Precision Dynamics-TimeMed Introduces PowerPlus™ Purchasing Program
New supply-chain program delivers up to 30 percent savings by consolidating and standardizing hospital-wide purchases of wristbands and labels
San Fernando, CA -- (May 12, 2009) – Precision Dynamics Corporation (PDC)-TimeMed has nationally released its PowerPlus™ Purchasing Program, a healthcare product consolidation and standardization program that enables customers to save at least 10 percent in wristband and label costs, while greatly streamlining the purchasing process. The savings are based upon customer usage levels and product spend through PDC-TimeMed volume discounts.
“When it comes to purchasing labels and bands in the healthcare industry, it is not uncommon for individual departments to make their own decisions and acquire product from various vendors,” said Corey Nelson, Vice President of Sales and Marketing for PDC-TimeMed. “When healthcare organizations buy the same products from multiple vendors, it creates a supply chain and accounting dilemma that costs more money than organizations know.”
Nelson added, “In today’s tough economic environment, most organizations are looking for ways to save money and be more efficient. The PDC-TimeMed PowerPlus program makes this happen, delivering significant savings by allowing hospitals to leverage their volume purchasing power with PDC-TimeMed’s broad portfolio of wristbands and labels.”
The PowerPlus program consists of a two phase process that begins with a wristband and label collection that identifies all products used across the healthcare facility. PDC-TimeMed documents the type, volume, and dollars spent. Based upon the collection, an aggregate cost savings is provided, and in exchange for the savings, customers agree to purchase 80 percent of their wristband and label spend from PDC-TimeMed. The second phase includes a timeline for a conversion process that matches and replaces previously purchased wristbands and labels with PDC-TimeMed products. The conversion provides the entire hospital with a single source for products, and upon completion, secures a commitment from the hospital to use PDC-TimeMed as its main wristband and label vendor.
The PowerPlus program provides hospitals with the following benefits:
- Increases Group Purchasing Organization contract compliance
- Consolidates vendors and orders
- Standardizes product usage within all departments
- Reduces supply cost by optimizing purchasing volume
- Option of thousands of stock, off-the-shelf solutions
- Customized ordering programs
- Health Insurance Portability and Accountability Act (HIPAA) readiness and Joint
- Commission compliance
Saint Thomas Health Services, a family of four hospitals located in Middle Tennessee, recently used PDC-TimeMed for consolidation of its label products. “Most hospitals have no idea what labels they’re buying because they’re mainly focused on large item spending. They’re not worried about the cost of a single label,” said Roger Larkin, Director of Purchasing at St. Thomas Health Services.
“However, after completing the PowerPlus Program process with PDC-TimeMed, we discovered that we were using more than 800 labels from 18-20 vendors. Some we bought by pallet, others by the roll. Some cost $3 a roll, others at $1 each. PDC-TimeMed gave us a clear picture of everything that we were buying, which proved that we were unnecessarily spending tens of thousands of dollars on duplicate and custom labels. As we have engaged in the PowerPlus program, we have already recognized a 22 percent savings in label expenditures, in addition to the time and costs savings associated with a more efficient and streamlined purchasing process,” said Larkin.
For more information about the PDC-TimeMed PowerPlus Purchasing Program, call 800.323.4840.
About PDC-TimeMed...Your Partner in Patient Safety™
In November 2008, TimeMed Labeling Systems Inc. was acquired by Precision Dynamics Corporation, the global leader of healthcare identification solutions, becoming PDC-TimeMed. The combined companies have more than 100 years of collective experience in developing innovative and reliable wristband and labeling systems that meet important patient safety guidelines of the Joint Commission, while complying with procedures set forth by the FDA, AHA, and HIPAA
PDC-Time products improve patient safety and medical accuracy and support supply chain management for all critical department functions, including Admissions, Medication Administration, Transfusion, Laboratory, Pharmacy, IT, and Surgical Procedures. PDC-TimeMed developed the first single-piece patient wristband, the first bar code wristband system, and the first Smart Band® RFID wristband system. It also originated hospital labeling with Time® Tape, which expanded to include a variety of label products in the 1960s, EDP labeling in the 1970s and 80s, and a full line of thermal labeling systems in the 1990s. For additional information, please visit www.pdcorp.com or www.timemed.com.
Information included in the press releases is accurate as of the date of the release and can be subject to change.