Since the pandemic, the demand for healthcare technology services in supply chain management has expanded rapidly in the healthcare industry. What does this new tech mean for your organization, and how can you optimize your practices? This article explores the impact of supply chain tech, what talent is needed to manage it, and strategies to adopt.
Trends in Healthcare Supply Chain Growth
According to recent research, the global market for healthcare services is projected to grow from $10.3 trillion in 2022 to $21.1 trillion by 2030.
Specifically, the healthcare supply chain management market is expected to grow by 15% between 2023 and 2030 to $7.96 billion. This finding emphasizes the need in the healthcare industry for efficient supply chain management that boosts revenue and cuts costs. Nonetheless, Fitch Ratings states U.S. health systems will likely continue to struggle with compressed profit margins due to labor shortages. Investing in services that optimize supply chain management while addressing talent shortages is more important now than ever.
Major Obstacles to Supply Chain Management
Many factors affect the resilience of the supply chain industry, but one that stands out is its reliance on manual processes.
Although more healthcare organizations use tech than ever, many still use manual methods in their supply chain management. For example, many groups still execute purchase orders by fax or email instead of utilizing automated procure-to-pay (P2P) processes. The problems continue with manual inventory management processes that make assessing supply stock and utilization time-consuming and inaccurate.
Manual methods prevent organizations from garnering sound data on key supply chain indicators. An automated process would allow them to address gaps while saving time and cutting costs. We expect more organizations to use technology services to address these obstacles in the coming years.
The Growing Need for Tech Staff
The future projected tech use in the healthcare supply chain and logistics industry is undeniable. Certainly, as the demand for such services grows among decision-makers in tech, so will the need for tech talent. Here are a few positions that we expect to see more demand for in the coming years:
Healthcare Supply Chain Technician
Healthcare supply technicians perform various duties in managing the automated equipment used to process supplies and track inventory. However, there is an increasing need for supply chain techs proficient in supply chain management software. We can expect those with high computer proficiency to have a leg up in this position.
Data Analyst
Supply chain management tech has allowed businesses to obtain more data than ever before. However, organizations will struggle to leverage findings into actionable goals without an expert synthesizing this data. As data is generated rapidly, the need for data analysts is growing almost as quickly. Data analysts who have experience with supply chain analytics are a valuable piece of the healthcare workforce. They know how to synthesize complex data to provide valuable descriptive and predictive analytics that benefit the healthcare organization.
Healthcare IT Technician
Perhaps most crucial to successfully running healthcare tech is the presence of an experienced healthcare IT technician. This position requires someone proficient in software who can diagnose and repair problems that may arise with the software itself. The need for talented IT employees will continue to grow across industries, with the healthcare industry being no exception.
Strategies for Supply Chain Optimization
Decision-makers in healthcare can pursue several strategies to invest in an updated supply chain management system:
- Automated and touchless P2P systems make the supply procurement process much more seamless. There are many tech options today that will cut down on procurement time while reducing errors.
- Invest in AI to detect supply chain disruptions. AI can assess a huge amount of data in real time to help predict demand and potential shortages or bottlenecks.
- Break down data silos by integrating health system software. For example, connecting the purchasing system with the EHR would allow you to instantly assess supply use metrics.
- Digitize your data processes. A digital process for analyzing supply chain data generates metrics at lightning speed and could reduce process costs by 50%.
- Work with MRINetwork recruiters to find talent for your tech needs. As you implement new tech, hiring staff with expertise in AI, automation, and more will be crucial.
These strategies are transforming the way healthcare supply chain systems are managed. By addressing supply chain issues through tech and recruitment, healthcare operations can expect to see reduced costs and greater revenue.
To stay on top of the latest healthcare and technology trends, follow MRINetwork.