Hashed Health Launches Peer Supply
The key to an efficient, resilient supply chain is good data. Importantly, this includes data from outside any single organization. Enterprises currently lack the tools and incentives to share the data already being curated every day. Founder Raelyn Wilson has a plan to unlock the forces of collaboration that will improve care delivery by empowering hospitals and suppliers in their supply chain efforts.The Opportunity
Five years ago, it was hard to find mention of supply chain in the news. But recently, more of us struggle to find the products we need. As a result, supply chain is now a common topic in kitchens and board rooms. At the grocery, the lack of product availability is a nuisance. In the hospital, the lack of critical items impacts patient care. No longer behind the scenes, supply chains are now recognized as an important part of our life-saving teams.A history of underfunding has left our healthcare supply chains inefficient and brittle. In retrospect, it is no surprise that supply chains broke during COVID. Unfortunately, they remain broken today. We have experienced a never-ending series of shocks that have resulted in 1.) Rising Costs (the average ICU’s medical supplies increased in cost by 31.5% since 2019[i]) and 2.) Decreasing Fill Rates (healthcare fill rates are resting at around 82%[ii]; the average hospital deals with 800 to 1,000 backorders per day[iii]). These and other acute supply chain challenges frustrate caregivers and make hospitals more dangerous places to receive care.[iv]Our interconnected web of healthcare trading partners has begun a massive recalibration of what is vital to planning, production, delivery, inventory, and contracting practices. The industry has a new thirst for capabilities and systems that will allow trading partners to collaborate. With this in mind, we are examining the pedigree of our supplies and re-balancing the relationship between efficiency and resiliency. Hospitals and suppliers are beginning down a long-overdue path of supply chain digital transformation and maturation.Co-Founder Spotlight: Raelyn Wilson, Founder & CEO, Peer Supply
“At Peer Supply, we provide answers to supply chain challenges by looking outside one’s own organization for data that creates value for the patient, convenience for the clinician, and strategic alignment amongst trading partners.”
Raelyn Wilson has dedicated her career to understanding how healthcare supply chains work. As a result, she has found that the truth can only be told by understanding data from across the value chain.“Supply chain is a team sport,” says Raelyn. “Until you know what’s happening outside your organization, you can’t know what’s going to happen inside your organization.” Her collaborative approach focused on data and systems-level innovation makes Raelyn Wilson unique.After spending time as a supply chain consultant, Raelyn joined Providence Health in Seattle, where she established herself as a leader in using data and analytics to improve supply chain operations. After a few years at Providence, Raelyn joined a supply chain startup, Valify, where she became the VP of Client Services and ultimately the Chief Operating Officer. She and her team navigated the acquisition of Valify by HealthTrust, the leading Group Purchasing Organization (GPO) in the US. Raelyn’s expertise led the integration of Valify and then oversaw the creation of a new GPO for purchased services. It was there that Raelyn developed a deeper understanding of the need for providers and suppliers to share data more directly and transparently. Ultimately, this contributed to her motivation to co-found Peer Supply.Launching Peer Supply
“Transparency requires transformation,” says Wilson. “At Peer Supply, we provide answers to supply chain challenges by looking outside one’s own organization for data that creates value for the patient, convenience for the clinician, and strategic alignment amongst trading partners.”At the heart of this transformation is data. Strong supply chains require good data. No single hospital or supplier has all the data it needs. The full set of data is impossible to curate and maintain in isolation. Still, every day, hospitals and suppliers wrestle with the same backorders, curate the same catalog data, and process the same information on top of each other. This makes no sense.The next level of efficiency and resiliency requires a data exchange that did not exist until now. By creating tools and incentives for data sharing, Raelyn is positioning Peer Supply at the forefront of a transformation journey that is now underway.Raelyn represents a fresh, data-driven perspective in what has traditionally been an underinvested and overlooked category in healthcare: the supply chain. As a leader, Raelyn is trusted by her customers because she follows through on her commitments and does not overpromise or underdeliver. As an operator, she executes and creates the necessary value to win her customer’s business.After just a few months of working with Raelyn, the Hashed team has watched her and her team collaborate with many of the leading health systems and suppliers in the US. We are confident that this combination of trusted leadership and collaborative technology will move the healthcare supply chain forward.For more information on Peer Supply, visit www.peersupply.co and connect with Raelyn Wilson on LinkedIn here.[i] https://revcycleintelligence.com/news/financial-losses-challenges-persist-for-hospitals-health-systems[ii] GHX data from HIRC[iii] https://www.forbes.com/sites/amyfeldman/2022/05/03/supply-chain-snags-create-shortages-of-life-saving-medical-supplies-in-us/?sh=6037a14341b0[iv] https://www2.deloitte.com/us/en/insights/industry/health-care/healthcare-supply-chain.html