In an era hungry for hospital cost-containment and lean management, innovative approaches to supply chain management in hospitals are key. These problems typically arise when searching through multiple product vendors or multiple procurement access points. Minnesota-based healthcare startup CorCardia has attempted to address this problem by developing a cloud based purchasing system, InnovaCor. InnovaCor is a supply chain platform that seeks to eliminate unnecessary sales and marketing expense while passing those savings on to hospitals. CorCardia states that by using InnovaCor, hospitals can save up to 22% on expenses unrelated to patient care. In addition, hospitals have access to real-time utilization data which helps eradicate expired products.
With upcoming changes in America’s healthcare system stemming from the Affordable Care Act, CorCardia is seeking to work with any hospital looking to lower their supply chain expenses and access real-time data on utilization rates. We had a chance to speak with Co-founder Sam Awad about InnovaCor and its innovative solution.