What to Consider When Diversifying Your Supply Chain

Author: Kaitlyn CarneyDate: January 15, 2024Categories: Blog

It’s no secret that increased supplier costs and shipping delays contribute to decreased revenue. Unfortunately, many companies today face the challenge of being under-diversified or using a single legacy supplier – essentially having all their eggs in one basket. One study found that 99% of hospitals and health systems report challenges in supply procurement.

Here are a few things to consider when looking to diversify your supply chain.

Diverse supplier

Partnering with a diverse supplier gives your facility a competitive edge over the competition and helps you reach your diversity spend goals. Consider the following when contemplating a new supplier:

  • Is the supplier WBENC-certified or minority-owned?
  • Are they classified as a small business enterprise?
  • How long have they been in business, and what is their reputation?
  • Are their products manufactured in the United States?

Short lead times

Short lead times are essential in the fast-paced nature of healthcare facilities today. The faster a product can get to you, the faster you can get your facility up and running. This creates less downtime and increases productivity, leading to a better environment for staff and patients.

5-Star customer service and technical support

Customer service is an integral part of business relationships. Working with a supplier that provides quality customer service removes the frustration of contacting them for a simple question, an update with tracking, or performing equipment resets and troubleshooting.

Preassembled tables and chairs

Do you have the time and staff to assemble capital equipment for your facility? When looking for a capital equipment supplier, look for one that preassembles their equipment making it less time-consuming for you to get your business up and running. This takes the stress of assembling off your shoulders and allows the supplier to provide an exceptional set-up experience.

New technologies and innovations

The medical world is constantly changing, and new technologies and innovations happen daily. Having a supplier at the forefront of these advancements means that your business is also at the top. Do not fall behind your competitors simply because your supplier cannot provide the innovations that you need.

With all the uncertainty facing the healthcare world today, it is important to have multiple, diverse suppliers that you can look to if one supplier falls short. This gives you the peace of mind that you have multiple options and do not have to look to only one supplier for all your needs. Diversifying your supply chain will allow you to make sure your company always has the equipment it needs.

Learn more at UMFmedical.com