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StratMed Partners with India's Key Hospital Chains to bring down Healthcare Supply Chain Costs

December 21, 2020 23:30 IST
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StratMed

Hyderabad (Telangana) [India], December 21 (ANI/NewsVoir): StratMed is India's first transparent Group Purchasing Organisation. With a proprietary data-driven, systemic approach towards Intelligent Consumption Planning and Spend Management, the StratMed team has created one of the largest networks comprising of 50+ Hospitals & 200 Pharma and Medical Device Companies across 9 States and 25 Cities in India. Today, StratMed is one of the largest data-driven, healthcare performance improvement companies in India.

Currently, managing 6000 beds and a Purchase Volume of approximately INR 650 crores. StratMed has partnered with hospitals like Cloudnine, Apex Group of Hospitals, NRI Medical College and Hospitals, Birthplace, Charak Hospitals, Alexis Hospitals and is on track to onboard some of the larger hospital groups in India.

StratMed is going beyond the traditional "Bulk Purchasing" Approach and is adopting a CQO (Cost - Quality - Outcome) Approach across three key intervention levers - Commercial (Price), Process and Consumption Optimisation. Thereby ensuring that Clinical Outcomes are not adversely impacted due to a reduction in the Cost of Care Delivery.

Today, StratMed is well-positioned to offer its partners better Cost Savings than Industry Benchmarks. It is able to do so by leveraging its large-scale demand aggregator model and Direct Rate Contract Negotiations with the Manufacturers and bringing Clinical Expertise to the table for improved Brand Standardisation and Brand Mix Planning. Unique to StratMed is its data-driven analytics approach for monitoring purchase trends and enabling better price-parity. This is done at multiple levels - Category-based, Product-based, SKU-based, Region-based and most importantly Payor-based.

StratMed ensures that the outlook for healthcare providers moves from cost focus to value focus.

According to Dr Sameer Khan, Founder and CEO, StratMed, "Globally, Group Purchasing Organisations have brought to the table the advantage of bulk purchasing/procurement. Better pricing resulted in improved margins and helped hospitals become more profitable. India did not open its gates to GPOs despite skyrocketing healthcare costs due to sub-optimal consumption planning. Till recently, many smaller hospitals held the misperception that sourcing aggregation benefits require higher purchasing threshold and as a result, continued to operate in silos. With StratMed, many hospitals have started seeing the advantage of an integrated, collaborative and data-based approach."

"We are currently managing approximately INR 650 Crores of Purchase Value - deals that have been inked within a span of 10-12 months since our inception in September 2019. We aim to onboard 20,000 hospital beds and managing a purchase value of INR 1200 Crores by end of this fiscal and become the largest aggregator of Hospital Purchase Volumes outside of US by March 2021," he added.

StratMed is India's first transparent Group Purchase Organisation (GPO). StratMed uses network-powered insights and its proprietary tools to work on all cost levers across critical areas of clinical, operational and supply chain performance.

StratMed is led by a team of experienced Healthcare Professionals and has on-board a well-rounded team of Doctors, Data Scientists and Hospital Planning Strategists. The Advisory Board of StratMed is represented by seasoned Healthcare Leaders like:

Daljit Singh - Commonwealth Scholar, Senior Management Programme, Manchester Business School, Former - Member, Board of Directors, ICI India.

Dr Rajen Ghadiok - Cardiac Anaesthetist by background with more than 25 years of clinical practice experience at leading hospital groups in India including Fortis, Gangaram, Apollo and St Stephens.

Dr Abdul Samad Ansari - practicing Intensivist in Mumbai, currently heading Critical Care for a large hospital group in Mumbai. Has played a very important role in establishing Critical Care as a core specialty in Indian Healthcare.

Dr (Col) Anil Dhall - practicing Cardiologist in Delhi NCR who has been associated with Max Heart & Vascular Institute, Artemis Health Institute, Delhi Heart & Lung Institute, Sarvodaya Hospitals and Venkateshwara Hospital. He has guided ICMR, AFMRC and other research activities.

Dr Anil Kopuri - currently part of the Neonatology practice at Chelsea & Westminster Hospital, London.

Together with its partners, StratMed is fueling new operational models of care delivery - all through the power of intelligent networks.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

 

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StratMed Partners with India's Key Hospital Chains to bring down Healthcare Supply Chain Costs

Hyderabad (Telangana) [India], December 21 (ANI/NewsVoir): StratMed is India's first transparent Group Purchasing Organisation. With a proprietary data-driven, systemic approach towards Intelligent Consumption Planning and Spend Management, the StratMed team has created one of the largest networks comprising of 50+ Hospitals & 200 Pharma and Medical Device Companies across 9 States and 25 Cities in India. Today, StratMed is one of the largest data-driven, healthcare performance improvement companies in India.

Currently, managing 6000 beds and a Purchase Volume of approximately INR 650 crores. StratMed has partnered with hospitals like Cloudnine, Apex Group of Hospitals, NRI Medical College and Hospitals, Birthplace, Charak Hospitals, Alexis Hospitals and is on track to onboard some of the larger hospital groups in India.

StratMed is going beyond the traditional "Bulk Purchasing" Approach and is adopting a CQO (Cost - Quality - Outcome) Approach across three key intervention levers - Commercial (Price), Process and Consumption Optimisation. Thereby ensuring that Clinical Outcomes are not adversely impacted due to a reduction in the Cost of Care Delivery.

Today, StratMed is well-positioned to offer its partners better Cost Savings than Industry Benchmarks. It is able to do so by leveraging its large-scale demand aggregator model and Direct Rate Contract Negotiations with the Manufacturers and bringing Clinical Expertise to the table for improved Brand Standardisation and Brand Mix Planning. Unique to StratMed is its data-driven analytics approach for monitoring purchase trends and enabling better price-parity. This is done at multiple levels - Category-based, Product-based, SKU-based, Region-based and most importantly Payor-based.

StratMed ensures that the outlook for healthcare providers moves from cost focus to value focus.

According to Dr Sameer Khan, Founder and CEO, StratMed, "Globally, Group Purchasing Organisations have brought to the table the advantage of bulk purchasing/procurement. Better pricing resulted in improved margins and helped hospitals become more profitable. India did not open its gates to GPOs despite skyrocketing healthcare costs due to sub-optimal consumption planning. Till recently, many smaller hospitals held the misperception that sourcing aggregation benefits require higher purchasing threshold and as a result, continued to operate in silos. With StratMed, many hospitals have started seeing the advantage of an integrated, collaborative and data-based approach."

"We are currently managing approximately INR 650 Crores of Purchase Value - deals that have been inked within a span of 10-12 months since our inception in September 2019. We aim to onboard 20,000 hospital beds and managing a purchase value of INR 1200 Crores by end of this fiscal and become the largest aggregator of Hospital Purchase Volumes outside of US by March 2021," he added.

StratMed is India's first transparent Group Purchase Organisation (GPO). StratMed uses network-powered insights and its proprietary tools to work on all cost levers across critical areas of clinical, operational and supply chain performance.

StratMed is led by a team of experienced Healthcare Professionals and has on-board a well-rounded team of Doctors, Data Scientists and Hospital Planning Strategists. The Advisory Board of StratMed is represented by seasoned Healthcare Leaders like:

Daljit Singh - Commonwealth Scholar, Senior Management Programme, Manchester Business School, Former - Member, Board of Directors, ICI India.

Dr Rajen Ghadiok - Cardiac Anaesthetist by background with more than 25 years of clinical practice experience at leading hospital groups in India including Fortis, Gangaram, Apollo and St Stephens.

Dr Abdul Samad Ansari - practicing Intensivist in Mumbai, currently heading Critical Care for a large hospital group in Mumbai. Has played a very important role in establishing Critical Care as a core specialty in Indian Healthcare.

Dr (Col) Anil Dhall - practicing Cardiologist in Delhi NCR who has been associated with Max Heart & Vascular Institute, Artemis Health Institute, Delhi Heart & Lung Institute, Sarvodaya Hospitals and Venkateshwara Hospital. He has guided ICMR, AFMRC and other research activities.

Dr Anil Kopuri - currently part of the Neonatology practice at Chelsea & Westminster Hospital, London.

Together with its partners, StratMed is fueling new operational models of care delivery - all through the power of intelligent networks.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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