supply Contracts
Who is LifeSync Source?
LifeSync Source is a leading custom medical cable and interconnects manufacturer that can design and manufacture a full range of surgical cable assemblies.
They are the only manufacturer of surgical cables that directly sells to hospitals, eliminating the need for exclusive supply contracts.
Benefits of Choosing LifeSync Source for Surgical Cable Assemblies
Choosing LifeSync Source for surgical cable assemblies provides several benefits for healthcare facilities.
First and foremost, it eliminates the potential conflict of interest that can arise with exclusive supply contracts. Healthcare facilities are free to choose the best product for their needs, without being limited to a single supplier.
Additionally, LifeSync Source 's start-to-finish, sole-source provider approach simplifies the supply chain management process and reduces the risk of supply chain disruptions.
Their custom, in-house design and manufacturing teams can meet any technology-to-patient connection requirements, freeing up hospitals and healthcare facilities to focus on product innovations.
Conclusion
Exclusive surgical cable supply contracts can have far-reaching impacts on the overall cost of healthcare delivery. They limit healthcare facilities' ability to shop around for the best price and may result in higher costs for patients.
However, LifeSync Source provides a solution by being the only manufacturer of surgical cables that directly sells to hospitals.
By eliminating the need for exclusive supply contracts, healthcare facilities can choose the best product for their needs, without being limited to a single supplier. This can ultimately lead to lower costs for the healthcare facility and patients alike.
Visit the aforementioned link or call them at 1-800-358-2468 to learn more about the advantages of the LifeSync Source business model.
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Healthcare Supply Chain Management Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2019-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Healthcare Supply Chain Management include McKesson Corporation, Oracle Corporation, SAP, Manhattan Associates, Logi-Tag Systems, Tecsys, Infor Inc., Global Healthcare Exchange (GHX), Jabil, and Amerisource Bergen.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Healthcare Supply Chain Management Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/healthcare-supply-chain-management-market/download-sampleMarket SegmentationThe broad Healthcare Supply Chain Management has been sub-grouped into the Product, Mode of Delivery, End-User and Region.
The report studies these subsets with respect to the geographical segmentation.
The strategists can gain a detailed insight and devise appropriate strategies to target specific market.
Blockchain solutions are setting a new foundation for microinsurance.
The other is the apprehension of the customers about the claim process.Indeed, the profit margin of microinsurance is quite low with high operating costs.
Meanwhile, the complicated insurance claim process and small compensation costs have limited customers' motivation to participate in the service.Fintech is also growing very fast around the world.
When the damage happens, if presetting conditions are met, customers will receive compensation without claiming.Also, this blockchain microinsurance model uses parametric insurance, a type of insurance under which the amount of damage compensation is determined by a pre-agreed loss measurement index (e.g.
And the farmers also have a low budget for insurance.In addition, farmers often find it difficult to access formal financial lending institutions such as banks due to strict terms and they will look to other sources of lending such as usury.
In addition, with the experience of implementing many blockchain solutions before, akaChain can give practical advice to implement a more suitable solution for your company.Now that microinsurance is no longer just a socially responsible endeavor, microinsurance is catching opportunities for a more commercial purpose.About akaChainakaChain is backed by FPT Software, a globally leading technology, and IT services provider.
SummaryA New Market Study, titled “Smart Contracts in Healthcare Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.OverviewThe smart contracts in healthcare market is anticipated to grow by US$208.1 Million by 2024 rapidly growing at a CAGR of 48.2% during the forecast period.
The global smart contracts in healthcare market is driven by development and launch of new solutions as well as new partnerships, agreements, collaborations.
These factors have helped shape the smart contracts in healthcare market and are expected to boost the growth.
Analysts studying the smart contracts in healthcare market have also shared growth projections in the report and have suggested smart contracts in healthcare market players to plan business strategies accordingly.Market SegmentationThe smart contracts in healthcare market has been segmented based on blockchain platform, application, and end user.
The performance of Smart Contracts for Healthcare Market has also been studied for the past and current years.
The smart contracts in healthcare market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world.
The Role of AI in Significantly Reducing Healthcare CostsAccording to recent estimations, 20% of healthcare costs are wasted, globally.
The fact that this waste includes preventable and rectifiable system inefficiencies, such as care delivery failures, over-treatment, and improper care delivery, is even more concerning.
Such inefficiencies can be minimized by technologies like Artificial Intelligence (AI) very competently, ensuring significantly more cost-effective and stream-lined health ecosystems.This technology has been in debate for a long time now.
The potential applications of AI based systems are vast and spread over a plethora of industries, healthcare is no exception.
Although the technology has not attained its full potential yet, there are strong evidences directing to a number of ways in which AI can help domesticate healthcare costs.Healthcare solution providers are moving towards a standard setup to record, analyze, and store healthcare information securely and systematically.
This will enable large sets of data to become available for analysis by AI-enabled systems.
