March 19, 2025- As healthcare looks to a period of uncertainty, the impact of potential tariffs, it’s important to remain vigilant, keep informed and be purposeful about next steps, according to Vizient in a recent release. The number of actions, the speed at which they’re being announced, media activity and the subsequent ambiguity have created concern among supply chain leaders.
Moves that healthcare leaders can make now to remain informed and prepared in the months ahead include:
- Review hospital budget assumptions to support proactive planning. Consider scenario modeling to gain insight into how current and potential tariffs may impact supply expenses and financials. Outline available strategies that could be deployed to mitigate those impacts should they materialize.
- Create leadership alignment. Establish top-down messaging and decision-making structures that allow for transparent communication and guidance for expense management and engagement of physician and clinical stakeholders.
- Ensure resiliency measures are in place. Establish a list of critical supplies, gain clarity on your inventory, ensure you understand current utilization and ensure cross-references for those supplies are identified.
- Audit existing local agreements for contract risk. Review contracts for language that may allow suppliers to raise prices due to tariffs or circumstances that might include tariffs.
- Identify savings initiatives that could offset price increases. Proactively identify ways to manage expenses. Determine where to standardize to more cost-effective products or reduce waste through physician and clinician engagement.