Coordinated purchased services for buyers and sellers in healthcare
In 2019, purchased services accounted for 30-40% of a health system’s operating costs but with little visibility into the spend and limited category knowledge or sourcing experience, it was difficult to accomplish savings objectives.
mSource was designed to create a single platform for buyers and sellers to more effectively negotiate in purchased services. The sourcing suite helped healthcare organizations create, execute, and analyze RFx and dynamic sourcing event, collect, manage and measure purchases services suppliers and store and index contracts before and after sourcing events.
The new product lead to significant growth for MedPricer and ultimate acquisition by Premier, Inc in 2019.
Opportunity
Shifting purchased services sourcing from service to product.
Engaged as a design and product strategy partner to executive leadership of Medpricer, my role was to convert the the company’s well-established service business into a unified web solution that enabled healthcare organizations to discover, organize, benchmark and manage service provider spend.
The year-long engagement involved end-to-end product management:
Positioning the new solution in market
Designing and validating the product experience
Managing design and development of the solution with the contract engineering firm
Creating the comprehensive marketing platform to launch the flagship software product
Mapping the Sourcing Journey
Through expert interviews, document discovery, and process modeling with Medpricer subject matter experts, we defined a two stage journey for establishing sourcing events and a set of administrative tools to manage contracts between sourcing events.
This structured workflow enabled the buyer to find opportunities for significant savings within their existing contracts and turn them into dynamic live sourcing events with interested and approved sellers.
Outcome
An end-to-end purchased services spend management SaaS software platform.
Healthcare’s first complete purchased services cost management platform. mSource allowed customers to leverage Medpricer’s network and sourcing expertise through SaaS technology. The solution:
Found savings within 600 sourcing categories: In 2019, healthcare organizations were looking to create cost transparency by collecting, organizing, and storing information online. Manual sourcing processes and a battery of locally stored Microsoft documents were leading to significant bottlenecks and inefficient sourcing events. The sourcing platform created a place to collect and manage this disparate information.
Provided an end-to-end RFP management solution that delivered efficient pricing and terms: As a central sourcing and supplier management platform, the software made it easier to build, share, and complete a sourcing event.
Complete solution marketing package defined options and configurations for efficient sales discussions.