Powerful enhancement to the company’s AI-powered analytics technology empowers healthcare providers to quickly and more efficiently increase spend with minority-owned suppliers; provides minority-owned suppliers cost-effective opportunity to grow business
August 11, 2020 — Walnut Creek, CA — Conductiv®, the leading third-party spend optimization solutions provider, announced today an initiative to help healthcare providers better identify and increase their spend with local and minority-owned suppliers.
As local, minority-owned suppliers have struggled with the economic impact of COVID-19, and the public advocates for businesses that promote greater equality, Conductiv’s latest enhancement offers diverse suppliers an effective and proven way to grow their businesses, while enabling providers to encourage and promote diversity with their third-party service providers.
“Healthcare providers are looking to support a more diverse and inclusive roster of suppliers—including community-led minority-, women- and veteran-owned businesses—but it can often be difficult to identify diverse suppliers with capabilities needed within the healthcare industry,” said Conductiv CEO Chris Gormley. “Recognizing both the importance and need for national change in this moment, we immediately deployed a team of developers to create technology enhancements that enable Conductiv’s members to increase their percentage of spend with diverse and local suppliers. Studies have shown that population health and economic performance are correlated and hold influence over social and environmental outcomes.”
Conductiv will anchor this initiative by adding diversity analytics to its integrated third-party services optimization suite—allowing for immediate visibility of Tier 1 and Tier 2 local and minority-owned supplier spending and new suppliers. Customers will have the ability to precisely measure their diverse supplier spending and efficiently evaluate and activate new contracts with carefully vetted local, minority-owned suppliers from one platform.
Conductiv will also add local and regional GPO contracts with vetted diverse suppliers and illuminate diverse supplier GPO contracting opportunities based on a healthcare organization’s historic spend. For minority-owned suppliers, working with Conductiv Contracts provides an opportunity to grow their businesses with regional and national healthcare providers. A member advisory committee will guide these collective efforts and investments.
“We’re committed to helping healthcare supply chains increase their diversity and inclusion efforts by connecting them to high-quality minority-owned suppliers,” Gormley added. “Our members have indicated their challenges in differentiating diverse spend and finding qualified diverse suppliers. To solve these challenges, our team is building off Conductiv’s category-defining integrated purchased services optimization suite and strengthening our data sources to ensure this is a simple and advantageous feature for both healthcare providers and diverse suppliers.”
Conductiv®, formerly Medpricer, empowers supply chains to optimize their third-party services. As the only end-to-end third-party lifecycle improvement company, Conductiv shares its strategic sourcing expertise and category best practices with multiple industries including healthcare, hospitality, government, real estate, transportation and education. The company has led more than 700 bids for more than 120 organizations, exceeding $4 billion in contracted value. Member projects have generated $800 million of documented savings or an average savings value of 24% to date. To learn how supply chains are transforming their savings strategy, visit Conductiv.com.