Medbuy logoMedbuy has created a proprietary risk assessment tool, the Medbuy Clinical Product Risk Rating Tool© that is now a standardized element within their strategic sourcing process. The risk rating tool is used to anticipate the potential risk of a product to healthcare providers and their patients, and drives the sourcing strategies of the organization. The tool has been shared throughout North America, with Medbuy communicating its value and encouraging others to adopt its use.

Over the past three years Medbuy has undertaken a review of its processes using a High Reliability Organization (HRO) lens to identify opportunities to markedly reduce risk and improve the safety of the healthcare supply chain as a whole. It has allowed Medbuy to operationalize risk anticipation and develop appropriate sourcing strategies to meet these challenges.

Medbuy has demonstrated innovation and leadership by implementing HRO strategies and committing
to reducing the risk of patient harm from supply disruption or product failure, ensuring that
the healthcare supply chain is robust and protected. By contributing a solution for the healthcare supply chain, Medbuy has operationalized the way risk is addressed within the sourcing process, which will ultimately benefit patients and healthcare providers.

More than 149 RFPs and 612 contracts for 28 member healthcare organizations across Canada and thousands of products have already benefitted from Medbuy’s innovation, which should continue in the future. According to the organization, the healthcare supply chain has evolved – and continues to evolve – into a strategic, data-driven industry. There is great potential for the healthcare supply chain to support healthcare sustainability by reducing costs while supporting the delivery of quality patient care. Medbuy uses data-driven technologies and processes to serve as a strategic partner in helping our Member hospitals reduce their workload and achieve greater value for their organizations. Collaboration and consolidation will continue to be a main focus of governments, healthcare providers, and suppliers in the healthcare system. Through utilization of existing and future technologies, we will have a more streamlined, efficient and cost effective supply chain management system with product traceability that ensures we are enabling access to the right products, through the right channel, at the right time, at the best price, throughout the full continuum of care. 

The award will be presented during the SCMA National Conference, at the Awards Gala Luncheon to be held on Thursday, June 15, 2017 in Winnipeg, Manitoba.