Vizient, Inc., has recognized 269 member-healthcare organizations for demonstrating excellence in lowering costs in the supply chain. Through the Impact Standardization Program, these hospitals streamlined their purchasing practices in designated product categories, earning rebates and in many cases attaining lower pricing from manufacturers.
Since the Impact program’s inception in 1996, Vizient says it has delivered over $1.95 billion in rebate value to the hospitals it serves. One hundred percent of these rebates pass directly from the suppliers to participating hospitals. In 2018 alone, participants received $176 million in total cash rebates.
“In addition to the upfront benefits of cost savings and improved efficiency, the Impact Standardization Program continues to provide value, enabling participants to reinvest into their own organization,” said Ashur Novick, Vizient Senior Director, Program Services. “Not only are they saving money and managing fewer vendors and product codes, the program’s quarterly rebates often enable them to fund other initiatives like IT and even staffing.” But, he adds, “The primary benefit to standardization is that reducing clinical variation leads to better patient care.”
Vizient recognized the results of Impact Standardization Program participants in three categories:
· Executive Savings: earned at least $250,000 in rebates through Impact programs.
· Participation Leader: participated in and earned rebates in all 12 Impact programs.
· Participation Award: participated in 11 non-food Impact programs and utilized a Vizient food and nutrition services agreement.
