Virtual HPN Expo - bringing collaboration and innovation in healthcare into 2020
Genmed provides vendor-neutral, flexible, and scalable managed services to the NHS, to the broader public sector and to private healthcare organisations in the UK and beyond. Genmed clients enjoy choice - choice of suppliers; choice of equipment; and choice of service which enables them to find solutions to problems using best in class solutions.
Genmed has been providing vendor neutral managed services in Great Britain since 2007. It currently manages over 200 contracts in many clinical areas including operating theatres, pathology, endoscopy, imaging, renal and IT. It has a contract portfolio valued at £315 million in 40+ NHS Trusts. It is working on several new initiatives aimed at providing the opportunity for other hospital departments to benefit from the financial and operational efficiencies that Genmed managed service contracts can offer. Services to clients are continually improved with the development of inventory management, data analytics, and various costing options.
Genmed’s recently established purchasing service, offers data management, sourcing, logistics and inventory and consultancy to public and private sector clients. Whilst the purchasing service supports Genmed’s managed service provision, it can also be contracted by external organisations to provide outsourced procurement and supply chain services.
There are many issues facing NHS Trusts and Health Boards today. Among them, the following critical issues:
The implementation of a Genmed managed service can help to address these issues.
Lack of capital
Genmed can provide access to equipment funding. The client will not need to spend valuable capital on new equipment and the managed service enables refresh programmes for ageing equipment to be planned. At the start of the contract Genmed will purchase the legacy equipment which is currently held on the client’s balance sheet enabling cash to be released and creating an immediate saving. Genmed also has a turnkey capability which includes access to funding for building [works].
Genmed is able to aggregate demand across several contracts enabling it to negotiate the best possible prices for its clients and enabling them to reduce cost. Contracts are designed to comply with relevant COS headings in order to provide tax efficiency and savings for Genmed’s clients1. A reduction in administrative burden on the client’s staff also drives savings. Genmed manages the performance of third-party suppliers leaving the client’s staff to concentrate on other tasks. The whole purchase to pay process for suppliers is managed by Genmed and this significantly reduces the purchase orders raised and invoices processed by the client’s staff. Contracts generally include facilities management and Genmed provides onsite support when this is appropriate.
In addition to the release of cash from the purchase of on balance sheet equipment, Genmed often provides inventory management solutions as a part of the managed service. The use of inventory management software helps to reduce stock holding - releasing cash and reducing waste which lowers costs.
Waiting list reductions
Genmed’s access to equipment funding can help its clients to obtain additional equipment to carry out additional procedures. Genmed is also working with a clinical service partner on a model that will help to provide additional capacity for flexible endoscopy and some surgical disciplines.
Off balance sheet finance
All Genmed contracts are designed to be off-balance sheet and IFRS16/IFRICS4 friendly.
Other benefits of managed services
Genmed provides full analysis of contract data to its client2. Where contracts include the provision of inventory management and scanning software, the data captured can provide basic procedure level costs which can help the client to understand variation and in turn act as a catalyst for process improvement and improved operational and financial management.
Genmed contract structures are designed to enable flexibility so that they are future proof. The flexible nature of the contracts ensures that clients are able to reconfigure services should the need arise. Where there is a cost to flexibility, the cost is made clear in the contract.
Genmed has several partnerships with Original Equipment Manufacturers (OEM’s) and suppliers which enable a broad scope of services to be offered to clients under one managed service umbrella with Genmed acting as one point of contact. This also enables an end to end solution to be provided.
Vendor neutrality provides a full choice of supplier which enables the provision of a best in class solution.
Genmed’s purchasing service works with the service delivery team and the client to ensure best value.
Genmed managed services include full risk transfer.
Genmed is on several procurement frameworks which means that it is easy to engage with us and to ensure a compliant procurement route.
Learn how a Genmed managed service can help you by emailing us today.
1. Subject to HMRC compliance checking
2. Data capture and provision will vary by contract type and is subject to the terms of it the contract with each client
Glen Hodgson discusses some of the recent Scan4Safety findings as well as why point-of-care scanning will improve patient safety for years to come