The supply chain is an integral part of most establishments. It becomes an even more crucial process to consider when it comes to the healthcare space. During the COVID-19 pandemic, the role of supply chain management became more evident when supply shortages risked the whole community’s health.
All the components of the healthcare system fastened their seat belts to deliver in the grueling pandemic situation. The supply chain space also rose to the occasion to help the community in a time of crisis like this.
One of the prominent names in the arena, Synthium Health, left no stones unturned to provide their cloud-based, digital information, and eCommerce platform engineered exclusively for the healthcare industry.
Spearheaded by Vijay Reddy, the CEO of the company, Synthium Health is disrupting the healthcare supply chain sector through its unified platform which connects providers and suppliers directly to the end customer, eliminating the middleman.
In the following interview, Mr. Reddy expands more on the services offered by the company and its functioning.
Please brief our audience about Synthium Health, its USPs, and the key aspects of its stronghold within the healthcare supply chain niche.
Synthium is an intelligent, collaborative healthcare technology platform that aims to link supply chain participants in health industry such as manufacturers, GPOs, distributors, and providers and enables them to interact, transact and grow together.
Synthium was published on CCBeast, Disruptor Daily, TechBullion, and Medical Design & Outsourcing magazine.
Tell us more about the solutions that you offer, giving Synthium Health a distinctive edge to stand out from the competition.
Suppliers/Manufacturers (https://www.synthiumhealth.com/suppliers/): Manage 360 degrees view of sales
- Setup catalog and start selling
- Reduce costs with lower credit card processing fees as well as accept eCheck/ACH payments
- Automate recurring payments
- Manage sales team
- Analytics & Reports
- Generous credit options to support cash flow
- Ability to target customers across different sectors such as B2B and B2C.
- Target customers on other platforms such as Amazon, Walmart, and eBay
- Lower shipping costs on LTL (Less Than Truckloads) and TL (Truck Loads) shipments
- Multiple storage locations
Healthcare providers (https://www.synthiumhealth.com/providers/): Synthium saves healthcare providers time, money, and effort to procure products at the best active price.
- Improve medical supplies procurement process
- Analytics & Reports
- Surgery scheduling/management
Healthcare professionals such as physicians, nurses, and others (https://www.synthiumhealth.com/clinicians/): A networking platform with the following benefits:
- Network with other professionals and strengthen professional goals and business connections
- Clinical advice from peers
- Keep up with FDA product recalls, healthcare news, and more
- Career and business opportunities
As a seasoned business leader, what is your opinion about the effects of the pandemic on the healthcare supply chain sector, and what were the challenges that your company came across?
Pandemic affected everyone, including the healthcare supply chain. The healthcare supply chain was put under tremendous pressure due to supply shortages and a surge in demand for certain supplies. As far as Synthium is concerned, we started offering COVID-related products to our customers and tried to fill the gaps in procurement. We published educational materials to educate medical practices.
With continuous development in technologies such as AI and ML, what is your prediction about the future of the supply chain solutions niche?
AI and ML impacted most industries. The healthcare supply chain would gain tremendous benefits by adopting/embracing the technology. We developed easy to use Synthium Analytics, so our customers do not need a data scientist, powerful computers, or setup cost:
- An advanced 9-step system of predictive modeling to predict the outcomes.
- Time series algorithm along with 12 other different types of algorithms that run simultaneously to provide highly accurate analysis.
- Instant recognition of attributes like CPT codes, ICD codes, HCPCS code, etc.
- Smart grouping of DRG, UNSPSC code.
What would be your advice to the entrepreneurs aspiring to venture into the healthcare supply chain solutions space?
The healthcare supply chain industry is complex and huge. There are several opportunities where one can make a difference/innovate in optimizing expenses and innovative product lines. An additional benefit is that this is a recession-resistant industry. With an aging global population, it is definitely a growing industry with opportunities for all.
About the Leader
Vijay Reddy is an Entrepreneur, Blockchain, and AI enthusiast with a passionate drive for software development and wanting to bring disruptive technologies and innovation in the healthcare industry. He is currently working on a medical devices SPAC and hoping to bring growth opportunities for the innovative medical device companies alongside the development of an eCommerce platform that serves to reduce dependency on middle layers in the current healthcare supply chain.
After completing his MS in Computer Science, he entered the healthcare space with OSI Systems (now MedAssets, Inc.) in 1991 and progressed to be the Chief Information Officer for the company, where he was instrumental in helping the company become one of the largest revenue cycle management companies. Over 50% of the hospitals in the US utilized the software and services.
After leaving the company, he started his entrepreneurial journey in 2001; he launched several companies along the way, including:
- Clinical knowledge base (unique project for AI-driven clinical diagnosis/decision making) PayD – A unique patented idea to pay the medical practices
- Medical billing and transcription services for hospitals and medical practices
- Medical Coding Platform
- Blockchain and more.
He was invited as a guest speaker in healthcare events such as:
- HMMC (Healthcare Manufacturers Management Council)
- HealthTech O2O
By running and moderating user groups such as Healthcare Blockchain & AI with over 2,700 members and Medical Coding/Claims Analysis with about 1,600 members on LinkedIn, he is up to date with the industry changes.