GHX acquires Syft to enhance automation, data analytics and inventory management capabilities

Feb. 28, 2022

Global Healthcare Exchange (GHX) has announced in a press release they have acquired Tampa, FL based Syft, a 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. 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.

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

A recent study conducted by Syft found that nearly 80% of hospital leaders say supply chain optimization reduces costs and improves margins.

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.

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