LogicSource, Inc.

Is your health system on top of managing and analyzing procurement data? Spending can become fragmented and challenging to track when dealing with multiple procurement systems and decentralized teams. Mark Flowers, LogicSource & OneMarket’s Managing Director of Product Management and Operations, highlighted in an article published in Health Data Management that understanding how much and how often you spend can help you identify purchasing patterns, increase operational efficiency, and reduce costs. He shares eight key metrics that can empower health systems to create a robust, data-driven framework, supporting operational excellence while minimizing waste. Discover how to leverage these metrics for impactful results in the full article here: https://lnkd.in/gGc3V3FK #ProcurementAnalytics #HealthcareProcurement #NonclinicalProcurement #SpendManagement

Supply chain disruptions, inflationary pressures, and a rapidly evolving e-commerce environment — many organizations struggle to keep up with increasing demands and maintain profitability. But what if you could anticipate and capitalize on them? With a proactive procurement strategy, you can gain a competitive edge that helps your business remain resilient through uncertain times. In this episode of the Supply Chain Management Review Magazine podcast, David Pennino, Founder and CEO of LogicSource, joins host Brian Straight, Editor in Chief of Supply Chain Management Review, to shed light on procurement and spend management strategies leading businesses are adopting to thrive amid ever-shifting market conditions. Tune in for more of David's insights on proactive strategies for adapting swiftly to market changes and leveraging AI tools to identify inefficiencies in your procurement process. Listen now at: https://lnkd.in/gcG6Fjn9 #SupplyChain #ProcurementTrends #ProcurementStrategies #IndirectSpend

At this year’s IDN Summit & Reverse Expo, one thing was evident: traditional supply chain strategies that once served them well are no longer meeting the demands of today’s health systems. Non-clinical spend accounts for 20% of net patient revenue, yet GPO contracts only cover ~25% of these expenses, leaving the remaining 75% unaddressed. This oversight represents an opportunity for significant savings that could be reinvested into enhancing clinical care. We ran a focus group on the topic of “Breaking the Savings Barrier”, which revealed a pressing need for a more transformative procurement strategy. In this session, healthcare leaders discussed actionable steps to uncover cost-saving opportunities, such as benchmarking against other industries and focusing on data-driven decision-making. LogicSource Associate Partner James Bouchard’s latest article featured on Health IT Answers Media Network covers the key insights and takeaways from the Summit and focus group. To learn more, read the full article here: https://lnkd.in/gEDCBKhk #IDNSummit2024 #HealthcareSupplyChain #HealthcareFinance #CostSavings #NonClinicalSpend

How mature is your approach to non-clinical procurement? The answer could be impacting your bottom line. David Kirshner, LogicSource Managing Partner of Healthcare, spoke on this very topic of “Healthcare Innovation: Increasing Non-Clinical Procurement Maturity” at the annual Healthcare Financial Management Association (HFMA) Maryland Healthcare Conference. Speaking to healthcare finance professionals and leading healthcare organizations, David shared how implementing a centralized non-clinical procurement process is the key to driving significant operating margin improvements and increasing the function’s overall maturity. Want to hear more from healthcare finance leaders like David? Connect with us to discover how we can help you uncover hidden savings and achieve healthier margins here: logicsource.com/healthcare #HFMA2024 #HealthcareFinance #HealthcareLeadership #HealthcareProcurement

Many health systems continue to operate at a deficit due to inflation, rising operational costs, and delayed reimbursements. It’s a harsh reality that keeps many health CFOs awake at night. But there is light at the end of the tunnel, and the key to getting there is by taking a disciplined approach to optimizing non-clinical spending, which typically consumes 20% of a health system’s net patient revenue. In the latest Chief Healthcare Executive article, Strategic Advisor of Healthcare, Mark Van Sumeren outlines five actionable steps healthcare systems can implement to enhance their non-clinical procurement processes and uncover significant cost savings amidst rising operational expenses. Find out how you can accelerate your journey to better margins in the full article here: https://lnkd.in/g3kFRZek #HealthcareProcurement #CostSavings, #NonClinicalSpending, #SupplyChain

How confident are CFOs today in navigating healthcare’s financial storm? With rising costs, delayed reimbursements, and a seemingly endless list of organizational headwinds, perhaps it’s time to take a step back and question if traditional cost management approaches are truly effective. Non-clinical spending, which typically consumes 20%+ of net patient revenue, often goes unnoticed but holds significant potential for savings. Our latest blog by Mark Van Sumeren, Strategic Advisor of Healthcare, highlights how LogicSource and Cleveland Clinic’s collaboration is helping health systems uncover these hidden savings by implementing procurement best practices and cross-industry expertise. Learn more about the collaboration and how these strategies could work for your health system in the full blog: https://lnkd.in/g-E44Sms. #CostManagement #HealthcareProcurement #NonclinicalSpending #FinancialStrategy

What does it truly mean to be a modern CFO in an era where financial leadership drives innovation and collaboration? The answer lies in this episode of the CFO Weekly podcast presented by Personiv. LogicSource Chief Financial Officer and Chief Administrative Officer Niki Heim shares her unique perspectives on the changing landscape of finance leadership. Niki discusses why CFOs must deeply understand operational processes and embrace a forward-looking mindset to align financial strategies with broader business goals. Listen to the full episode here: https://lnkd.in/grc66W-z. #FinancialLeadership #ProfessionalGrowth #WomenInLeadership #CFO #TransformationalLeadership

We were proud to have Steve Schmitchel and Jason Marmillion represent LogicSource at Boston University's Questrom School of Business graduate career fair. Hosted by the Feld Career Center, the fair was a valuable opportunity for our organization to connect with first and second-year MBA students and those pursuing other master's and PhD programs at Questrom. Interested in joining our team? Visit logicsource.com/careers for more information.

We’re proud to announce our collaboration with Cleveland Clinic aimed at bringing leading practices and benchmarking of non-clinical procurement to health systems. LogicSource is the leading provider of procurement services and technology, helping some of the world’s leading organizations optimize their spending on indirect, non-clinical expenditures.   This collaboration will leverage LogicSource’s 15 years of cross-industry procurement data and best practices combined with Cleveland Clinic’s healthcare expertise to help health systems unlock substantial savings and reinvest them where it matters most.   “Alongside the team at Cleveland Clinic, we have confirmed that healthcare can benefit from practices and benchmarks established across non-healthcare industries to improve profitability for the organization and free capital to enhance high-impact clinical initiatives,” said Mark Van Sumeren. Read the full press release about the collaboration here: https://lnkd.in/gPqs6mHP #HealthcareSupplyChain #SupplyChainManagement #NonClinicalSpend #HealthcareCosts