Company Overview
ChoiceMED Data Solutions
ChoiceMED is a leading provider of data cleansing and management services to the health care industry, with our primary services being the enrichment, standardization and categorization of a client's Item Master and Vendor Master. We then provide enterprise Master Data Management services to synchronize a client's data throughout their entire IT Infrastructure ... creating efficiencies, eliminating redundancies and driving down costs.
The Healthcare supply chain represents approximately 30% of a given hospital's total costs. The industry spends close to $100 billion annually on medical supplies, with approximately 25% related to process costs. Of that roughly $25 billion dollars in supply chain process costs, over $11 billion could be eliminated with the efficient use of technology and data synchronization throughout the entire supply chain. ChoiceMED was founded based on these statistics, and is dedicated to creating solutions that will eliminate unnecessary costs and resources in Healthcare that can be focused on what should always be the priority - quality patient care.
Although there have been tremendous improvements, the Healthcare supply chain is still very ineffective due to the widespread propagation of inaccurate, non-standardized and inconsistent data and critical business information. These problems are not only data synchronization problems between extended trading partners, but also exist within an individual company and their multiple systems. To complicate matters, Healthcare has yet to fully unite and embrace true standards throughout the entire industry, forcing companies to adopt multiple identification and classification systems for Manufacturers, Suppliers and Products. This burdensome, and unfortunately unavoidable process, makes the initial data cleansing process intensive and cumbersome, and makes ongoing data management difficult at best. Most hospitals don't have the appropriate resources or expertise to handle these tasks, and even if they do, feel overwhelmed with the task at hand. ChoiceMED offers effective solutions that cater to not only the largest Integrated Healthcare Networks (IHN) , but also single facility hospitals as well.
Supply Chain Statistics
- $40 billion or 3.5% of sales are lost each year due to supply chain information inefficiencies.
- 30% of item data in catalogs used by retailers and manufacturers for replenishment of stock is in error.
- And, each of those errors costs $60-$80 to address.
- Companies invest an average of 25 minutes per SKU (stock keeping unit per year manually cleansing out-of-sync item information.
- 60% of all invoices generated have errors. And, each invoice error costs $40-$400 to reconcile.
- 43% of all invoices result in deductions.
- It takes an average of 4 weeks to roll out a new product - in large part due to the inefficient and error-prone approaches for the exchange and updating of new item information in buyer and seller systems.
The Healthcare supply chain represents approximately 30% of a given hospital's total costs. The industry spends close to $100 billion annually on medical supplies, with approximately 25% related to process costs. Of that roughly $25 billion dollars in supply chain process costs, over $11 billion could be eliminated with the efficient use of technology and data synchronization throughout the entire supply chain. ChoiceMED was founded based on these statistics, and is dedicated to creating solutions that will eliminate unnecessary costs and resources in Healthcare that can be focused on what should always be the priority - quality patient care.
Although there have been tremendous improvements, the Healthcare supply chain is still very ineffective due to the widespread propagation of inaccurate, non-standardized and inconsistent data and critical business information. These problems are not only data synchronization problems between extended trading partners, but also exist within an individual company and their multiple systems. To complicate matters, Healthcare has yet to fully unite and embrace true standards throughout the entire industry, forcing companies to adopt multiple identification and classification systems for Manufacturers, Suppliers and Products. This burdensome, and unfortunately unavoidable process, makes the initial data cleansing process intensive and cumbersome, and makes ongoing data management difficult at best. Most hospitals don't have the appropriate resources or expertise to handle these tasks, and even if they do, feel overwhelmed with the task at hand. ChoiceMED offers effective solutions that cater to not only the largest Integrated Healthcare Networks (IHN) , but also single facility hospitals as well.
