Genesis Launches New Supplier Portal

Genesis announced a new Supplier Portal designed to help medical device manufacturers gain visibility into consignment inventory and other stock at their client hospitals and with sales representatives. The Supplier Portal pairs mobile technology with the Genesis SaaS platform for inventory management to bring efficiency, insight, and speed of service to the clinical supply lifecycle.

The medical device industry is big business — $140 billion in the U.S. and $380 billion worldwide — yet medical device manufacturers face structural challenges not present in other industries. The consignment model — inventory placed at the hospital, awaiting use — remains the supplier’s responsibility until it is used or sold. That means suppliers must know exactly where their inventory is, maintain safe levels of non-expired equipment without overstocking, accurately count all inventory at every client site to bill correctly, and pull stock quickly from every hospital in the event of a recall.

A major recall can cost a manufacturer nearly 12% of revenue. Given that unforeseen events can have such a pervasive impact, controlling cost where possible is critical. The inability to locate stock — either at hospital locations or in “trunk stock” carried by sales reps — is itself a major cost. A manual cycle count, required at least annually and usually performed more often, averages five hours per hospital. When manufacturers cannot find their stock, they absorb the cost of lost, expired, and non-billed equipment.

To solve this multibillion-dollar problem, device manufacturers need a way to prompt and prove utilisation. The Genesis Supplier Portal eliminates many of the problems inherent in the consignment inventory model with precise, real-time data. The Supplier Portal:

• Reduces cycle-count time from hours to minutes using SweepScan technology — saving large medical device manufacturers up to $15M in staff time alone
• Shows managers and sales reps the location of all stock, inventory levels, and supply costs
• Helps maintain appropriate PAR levels and prioritises utilisation based on slow-moving stock and expiry dates
• Alerts sales representatives to recalled and expired stock, assuring clients of patient safety
• Eliminates wastage from lost, expired, and unbilled equipment
• Tracks transfers and deliveries and validates customer acceptance to shorten purchase-order cycle time
• Frees sales representatives to spend more time educating and selling
• Improves time-to-cash by verifying consignment stock usage

“It’s really a game-changer for medical device suppliers,” says Dan Sweeney, Executive Vice President, Global Business Development, who has been overseeing development of the Genesis Supplier Portal. “Accurate real-time visibility to consignment inventory and trunk stock has been difficult if not impossible to achieve, and suppliers can’t bill what they can’t prove. This gives suppliers the evidential, validated data they need to effectively partner with their clients, and de-risks the consignment inventory model from end-to-end.”

About Genesis

Genesis is the Clinical Lifecycle Management Platform — five purpose-built solutions spanning data connectivity, strategic sourcing, inventory management, clinical utilisation, and spend management, powered by Genesis Intelligence. Genesis gives healthcare organisations the visibility, efficiency, and control needed to improve financial performance while protecting patient safety. Learn more at www.genesisahc.com.