Cayce Roy, CEO & Co-Founder, Standvast Healthcare Fulfillment
The healthcare supply chain has been lagging behind other industries when it comes to innovation. Even today, most of the existing supply chain solution suppliers still rely on decades-old, reactive, siloed approaches that limit data to effectively manage an overly complex model of healthcare. They still look to distribute items to replenish shelves in hospitals and care centers with limited technology and reactive processes. This further leads to a lack of visibility, aggravating healthcare costs,and comparatively low service levels.
Standvast Healthcare Fulfillment, a leading healthcare supply chain solution provider isaddressing the root causes of the gaps created by the old existing solutions for clinicians and patientsby providing a technology-enabled, fulfillment driven solution. Standing apart from the rest, the pioneering company follows a new approach that greatly lowers costs, improves service, and helps providers care for patients where they are. It also provides the data to support decisions and a no-risk approach to pilot and help create confidence for change or new approaches.
The Journey of Standvast So Far
The founders of Standvast are supply chain and technology leaders from Amazon, Google, and other leading organizations, who have been a part of some of the most significant innovations in eCommerce supply chain/fulfillment, supply chain systems, transportation logistics, and technology development in a variety of industries around the world. Backed by the experience and expertise of such industry veterans, the company began its journey in 2017. During its initial assessment, it discerned that the layer upon layers of inventory stored in the overly complex supply chain and the lack of information/transparency makes it harder for everyone to do their jobs. So, it started partnering with a large regional healthcare provider network who was exploring potential ways to innovate within the healthcare supply chain. This provided the initial opportunities to the company to quantify, test, and develop the new supply chain solutions that became Standvast.
“It has been incredibly rewarding to work directly with clinicians and supply chain innovators, to hear their stories and pain points when delivering care to patients and delivering a solution that can truly allow the providers and clinical experts to focus on the patient needs and provide transformative financial and quality of care results,” says Cayce Roy, the CEO, and co-founder at Standvast.
Simplifying the Complex Healthcare Supply Chain
Most of the existing supply chain solutions seek to add efforts or operations on an already overly complex system that lacks the technology and data to effectively manage the existing supply chain. However, following a distinctive approach, Standvast starts with the clinician/patient and simplifies the entire process using best in class technology and fulfillment strategies.
“We do not add complexity but simplify, we use data to drive the processes from start to finish, and we provide easy to use technology to provide transparency of information that is often unavailable or at least difficult to analyze with current systems. Standvast cares for the supply chain so providers and clinicians can care for patients,” asserts Cayce.
Standvast’s integrated solution transforms the flow of supplies through proprietary technology, new processes, and lean enabled workflows. It creates reinforcing cycles of success with 5 critical steps that lead to transformative results. First, it ensures better ordering withaccurate supply and demand forecasting and vendor/PO management support. As a next step, it focuses on centralized eCommerce fulfillmentwith the best in class inventory systems. The third step involves ensuring trusted data withclosed-loop process and dataand procedure inventory transparency. Then, it provides clinical analytics and learning and system learning and analytics, and finally, it offers improved vendor support.
Its closed-loop system with proprietary machine learning algorithms drives transparency and provides the necessary intelligence to improve the quality of care while reducing cost and variability in care. In fact, it can reduce more than 70% of inventory in the provider supply chain and significantly eliminatethe waste and costs within the large supply chain spend of most providers networks.This in turn reduces financial risk, assets, and overhead while removing misaligned incentives and costs. According to Cayce, for a provider network of 100,000 surgeries, Standvast delivers a 10 to 1 payback in the first nine months along with a sustainable $60+M annual operating margin improvement, creating a transformative impact that is needed today.
“At the end of the day, we listen to our provider partners and deliver a supply chain solution that gives them backspace, time, and information they need to better care for their patients,” adds Cayce.
Driving Change through a Distinctive Approach
Standvast follows a unique crawl-walk-run approach to drive the change in the healthcare supply chain landscape. It begins with an assessment that provides a common understanding of the opportunities and new solutions. This provides a design for a pilot effort that leads to low risk, scalability, simple integration, and minimal change management. Once the pilot is proved successful, it then moves to an ongoing commercial agreement. The commercial agreement is an asset, light pay-for-fee model that reduces financial complexity and is far more financially predictable than the current state. It works closely with clinicians and supply chain leaders to implement a solution that addresses their pain points.
“By listening to our clinical partners, we reduce angst and attention caused by misaligned inventory and the workload generated by a disjointed supply chain system. Finally, we deliver to the highest levels of service greatly exceeding what they currently get today from legacy solutions or providers,” adds Cayce.
Planning Expansion While Ensuring Service Excellence
With its value-added and customer-centric services, Standvast has gained a unique edge in the market and its increasing level of clinician engagement is a testament to that. Today, clinicians have become the loudest supporters and active participants in the change efforts led by Standvast.
“Clinicians unilaterally recognized the value of the solution as the way to transform care/costs and improve OR/procedural efficiency. They see it as the “future” and “only real solution to the longstanding problems within the healthcare supply chain,” asserts Cayce.
Moving ahead, the company aims to continue fostering this trusted customer relationship while growing and expanding across North America to improve the cost, quality, and accessibility of care. Meanwhile, it also looks forward to partner with innovative providers who realize that the current healthcare supply chain that was designed in the 80/90s is not supporting their growth, clinicians, or patient needs.