StratMed Partners with India's Key Hospital Chains to bring down Healthcare Supply Chain Costs
Managing Healthcare Purchase Volume of INR. 650 Cr.
Hyderabad, India: StratMed is India’s first transparent Group Purchasing Organisation. With a proprietary data-driven, systemic approach towards Intelligent Consumption Planning and Spend Management, the StratMed team has created one of the largest networks comprising of 50+ Hospitals & 200 Pharma and Medical Device Companies across 9 States and 25 Cities in India. Today, StratMed is one of the largest data-driven, healthcare performance improvement companies in India.
Currently, managing 6000 beds and a Purchase Volume of approximately INR 650 crores. StratMed has partnered with hospitals like Cloudnine, Apex Group of Hospitals, NRI Medical College and Hospitals, Birthplace, Charak Hospitals, Alexis Hospitals and is on track to onboard some of the larger hospital groups in India.
StratMed is going beyond the traditional “Bulk Purchasing” Approach and is adopting a CQO (Cost - Quality - Outcome) Approach across three key intervention levers – Commercial (Price), Process and Consumption Optimisation. Thereby ensuring that Clinical Outcomes are not adversely impacted due to a reduction in the Cost of Care Delivery.
Today, StratMed is well-positioned to offer its partners better Cost Savings than Industry Benchmarks. It is able to do so by leveraging its large-scale demand aggregator model and Direct Rate Contract Negotiations with the Manufacturers and bringing Clinical Expertise to the table for improved Brand Standardisation and Brand Mix Planning. Unique to StratMed is its data-driven analytics approach for monitoring purchase trends and enabling better price-parity. This is done at multiple levels - Category-based, Product-based, SKU-based, Region-based and most importantly Payor-based.
StratMed ensures that the outlook for healthcare providers moves from cost focus to value focus.
According to Dr. Sameer Khan, Founder and CEO, StratMed, “Globally, Group Purchasing Organisations have brought to the table the advantage of bulk purchasing/procurement. Better pricing resulted in improved margins and helped hospitals become more profitable. India did not open its gates to GPOs despite skyrocketing healthcare costs due to sub-optimal consumption planning. Till recently, many smaller hospitals held the misperception that sourcing aggregation benefits require higher purchasing threshold and as a result, continued to operate in silos. With StratMed, many hospitals have started seeing the advantage of an integrated, collaborative and data-based approach.”
“We are currently managing approximately INR 650 Crores of Purchase Value – deals that have been inked within a span of 10-12 months since our inception in September 2019. We aim to onboard 20,000 hospital beds and managing a purchase value of INR 1200 Crores by end of this fiscal and become the largest aggregator of Hospital Purchase Volumes outside of US by March 2021,” he added.
