Vendors can reintroduce the same product with minor enhancements to justify 20-30% price increase.
Here’s how hospitals can stay ahead of it:
1. Put it in your contracts that similar items must be priced at the same price as before.
2. Set up a value analysis process for new entrants to stop many of these market enhancements and price increases.
3. Have a real conversation with the vendors.
They are not just suppliers but also trusted advisors to the hospital.
When I talk to them on behalf of hospitals, I try to remind them:
As an important part of the healthcare ecosystem, they should not raise their price every time they get an opportunity.
Let me know if you found this helpful.
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