Success Stories

Inova Health System – a Northern-Va.-based, not-for-profit organization – is a 1,732-bed system with six hospitals, a cardiac and vascular institute and other health services. Inova was named among the country’s 100 Most Integrated Healthcare Networks by Verispan and one of the “most wired” US healthcare organizations by “Hospitals and Health Networks” magazine. All Inova hospitals received physician satisfaction awards in a local survey conducted by Professional Research Consultants. Its Fairfax Hospital was named one of America’s Best Hospitals by “US News & World Report.”

 

Longtime customer of Owens & Minor, Inova Health System sought a comprehensive, flexible spend analysis and reporting solution to identify hard-dollar savings opportunities and product sourcing strategies. Recognizing technology alone could not deliver savings, Inova wanted a supporting workflow not only to mine data, but also to translate it into actionable information. 

Its existing ERP system could not provide timely, accurate or detailed spend data system wide to clarify purchasing patterns or help manage departmental supply expense. Inova also lacked the ability to aggregate data, perform cost analyses, gather trend information and quickly build custom-designed reports. 

Inova selected O&M’s Internet-based WISDOM Gold^SM service – in particular the “Purchase History Solution.” Easily interfaced and quickly implemented, this O&M Analytics solution provides visibility and comprehensive analysis across all medical-surgical purchase activity for both distributed and direct-from-manufacturer products.

O&M provided on-site, full-time WISDOM Gold^SM analyst to conduct in-depth, drill-down analysis and provide clear-cut, cost-savings recommendations.  

• Identified $2 million in supply chain savings (fiscal year 2007
• Identified a 5 percent, or $1.1 million, reduction in annual expense for cardiac rhythm management devices and drug-eluting stents
• Provided monthly general ledger variance reports to 80 hospital departments
• Trained staff in WISDOM Gold^SM analytics and in collaboratively pursuing supply chain savings 
• Provided data to engage physicians and other internal stakeholders in dialogue about supply chain cost initiatives
• Developed custom executive dashboards providing each hospital’s CFO and senior administrative officer high-level insight into system-wide spending patterns
• Quantified percentage of minority vendor penetration to ensure continuing support from state and federal grants

Read more about the strategies and results of this partnership in the following PDF link:

Inova  Health System + Wisdom Gold