GHX Strengthens Growing Portfolio of Solutions to Help Organizations Meet the Demands of Healthcare’s Value-Based Future
Global Healthcare Exchange (GHX) announced it has acquired Tampa, Fla.-based Syft®, a leading provider of AI-enhanced inventory control and end-to-end supply chain management software and services. As a wholly owned subsidiary of GHX, Syft joins GHX’s value-based care division’s growing portfolio of solutions that help modernize the supply chain.
As health systems continue the shift toward value-based care and seek to overcome challenges of COVID-19, they face significant pressures due to workforce shortages, reimbursement challenges, mounting supply costs and persistent sourcing difficulties.
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Consider:
- Centers for Medicare & Medicaid Services (CMS) has a goal to have close to 100 percent of reimbursements tied to value-based contracts by 2025.
- By the end of 2021, hospital operating margins were down 5.8% for the year compared to pre-pandemic levels, excluding CARES Act funding.
- Nearly a quarter of U.S. hospitals are reporting a “critical staffing shortage,” according to data from the US Department of Health and Human Services.
- 80% or more of health systems have experienced supply shortages, seen significant price increases and had to build up inventories to combat the effects of the pandemic.
“To combat these challenges and accelerate the shift to value-based care, health systems need to transform the supply chain from a cost center to a value-driver,” said Bruce Johnson, president and CEO, GHX. “Forward-thinking leaders are investing in the digital transformation of the supply chain with the technology, data and processes required for greater collaboration, automation, visibility and data-driven decision-making. Syft provides the data and insight health systems need to reduce costs, improve efficiency and support care transformation.”
Syft’s automation tools, extensive data analytics and inventory management services optimize supply chains dock-to-doc™ – from warehousing and distribution to the point of use. In doing so, Syft helps remove complexity from managing the supply chain by:
- Aggregating and synthesizing data to help drive more informed decision-making
- Capturing point-of-use supply utilization data to help reduce waste, control cost variation and improve revenue
- Leveraging AI and machine learning in Syft’s point-of-use tools to understand inventory levels in real-time, predict supply needs and help optimize inventory volume
- Pairing its point-of-use system with advanced analytics to help manage preference cards in a cost-effective way
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“Healthcare can be complex, but we share GHX’s vision that together we can help simplify the business of healthcare to improve outcomes so that we create a future where affordable, quality healthcare is possible,” said Todd Plesko, CEO, Syft. “The GHX network and collection of data combined with our approach to automation-driven supply chain management will help healthcare transform the supply chain, building greater resilience and agility.”
A recent study conducted by Syft found that nearly 80% of hospital leaders say supply chain optimization reduces costs and improves margins. “With hospitals spending in excess of $25 billion more than necessary each year on supply chain expenses, we see a tremendous opportunity to help enable a more efficient and value-driven healthcare system,” said Tina Murphy, Division President, Value Based Care, GHX.
Syft represents the third acquisition GHX has made in the last two years that is focused on advancing healthcare’s movement to value-based care. In October 2021, GHX added Explorer Surgical, operator of a comprehensive digital and remote case support platform, and Lumere, provider of evidence-based data and analytics, in January 2020. Financial terms of the transaction were not disclosed. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to GHX. McDermott Will & Emery acted as legal advisor to Syft.