1 00:00:00,080 --> 00:00:02,319 This is Laura Dierda with the Becker's Healthcare 2 00:00:02,319 --> 00:00:04,559 podcast. I'm thrilled today to be joined by 3 00:00:04,559 --> 00:00:07,120 Bob Taylor, senior vice president and chief supply 4 00:00:07,120 --> 00:00:08,500 chain officer at RWJBarnabas 5 00:00:09,039 --> 00:00:10,480 Health. Bob, it's a pleasure to have you 6 00:00:10,480 --> 00:00:11,619 on the podcast today. 7 00:00:11,919 --> 00:00:13,759 Thank you very much, Laura. I appreciate the 8 00:00:13,759 --> 00:00:14,259 opportunity. 9 00:00:14,845 --> 00:00:15,345 Absolutely. 10 00:00:15,644 --> 00:00:17,804 Now I'm excited for our conversation because I 11 00:00:17,804 --> 00:00:19,644 know supply chain is a very dynamic space. 12 00:00:19,644 --> 00:00:21,565 And especially right now, there's a lot of 13 00:00:21,565 --> 00:00:24,125 things happening, within the supply chain function. And 14 00:00:24,125 --> 00:00:25,885 so I'm looking forward to learning a little 15 00:00:25,885 --> 00:00:27,505 bit more about what you're doing at RWJBarnabas 16 00:00:28,045 --> 00:00:29,910 Health as well as how you're thinking about 17 00:00:29,910 --> 00:00:31,670 the future. But before we dive in, can 18 00:00:31,670 --> 00:00:33,590 you introduce yourself and just tell us a 19 00:00:33,590 --> 00:00:35,049 little bit more about the health system? 20 00:00:35,829 --> 00:00:36,649 Sure. Absolutely. 21 00:00:37,350 --> 00:00:39,929 So Bob Taylor. I have been at RWJBarnabas 22 00:00:40,789 --> 00:00:44,170 Health now for approaching ten years in total. 23 00:00:45,034 --> 00:00:46,494 And in the industry, 24 00:00:47,755 --> 00:00:49,435 kind of a shocking number for me, but 25 00:00:49,435 --> 00:00:49,935 I've 26 00:00:50,314 --> 00:00:51,935 on my thirty ninth year 27 00:00:52,634 --> 00:00:54,335 of health care supply chain 28 00:00:54,875 --> 00:00:56,969 and I've worked in a variety of different 29 00:00:57,450 --> 00:01:00,090 settings and and locations as far as for 30 00:01:00,090 --> 00:01:02,510 profit, not for profit, academic medicine, 31 00:01:03,450 --> 00:01:05,469 over the course of my total career. 32 00:01:06,489 --> 00:01:06,989 RWJBarnabas 33 00:01:07,689 --> 00:01:08,189 Health 34 00:01:09,290 --> 00:01:11,469 is the leading health care system 35 00:01:12,075 --> 00:01:13,534 in the state of New Jersey. 36 00:01:13,915 --> 00:01:16,894 It's a New Jersey is the most densely 37 00:01:17,194 --> 00:01:18,254 packed state 38 00:01:18,875 --> 00:01:21,354 in the country based on the number of 39 00:01:21,354 --> 00:01:22,814 people per square mile 40 00:01:23,194 --> 00:01:24,494 and our new VAJBarnabas 41 00:01:24,954 --> 00:01:25,854 Health hospitals 42 00:01:26,640 --> 00:01:28,640 are located in the northern half of the 43 00:01:28,640 --> 00:01:31,200 state, which is the most densely packed portion 44 00:01:31,200 --> 00:01:32,099 of the state. 45 00:01:32,640 --> 00:01:34,719 So we are in a a very crowded 46 00:01:34,719 --> 00:01:36,740 market as far as the number of people 47 00:01:37,120 --> 00:01:40,020 and it's a very competitive market with other 48 00:01:40,319 --> 00:01:41,459 large health systems 49 00:01:42,055 --> 00:01:43,814 that are also in the space in the 50 00:01:43,814 --> 00:01:45,354 Northern New Jersey market. 51 00:01:45,974 --> 00:01:48,215 At the moment, we are 12 acute care 52 00:01:48,215 --> 00:01:50,394 hospitals. We have a specialty 53 00:01:50,774 --> 00:01:51,834 children's hospital, 54 00:01:52,295 --> 00:01:53,834 a behavioral health hospital, 55 00:01:55,319 --> 00:01:56,459 about 400 56 00:01:57,079 --> 00:01:58,619 physician practice locations, 57 00:01:59,479 --> 00:02:01,900 and a very sizable joint venture, 58 00:02:02,759 --> 00:02:05,560 portfolio with many providers across the state of 59 00:02:05,560 --> 00:02:06,299 New Jersey. 60 00:02:07,034 --> 00:02:07,935 And we are 61 00:02:08,235 --> 00:02:10,314 in the process and it has been announced, 62 00:02:10,314 --> 00:02:11,455 so it's not confidential 63 00:02:12,395 --> 00:02:14,495 of acquiring our thirteenth 64 00:02:14,794 --> 00:02:17,034 acute care hospital in the state of New 65 00:02:17,034 --> 00:02:17,534 Jersey, 66 00:02:17,995 --> 00:02:19,375 which could be, 67 00:02:19,914 --> 00:02:22,495 twenty twenty seven when that transaction closes. 68 00:02:23,650 --> 00:02:26,290 Wow. That's a a ton of, you know, 69 00:02:26,290 --> 00:02:28,129 building and growing that you've been able to 70 00:02:28,129 --> 00:02:30,050 do over the last few years and and 71 00:02:30,050 --> 00:02:32,290 still for the future. So that's exciting to 72 00:02:32,290 --> 00:02:34,449 hear, and I know you have a really 73 00:02:34,449 --> 00:02:37,094 great patient population and community that, you know, 74 00:02:37,094 --> 00:02:39,435 you are serving in New Jersey. And so, 75 00:02:39,735 --> 00:02:41,094 when you think about the last year or 76 00:02:41,094 --> 00:02:42,694 so, could you tell me about the most 77 00:02:42,694 --> 00:02:44,455 important initiative that you led? What did you 78 00:02:44,455 --> 00:02:45,675 do and what were the results? 79 00:02:46,534 --> 00:02:48,375 So we've actually had several. I always like 80 00:02:48,375 --> 00:02:50,534 to qualify that when I say I may 81 00:02:50,534 --> 00:02:51,675 have led an initiative, 82 00:02:52,620 --> 00:02:54,460 it's always important to realize that the person 83 00:02:54,460 --> 00:02:56,639 at the front doesn't necessarily have, 84 00:02:57,180 --> 00:02:58,800 sole and exclusive responsibility 85 00:02:59,099 --> 00:03:00,800 nor should they take sole and exclusive, 86 00:03:01,979 --> 00:03:02,479 accountability 87 00:03:02,780 --> 00:03:05,034 for the results. So we've had a couple 88 00:03:05,034 --> 00:03:07,034 of very big initiatives this year that we've 89 00:03:07,034 --> 00:03:08,655 worked on in collaboration 90 00:03:09,115 --> 00:03:10,655 with the rest of the organization. 91 00:03:11,834 --> 00:03:12,574 We have 92 00:03:13,354 --> 00:03:15,354 this is in the first year. We have 93 00:03:15,354 --> 00:03:15,854 assumed 94 00:03:16,314 --> 00:03:16,814 a 95 00:03:17,340 --> 00:03:18,719 much more full responsibility 96 00:03:19,020 --> 00:03:21,120 for contracting in the IT space 97 00:03:21,659 --> 00:03:24,379 and that's been a great partnership with our 98 00:03:24,379 --> 00:03:24,879 IT, 99 00:03:25,900 --> 00:03:28,620 business partners where we bring the rigor and 100 00:03:28,620 --> 00:03:31,825 the contracting diligence that supply chain generally brings 101 00:03:31,825 --> 00:03:33,205 to the rest of the organization 102 00:03:33,504 --> 00:03:35,525 for supplies and services and equipment. 103 00:03:36,385 --> 00:03:38,784 And we have brought that and partnered with 104 00:03:38,784 --> 00:03:41,045 IT to put that same rigor in place. 105 00:03:41,665 --> 00:03:44,419 And results of this just in the in 106 00:03:44,419 --> 00:03:46,500 the past twelve months have been in excess 107 00:03:46,500 --> 00:03:47,700 of $10,000,000 108 00:03:47,700 --> 00:03:48,680 worth of savings 109 00:03:49,300 --> 00:03:52,099 that we've been able to facilitate and help 110 00:03:52,099 --> 00:03:53,480 realize for the organization 111 00:03:54,419 --> 00:03:56,439 through a much more rigorous and strategic, 112 00:03:57,544 --> 00:03:59,324 process of going through the contracting 113 00:04:00,025 --> 00:04:00,525 steps. 114 00:04:01,224 --> 00:04:02,525 We've also implemented 115 00:04:02,905 --> 00:04:03,645 and executed, 116 00:04:05,305 --> 00:04:06,284 similar rigor 117 00:04:06,664 --> 00:04:08,764 in a lot of our capital investments. 118 00:04:09,349 --> 00:04:10,490 So we have 119 00:04:11,110 --> 00:04:15,030 standardized many of our capital categories, capital equipment 120 00:04:15,030 --> 00:04:16,649 categories across the organization 121 00:04:17,509 --> 00:04:19,350 where if we are going to go to 122 00:04:19,350 --> 00:04:20,949 the market, we're gonna get a piece of 123 00:04:20,949 --> 00:04:21,930 imaging equipment. 124 00:04:22,365 --> 00:04:25,345 We have entered into very long term contracts 125 00:04:25,404 --> 00:04:26,865 with strategic vendors 126 00:04:27,644 --> 00:04:29,805 and suppliers to make sure that we are 127 00:04:29,805 --> 00:04:30,305 standardizing 128 00:04:30,605 --> 00:04:31,745 our equipment portfolio 129 00:04:32,444 --> 00:04:34,845 and we're doing that in exchange for the 130 00:04:34,845 --> 00:04:35,985 greatest value 131 00:04:36,990 --> 00:04:39,709 that the suppliers are able to offer for 132 00:04:39,709 --> 00:04:41,730 that extended and broad commitment. 133 00:04:42,430 --> 00:04:44,670 And we are up to probably about 50 134 00:04:44,670 --> 00:04:47,490 different categories of capital equipment 135 00:04:48,029 --> 00:04:51,490 that we've developed standards and standards range from, 136 00:04:52,345 --> 00:04:55,145 vendor specific all the way down to model 137 00:04:55,145 --> 00:04:56,605 specific and configuration 138 00:04:57,225 --> 00:04:57,725 specific. 139 00:04:58,425 --> 00:05:00,665 In some cases, where we have worked with 140 00:05:00,665 --> 00:05:01,964 clinicians to develop 141 00:05:02,504 --> 00:05:05,085 a standard, for example, for beds and stretchers 142 00:05:05,659 --> 00:05:06,560 for the organization 143 00:05:07,180 --> 00:05:09,680 in exchange for favorable pricing. 144 00:05:10,539 --> 00:05:11,759 And I think the third 145 00:05:12,060 --> 00:05:14,860 very large initiative that is still ongoing, it's 146 00:05:14,860 --> 00:05:15,599 not completed, 147 00:05:16,779 --> 00:05:19,519 but we went through an RFP process 148 00:05:20,354 --> 00:05:22,774 and partnered with our group purchasing organization 149 00:05:23,474 --> 00:05:24,615 to look at 150 00:05:24,995 --> 00:05:26,615 how we might wanna engage 151 00:05:27,314 --> 00:05:29,634 with one of the companies in the space 152 00:05:29,634 --> 00:05:31,254 to manage support services. 153 00:05:31,794 --> 00:05:35,329 So specifically the management of food service, environmental 154 00:05:35,470 --> 00:05:36,930 services, and patient transportation, 155 00:05:37,949 --> 00:05:40,350 and that was a very long process that 156 00:05:40,350 --> 00:05:42,209 culminated in a decision 157 00:05:43,149 --> 00:05:44,689 and a preliminary 158 00:05:45,149 --> 00:05:47,470 award in December. Now we're going through the 159 00:05:47,470 --> 00:05:48,769 implementation process 160 00:05:49,524 --> 00:05:51,865 to standardize all of those services 161 00:05:52,564 --> 00:05:55,704 into a single relationship with a single industry 162 00:05:55,845 --> 00:05:56,345 provider. 163 00:05:56,805 --> 00:05:58,324 So I think some of those are some 164 00:05:58,324 --> 00:05:59,064 of the biggest 165 00:05:59,845 --> 00:06:01,625 notable projects that, 166 00:06:02,300 --> 00:06:05,039 either help lead or was at the forefront 167 00:06:05,180 --> 00:06:07,120 of bringing forward for the organization. 168 00:06:08,459 --> 00:06:11,259 I love that. And it's so apparent that 169 00:06:11,259 --> 00:06:13,899 having, you know, those processes in place and 170 00:06:13,899 --> 00:06:16,074 and really taking the right kind of rigor 171 00:06:16,074 --> 00:06:18,154 into not only the contracts that you're working 172 00:06:18,154 --> 00:06:19,055 with, but also 173 00:06:19,355 --> 00:06:21,595 any other capital investments have made a big 174 00:06:21,595 --> 00:06:22,095 difference, 175 00:06:22,714 --> 00:06:24,634 for how, you know, you're able to create 176 00:06:24,634 --> 00:06:26,894 savings for the health system overall and then 177 00:06:26,954 --> 00:06:29,790 create better processes and procedures. I think, you 178 00:06:29,790 --> 00:06:31,550 know, when you're looking at those two things, 179 00:06:32,189 --> 00:06:34,110 and as you mentioned at the beginning, you 180 00:06:34,110 --> 00:06:35,550 know, all of them are are team and 181 00:06:35,550 --> 00:06:36,290 group efforts. 182 00:06:36,829 --> 00:06:39,229 How do you really begin the process of 183 00:06:39,229 --> 00:06:42,750 start planning and then, you know, actually go 184 00:06:42,750 --> 00:06:46,634 to implementation of standardizing these types of things? 185 00:06:46,954 --> 00:06:48,014 What do you have to 186 00:06:48,314 --> 00:06:50,235 figure out with your broader executive team and 187 00:06:50,235 --> 00:06:51,995 what discussions are important to have at that 188 00:06:51,995 --> 00:06:53,294 level before actually, 189 00:06:53,754 --> 00:06:55,694 jumping in and making some of these changes? 190 00:06:56,650 --> 00:06:58,330 The first thing I think we've learned over 191 00:06:58,330 --> 00:06:58,830 time 192 00:06:59,210 --> 00:07:01,449 is we have to be very, very connected 193 00:07:01,449 --> 00:07:03,710 to the business partners and the business owners. 194 00:07:04,089 --> 00:07:05,310 So supply chain 195 00:07:05,930 --> 00:07:06,430 is 196 00:07:06,810 --> 00:07:07,310 a 197 00:07:07,689 --> 00:07:09,629 serves a very key role for the organization, 198 00:07:10,714 --> 00:07:13,214 but I think the most effective supply chain 199 00:07:13,675 --> 00:07:15,675 is the one that is partnered with the 200 00:07:15,675 --> 00:07:18,414 business owners who are ultimately the experts. 201 00:07:18,875 --> 00:07:21,375 They're the folks that know the most about 202 00:07:21,675 --> 00:07:24,714 either the technology, the software, the solution, whatever 203 00:07:24,714 --> 00:07:26,490 it is that we may be looking to 204 00:07:26,490 --> 00:07:26,990 acquire. 205 00:07:27,689 --> 00:07:29,689 And they're also the ones that once the 206 00:07:29,689 --> 00:07:31,149 decision has been made 207 00:07:31,610 --> 00:07:34,350 and a contract has been executed, we'll be 208 00:07:35,290 --> 00:07:36,990 using the equipment software 209 00:07:37,370 --> 00:07:39,389 or supply for the ultimate 210 00:07:40,125 --> 00:07:42,384 purpose of improving patient care. 211 00:07:42,925 --> 00:07:44,925 So I think the partnership is really what 212 00:07:44,925 --> 00:07:46,925 has become one of the most important things. 213 00:07:46,925 --> 00:07:48,384 It's just making sure that 214 00:07:48,685 --> 00:07:50,384 supply chain does not go out contract 215 00:07:51,564 --> 00:07:55,009 in a a solo a silo or without 216 00:07:55,009 --> 00:07:57,330 the engagement of the business owners. We partner 217 00:07:57,330 --> 00:07:58,470 with the business owners 218 00:07:59,009 --> 00:08:00,629 to make sure that we're bringing 219 00:08:01,089 --> 00:08:03,830 the best terms, conditions, value, and pricing 220 00:08:04,449 --> 00:08:05,830 that meets the requirements 221 00:08:06,914 --> 00:08:09,714 of the business owners that have helped operate 222 00:08:09,714 --> 00:08:10,854 the health care system. 223 00:08:12,034 --> 00:08:14,435 Yeah. That's helpful to understand and, you know, 224 00:08:14,435 --> 00:08:16,435 what a great point, when you're thinking about 225 00:08:16,435 --> 00:08:19,074 the organization on the whole. Now looking ahead, 226 00:08:19,074 --> 00:08:20,675 what are some of the biggest priorities as 227 00:08:20,675 --> 00:08:22,360 well as headwinds that you're focused on for 228 00:08:22,360 --> 00:08:23,419 2026? 229 00:08:24,120 --> 00:08:26,120 So I think from priorities and headwinds, I 230 00:08:26,120 --> 00:08:28,519 did mention that we will have a thirteenth 231 00:08:28,519 --> 00:08:31,319 hospital coming into the system probably very late 232 00:08:31,319 --> 00:08:32,919 this year. We'll begin a lot of the 233 00:08:32,919 --> 00:08:35,195 planning process. We still have to get through 234 00:08:35,195 --> 00:08:37,915 some of the legal preamble work that has 235 00:08:37,915 --> 00:08:39,435 to be conducted for that to be an 236 00:08:39,435 --> 00:08:40,335 approved transaction. 237 00:08:41,595 --> 00:08:44,555 I think the other priorities and this is 238 00:08:44,555 --> 00:08:46,475 becoming a little bit more interesting, I think, 239 00:08:46,475 --> 00:08:48,235 for the supply chain is to become more 240 00:08:48,235 --> 00:08:48,735 proactive. 241 00:08:49,940 --> 00:08:52,379 So a lot of this is now looking 242 00:08:52,379 --> 00:08:53,399 to out 243 00:08:53,779 --> 00:08:54,840 and not necessarily 244 00:08:55,220 --> 00:08:55,720 reacting 245 00:08:56,899 --> 00:08:59,639 to either supplier proposals or 246 00:09:00,019 --> 00:09:01,240 reacting to 247 00:09:03,184 --> 00:09:06,004 past events, but really trying to be proactive 248 00:09:06,065 --> 00:09:07,445 and look at forward events. 249 00:09:08,065 --> 00:09:09,985 So an example would be there's been a 250 00:09:09,985 --> 00:09:12,245 lot of press lately, a lot of information 251 00:09:12,304 --> 00:09:14,644 in the news. Everybody's aware about 252 00:09:15,139 --> 00:09:17,240 tariffs coming into place and 253 00:09:17,700 --> 00:09:21,220 coupled with that are the increase in the 254 00:09:21,220 --> 00:09:22,360 build out of, 255 00:09:23,059 --> 00:09:23,879 data centers 256 00:09:24,259 --> 00:09:27,220 mostly for artificial intelligence, which is now creating 257 00:09:27,220 --> 00:09:27,879 a strain 258 00:09:28,705 --> 00:09:30,485 on the supply chain 259 00:09:30,865 --> 00:09:32,964 for those particular assets. So 260 00:09:33,345 --> 00:09:35,044 now we're starting to have conversations 261 00:09:35,745 --> 00:09:38,065 about what does the future look like, what 262 00:09:38,065 --> 00:09:40,164 are our anticipated needs, 263 00:09:41,029 --> 00:09:42,710 And do we need to be a little 264 00:09:42,710 --> 00:09:45,350 bit more proactive and forward looking about making 265 00:09:45,350 --> 00:09:47,450 those acquisitions now to support 266 00:09:48,149 --> 00:09:50,009 our technology needs, for example, 267 00:09:51,029 --> 00:09:53,670 in light of the expectation of tightening in 268 00:09:53,670 --> 00:09:54,970 the market both in 269 00:09:55,735 --> 00:09:58,534 availability and then increases in price just because 270 00:09:58,534 --> 00:10:01,115 of the normal supply and demand reaction. 271 00:10:01,654 --> 00:10:03,735 So I think that that's gonna be one 272 00:10:03,735 --> 00:10:05,434 of the bigger areas of focus. 273 00:10:06,134 --> 00:10:08,054 And then I think the other one and 274 00:10:08,054 --> 00:10:09,115 probably everybody 275 00:10:09,549 --> 00:10:12,049 looks at this is artificial intelligence. 276 00:10:12,670 --> 00:10:13,730 It's it's a buzzword. 277 00:10:14,269 --> 00:10:16,350 I think we have a lot of automation 278 00:10:16,350 --> 00:10:17,950 that we have deployed. I don't know if 279 00:10:17,950 --> 00:10:21,009 I would always categorize it as artificial intelligence. 280 00:10:21,070 --> 00:10:22,769 Sometimes it's just spot automation, 281 00:10:23,384 --> 00:10:26,045 But I think looking for how can artificial 282 00:10:26,345 --> 00:10:28,684 intelligence be applied meaningful 283 00:10:29,225 --> 00:10:31,705 or in a meaningful way for supply chain 284 00:10:31,705 --> 00:10:32,365 to drive 285 00:10:32,745 --> 00:10:35,144 efficiency and value for the organization. So I 286 00:10:35,144 --> 00:10:36,745 think those are some of the bigger things 287 00:10:36,745 --> 00:10:38,205 we'll focus on this year. 288 00:10:39,129 --> 00:10:40,570 Absolutely. I think that makes a lot of 289 00:10:40,570 --> 00:10:42,570 sense. I mean, you'll fascinating to hear about 290 00:10:42,570 --> 00:10:43,070 that, 291 00:10:43,529 --> 00:10:45,690 discussion around, you know, the supply chain on 292 00:10:45,690 --> 00:10:47,610 the technology side and how you're trying to 293 00:10:47,610 --> 00:10:48,110 grow, 294 00:10:48,570 --> 00:10:51,049 the technology business, but also seeing potentially some 295 00:10:51,049 --> 00:10:53,804 of those shortages come up, for the materials 296 00:10:53,804 --> 00:10:56,044 you need in in that space, for example, 297 00:10:56,044 --> 00:10:57,664 with the data centers or other, 298 00:10:58,044 --> 00:10:59,964 technologies. Can you just for a moment, 299 00:11:00,524 --> 00:11:02,764 talk a little bit more about that? What 300 00:11:02,764 --> 00:11:03,565 are some of the, 301 00:11:04,125 --> 00:11:06,629 materials or supplies that you're focused most on? 302 00:11:06,710 --> 00:11:08,470 You know, what are some of the the 303 00:11:08,470 --> 00:11:11,289 areas that you think you'll be, potentially purchasing 304 00:11:11,429 --> 00:11:13,129 more of this year as you're anticipating, 305 00:11:14,070 --> 00:11:16,629 you know, potential shortages or tariffs for the 306 00:11:16,629 --> 00:11:17,129 future? 307 00:11:17,990 --> 00:11:19,669 So I think some of it, is still 308 00:11:19,669 --> 00:11:20,410 an evolving 309 00:11:21,245 --> 00:11:23,644 agenda for us. We did make some commitments 310 00:11:23,644 --> 00:11:24,945 in the imaging space, 311 00:11:25,725 --> 00:11:27,584 in order to head off and 312 00:11:28,044 --> 00:11:31,184 forego future price increases with our imaging partner. 313 00:11:31,725 --> 00:11:33,725 We're looking to expand that with a second 314 00:11:33,725 --> 00:11:36,139 imaging partner in a different space where we 315 00:11:36,139 --> 00:11:38,000 can make some longer term commitments 316 00:11:39,019 --> 00:11:40,960 with a little bit more specificity 317 00:11:42,059 --> 00:11:45,180 and a little bit more of upfront commitment 318 00:11:45,180 --> 00:11:46,879 that may span several years 319 00:11:47,180 --> 00:11:48,240 in order to 320 00:11:48,894 --> 00:11:51,154 negotiate more favorable terms and pricing. 321 00:11:52,335 --> 00:11:54,495 A lot of this is I think generated 322 00:11:54,495 --> 00:11:57,075 by looking at just what's in the news 323 00:11:57,695 --> 00:12:00,575 and taking advantage of whether it's Wall Street 324 00:12:00,575 --> 00:12:02,579 Journal or some of the some of the 325 00:12:02,579 --> 00:12:05,799 other publications that are out there that provide 326 00:12:05,860 --> 00:12:06,839 insight that 327 00:12:07,220 --> 00:12:09,639 can now be gleaned in order to 328 00:12:10,339 --> 00:12:12,579 determine how that's gonna impact us so that 329 00:12:12,579 --> 00:12:14,100 we can be in front of it rather 330 00:12:14,100 --> 00:12:16,279 than reacting to it as an organization. 331 00:12:17,825 --> 00:12:19,745 So I think those are some some of 332 00:12:19,745 --> 00:12:21,585 the the best things we can be doing 333 00:12:21,585 --> 00:12:22,404 looking forward. 334 00:12:23,504 --> 00:12:25,904 Got it. That's helpful to understand. Thank you 335 00:12:25,904 --> 00:12:28,144 so much for explaining a little bit deeper 336 00:12:28,144 --> 00:12:30,144 there. Now what do you think the hardest 337 00:12:30,144 --> 00:12:31,504 thing you'll have to do in the coming 338 00:12:31,504 --> 00:12:32,325 year will be? 339 00:12:33,080 --> 00:12:35,340 So I think health care is interesting because, 340 00:12:35,800 --> 00:12:37,980 health care is never an easy year 341 00:12:38,440 --> 00:12:40,600 and the agendas may change a little bit 342 00:12:40,600 --> 00:12:42,519 from year to year, but I think we 343 00:12:42,519 --> 00:12:44,920 continue as the supply chain to look for 344 00:12:44,920 --> 00:12:46,700 ways to drive value for the organization. 345 00:12:47,615 --> 00:12:49,214 And I do use the word value as 346 00:12:49,214 --> 00:12:51,235 opposed to savings because savings 347 00:12:52,815 --> 00:12:55,774 is a a very thin arc. It's important, 348 00:12:55,774 --> 00:12:57,534 but it's not the totality of what we 349 00:12:57,534 --> 00:13:00,495 do. So the partnership with the clinicians in 350 00:13:00,495 --> 00:13:01,394 order to 351 00:13:01,779 --> 00:13:02,839 make better choices 352 00:13:03,299 --> 00:13:05,220 as in the aggregate for the care of 353 00:13:05,220 --> 00:13:07,860 the patients, partner with the business owners, and 354 00:13:07,860 --> 00:13:09,559 I think the the continuation 355 00:13:09,940 --> 00:13:12,419 of needing to drive that value for the 356 00:13:12,419 --> 00:13:12,919 organization 357 00:13:14,115 --> 00:13:16,054 while we have some of the other, 358 00:13:17,235 --> 00:13:19,575 activities that take place such as the acquisition 359 00:13:19,794 --> 00:13:21,975 and the m and a activity that's pending 360 00:13:22,195 --> 00:13:23,794 is gonna be some of the harder things 361 00:13:23,794 --> 00:13:25,889 that we have to do this year. It 362 00:13:25,970 --> 00:13:28,070 it does not get easier in this industry. 363 00:13:28,370 --> 00:13:29,889 Every year, it tends to get a little 364 00:13:29,889 --> 00:13:31,429 bit more challenging and the 365 00:13:31,809 --> 00:13:34,610 headwinds and the economic headwinds that we talk 366 00:13:34,610 --> 00:13:35,110 about 367 00:13:35,490 --> 00:13:37,509 for health care are also experienced 368 00:13:38,450 --> 00:13:39,990 by our key providers. 369 00:13:40,634 --> 00:13:43,115 So we have a lot of our external 370 00:13:43,115 --> 00:13:44,095 business partners 371 00:13:44,795 --> 00:13:46,014 have similar headwinds, 372 00:13:46,875 --> 00:13:49,535 and trying to find ways to create value 373 00:13:49,754 --> 00:13:50,254 collectively 374 00:13:51,355 --> 00:13:54,235 leads towards, a more strategic approach in those 375 00:13:54,235 --> 00:13:54,735 relationships. 376 00:13:56,009 --> 00:13:57,449 That makes a lot of sense, and I 377 00:13:57,449 --> 00:14:00,169 I think it's so helpful to have those 378 00:14:00,169 --> 00:14:02,669 strong relationships and be able to withstand, 379 00:14:03,209 --> 00:14:05,230 any kind of changes or, 380 00:14:06,169 --> 00:14:08,329 policy shifts that come our way. And I 381 00:14:08,329 --> 00:14:09,149 think especially, 382 00:14:09,975 --> 00:14:11,575 for a team like yours on the supply 383 00:14:11,575 --> 00:14:13,575 chain side, you know, I can imagine over 384 00:14:13,575 --> 00:14:15,735 the last several years, they've really grown to 385 00:14:15,735 --> 00:14:17,995 learn that nimbleness, flexibility, and resilience. 386 00:14:19,495 --> 00:14:21,014 How do you see those coming through in 387 00:14:21,014 --> 00:14:22,774 your leadership style? Is there anything that you're 388 00:14:22,774 --> 00:14:24,934 planning to do differently as you're heading into 389 00:14:24,934 --> 00:14:25,470 this next 390 00:14:26,029 --> 00:14:28,669 year? The supply chain here has grown pretty 391 00:14:28,669 --> 00:14:30,509 substantially over the past ten years. So I 392 00:14:30,509 --> 00:14:32,110 think we would look to figure out how 393 00:14:32,110 --> 00:14:34,209 can we continue to grow the team and 394 00:14:35,309 --> 00:14:37,870 drive value. Those two things come together because 395 00:14:37,870 --> 00:14:39,389 in order for us to grow the team, 396 00:14:39,389 --> 00:14:40,370 we have to have 397 00:14:41,235 --> 00:14:43,955 a return to the organization for that financial 398 00:14:43,955 --> 00:14:44,455 commitment. 399 00:14:45,634 --> 00:14:46,914 So I think those would be some of 400 00:14:46,914 --> 00:14:48,434 the things that we look for over the 401 00:14:48,434 --> 00:14:49,955 course of the year. I think we're always 402 00:14:49,955 --> 00:14:51,975 looking for ways how we can better partner 403 00:14:52,355 --> 00:14:54,774 with the business owners across the organization. 404 00:14:56,230 --> 00:14:58,790 Like many organizations as well, we focus on 405 00:14:58,790 --> 00:15:01,769 patient satisfaction. We look at employee satisfaction 406 00:15:02,549 --> 00:15:04,009 because those are key indicators 407 00:15:04,790 --> 00:15:07,290 for us and for what's going to drive 408 00:15:07,830 --> 00:15:10,009 improved quality, improved outcomes, 409 00:15:10,764 --> 00:15:12,684 and retention of our staff. So I think 410 00:15:12,684 --> 00:15:13,584 this is a 411 00:15:13,964 --> 00:15:16,924 pretty broad balance and a balanced scorecard type 412 00:15:16,924 --> 00:15:17,745 of an approach 413 00:15:18,605 --> 00:15:20,684 of where we need to focus all of 414 00:15:20,684 --> 00:15:22,845 our leadership activity. It's not just in a 415 00:15:22,845 --> 00:15:23,824 single area. 416 00:15:25,000 --> 00:15:27,320 Got it. And that is helpful and definitely 417 00:15:27,320 --> 00:15:29,320 makes a lot of sense. Now before we 418 00:15:29,320 --> 00:15:30,839 wrap up here, I wanted to talk about 419 00:15:30,839 --> 00:15:32,440 growth. Where do you see some of the 420 00:15:32,440 --> 00:15:33,259 best opportunities 421 00:15:33,639 --> 00:15:35,559 for growth within the supply chain? I know 422 00:15:35,559 --> 00:15:37,179 you've mentioned continuing to 423 00:15:37,485 --> 00:15:40,125 grow, in terms of your teams and how 424 00:15:40,125 --> 00:15:41,024 you add value. 425 00:15:41,485 --> 00:15:42,845 What does that look like for you in 426 00:15:42,845 --> 00:15:44,065 the next couple of years? 427 00:15:45,004 --> 00:15:47,164 I think growth in the supply chain, in 428 00:15:47,164 --> 00:15:50,625 many cases, predicated on, growth across the organization. 429 00:15:50,764 --> 00:15:52,945 So I think we continue to look for 430 00:15:53,370 --> 00:15:55,230 how we can leverage and aggregate 431 00:15:55,850 --> 00:15:57,850 all of the volume across the health system, 432 00:15:57,850 --> 00:16:00,649 the vendor relationships along with the internal business 433 00:16:00,649 --> 00:16:01,149 relationships 434 00:16:02,009 --> 00:16:04,490 and look for those ways where value is 435 00:16:04,490 --> 00:16:04,990 created 436 00:16:05,644 --> 00:16:07,565 And it's not just gonna be created through 437 00:16:07,565 --> 00:16:10,125 approved pricing. That's obviously one of the most 438 00:16:10,125 --> 00:16:11,825 tangible things that we look at, 439 00:16:12,365 --> 00:16:16,304 but it's also improving business processes, clinical care, 440 00:16:16,924 --> 00:16:19,580 and in some cases that may mean deeper 441 00:16:19,580 --> 00:16:22,940 partnerships with existing suppliers and in some cases 442 00:16:22,940 --> 00:16:24,559 that may mean new relationships 443 00:16:24,860 --> 00:16:25,759 with new suppliers. 444 00:16:26,540 --> 00:16:28,540 And I think that's what we'll work through 445 00:16:28,540 --> 00:16:31,279 over probably a never ending basis 446 00:16:31,914 --> 00:16:34,794 to try to advance the supply chain specifically 447 00:16:34,794 --> 00:16:35,695 here at RWJBarnabas. 448 00:16:37,434 --> 00:16:39,434 Fantastic. Bam, thank you so much for joining 449 00:16:39,434 --> 00:16:41,455 us on the podcast today. This has been 450 00:16:41,514 --> 00:16:43,914 a really fascinating conversation, and I look forward 451 00:16:43,914 --> 00:16:45,950 to connecting with you again soon. And I 452 00:16:45,950 --> 00:16:47,789 know that you'll be speaking at our annual 453 00:16:47,789 --> 00:16:50,830 meeting in April, and I'm excited to see 454 00:16:50,830 --> 00:16:52,429 you in person there. I think there'll be 455 00:16:52,429 --> 00:16:53,870 just so much to talk about it and 456 00:16:53,870 --> 00:16:55,950 many teams to continue to dig deeper into 457 00:16:55,950 --> 00:16:58,590 and, talk through. So I'm looking forward to 458 00:16:58,590 --> 00:17:01,004 that and, really just being able to to 459 00:17:01,004 --> 00:17:02,764 learn more from what you're doing at RWJ 460 00:17:02,764 --> 00:17:03,745 Bar Mitz Health. 461 00:17:04,285 --> 00:17:05,964 Very good. And I very much appreciate the 462 00:17:05,964 --> 00:17:07,565 opportunity to talk to you and share a 463 00:17:07,565 --> 00:17:09,105 little bit about what we're doing.