TractManager, the leader in healthcare strategic sourcing, contract lifecycle management, and provider management, today announced the expansion of its Transparency-as-a-Service offerings with the launch of the Quote Transparency Report, an analytics tool for suppliers and buyers that scores the completeness of information on capital quotes submitted to supply chain teams. Supply chain and supplier executives previewing the report noted its utility to support decision-making as well as “change the conversation” by providing a new level of transparency for both suppliers and providers.
“The Quote Transparency Report is the first step in a broader set of insights focused on value-based purchasing strategies”
Several trends are significantly impacting the way purchasing decisions are made, including consolidation of provider organizations and healthcare suppliers; centralization of supply chain processes; the rapid rate of new technologies and products introduced to the market; and a convergence of clinical, operational, and financial considerations in purchasing decisions, requiring multiple decision-makers in the buying process.
In response to these trends, TractManager has developed data insights and advisory services for providers as well as data transparency for suppliers. These data-based insights are actionable and can expedite providers’ purchasing decisions as well as indicate the relative ease—or difficulty—of doing business with a given supplier.
Quote Transparency can determine whether a quote has the necessary details to accurately assess pricing as well as terms and conditions. On a scale of zero to five, each quote is scored based on the varying degree of information provided in the quote, including list price, component level price, part number, discount reason, quote issue date, quote number, and warranty terms. TractManager’s hospital clients have ranked these components, placing a greater weight on those they view as most critical. These elements are considered vital in helping supply chain teams make both informed and expedited purchasing decisions.
“The Quote Transparency Report is the first step in a broader set of insights focused on value-based purchasing strategies,” said Trace Devanny, CEO of TractManager. “Improved quote transparency accelerates the provider purchasing process as it compresses the supplier sales cycle. The result: hospital buyers no longer need to make decisions based on partial information, and suppliers have the opportunity to use quote transparency data to streamline and standardize the quotes their sales teams deliver to providers. With Transparency-as-a-Service, both parties reduce the time and inefficiencies associated with protracted contract revisions.”
Quote Transparency Report works in tandem with MedApproved, TractManager’s workflow software, which automates and expedites the decision-making process when providers are considering a new product or service. MedApproved brings together all the critical data on evidence, safety, regulatory, recall, spend, price benchmarking, and contracts needed to evaluate capital equipment—all in one place.
For more than 30 years, TractManager has analyzed capital equipment quotes to help provider clients make smarter purchasing decisions. The Company’s clinical advisors analyze over 65,000 capital equipment and service contract quotes per year, across 54 different technologies, as they serve more than 3,000 client hospitals.
Barry Dyer, Senior Vice President, Professional Services, notes, “Our goals are two-fold: guide provider organizations with insights, data, and evidence to improve patient outcomes while reducing the overall cost of healthcare delivery, and provide suppliers with the same data to help them decrease the administrative time spent in revising and resubmitting capital quotes by including seven key quote components on the initial quote.”