{"id":19371,"date":"2016-11-18T16:41:04","date_gmt":"2016-11-18T21:41:04","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-rctom\/submission\/every-drop-counts\/"},"modified":"2016-11-18T18:03:56","modified_gmt":"2016-11-18T23:03:56","slug":"every-drop-counts","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/every-drop-counts\/","title":{"rendered":"Every drop counts"},"content":{"rendered":"

\u201cIt\u2019s not like if you run out of milk you\u2019re fine, we\u2019ll go without milk. If you run out of blood, there are lives at risk, so the stakes are very high.\u201d \u2013 Christopher Godfrey, Founder\/CEO of Bloodbuy [2]<\/em><\/strong><\/p>\n

 <\/p>\n

In early 2013, Chris Godfrey, graduate from Brown University with a Master\u2019s in Health Leadership, founded Bloodbuy-\u00a0 a cloud-based healthcare technology company whose platform brings hospitals and blood centers together to improve the distribution and access of blood products to patients in need [1].<\/p>\n

The platform often considered the \u201cPriceline for blood products\u201d, reduces hospitals overpaying and experiencing supply shortages. Additionally, the platform connects facilities across the country to improve inventory management, lower wastage, and generate growth [2].<\/p>\n

 <\/p>\n

What\u2019s blood got to do with it?<\/strong><\/p>\n

Blood is a commodity at the\"text\" core of healthcare. It is critical to carry out many life-saving operations and procedures yet is often subject to disruptions in its distribution and overall supply-chain. Although the FDA has clear standards in the composition of blood products, which in theory should limit price differentiation, hospitals often pay inflated pricing for blood due to the mismatch in supply and demand [3].<\/p>\n

Blood products, transfusion consumables and inventory account for 3-7% of non-labor expenses in acute care facilities [4]. In the Affordable Care Act (A
\nCA) world, hospitals are incentivized to find cost savings while maintaining a high level of care for their patients [4].<\/p>\n

Blood supply is also tricky to manage. First, blood products have a short shelf life and expire quickly . Second, supply varies by region. There may be a greater donation volume in Chicago, IL and smaller donations in San Diego, CA.<\/p>\n

\u00a0<\/strong><\/p>\n

A marketplace for blood<\/strong><\/p>\n

To remedy this, Godfrey created Bloodbuy with a clear goal –\u00a0 leverage technology to help hospitals overcome a disparate supply chain and gain transparency in pricing by opening their needs to a larger audience. According to Godfrey, \u201cwe act as a technology backbone that sits in between them and connects everybody.\u201d [2]<\/p>\n

The model is simple. Blood banks pay a nominal fee to list their inventory on the platform. Blood bank data is aggregated and displayed to hospitals and acute-care facilities. Details include the amount of inventory available, expiration dates and pricing [5]. When buyers enter the platform, Bloodbuy deploys a set of algorithms to find the best-priced deal for user\u2019s needs based on available inventory. Upon selection, the buyer can place an order directly with the blood bank thereby reducing their dependence on local outlets.<\/p>\n

Hospitals typically pay $170-$300 for a pint of blood [5]. initial pilots, Bloodbuy has saved hospitals approximately 22% in spending [6]. Added benefits to hospitals include: expanded supply chain channels with less dependence on local markets, lowered re-stocking and outdating expenses, and analytics to compare operating metrics to their peers [4].<\/p>\n

The platform also offers significant benefits to the suppliers. With the ACA, demand for acute care facilities is likely to \u00a0decrease, consequently lowering demand of blood products. With Bloodbuy, blood centers can diversify their risk, penetrate new markets, and find new buyers while offsetting potential of reduced local demand and minimizing inventory waste [3].<\/p>\n

\u00a0<\/strong><\/p>\n

Where the future leads<\/strong><\/p>\n

Bloodbuy has received a myriad of awards and recognition for its innovations in the healthcare sector. In 2016, it won the first 性视界 Acceleration Challenge at the 性视界 Forum on Healthcare Innovation. It was recognized by Becker\u2019s Hospital review as one of the 4 companies that have the potential to change healthcare delivery. Most recently, it was featured at Premier Inc.\u2019s Annual Innovation conference [7].<\/p>\n

With enough data, Godfrey hopes Bloodbuy can generate forecast models to \u201cpredict shortages and prevent states of emergency\u201d in blood supply [5]. To do so, the company will need to increase brand awareness and on-board new hospitals, acute care facilities, and blood centers. One strategy the can consider implementing is partnering with large organizations like the AMA or medical centers like 性视界 Medical School to promote their platform. Furthermore, Bloodbuy may want to consider expanding their platform to other types of healthcare commodities or use this as an avenue for vaccine management.<\/p>\n

 <\/p>\n

Word count: 671 (without citations)<\/strong><\/p>\n

 <\/p>\n

Endnotes:<\/strong><\/p>\n

[1] \u201cTeam.\u201d 2016 BloodSolutions, LLC. https:\/\/www.bloodbuy.com\/about\/<\/a>, accessed November 2016<\/p>\n

[2] Lauren Silverman, \u201cBidding for blood, the Priceline way,\u201d January 13, 2015, http:\/\/www.marketplace.org\/2015\/01\/13\/business\/bidding-blood-priceline-way<\/a>, accessed November 2016.<\/p>\n

[3] William Looney, \u201cBrown University’s Masters in Healthcare Leadership: A Mission to Transform,\u201d August 1, 2014, \u00a0http:\/\/www.pharmexec.com\/brown-universitys-masters-healthcare-leadership-mission-transform?id=&sk=&date=&pageID=2<\/a>, accessed November 2016<\/p>\n

[4] \u201cFor hospitals.\u201d 2016 BloodSolutions, LLC \u00a0https:\/\/www.bloodbuy.com\/for-hospitals\/<\/a>, accessed November 2016<\/p>\n

[5] Jodi Helmer, \u201cThis Startup is Pretty Much a Priceline for Buying Blood,\u201d October 21, 2016, \u00a0https:\/\/www.wired.com\/2016\/10\/vant-ship-blood\/<\/a>, accessed November 2016<\/p>\n

[6] Richard G. Hamermesh et. Al, \u201c The 性视界 Contest That\u2019s Trying to Improve Health Care Delivery,\u201d October 2, 2015, https:\/\/hbr.org\/2015\/10\/the-harvard-contest-thats-trying-to-improve-health-care-delivery<\/a>, accessed November 2016<\/p>\n

[7] \u201cIn the news.\u201d 2016 BloodSolutions, LLC, https:\/\/www.bloodbuy.com\/news\/<\/a> , accessed November 2016<\/p>\n","protected":false},"excerpt":{"rendered":"

Dallas start-up offers a platform to unite hospital and blood centers to deliver blood to patients in need.<\/p>\n","protected":false},"author":2180,"featured_media":20739,"comment_status":"open","ping_status":"closed","template":"","categories":[2718,2062,41,1289,55],"class_list":["post-19371","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry","category-blood","category-digital-health","category-healthcare","category-hospitals","category-technology"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-rctom\/assignment\/digitization-challenge-2016\/","yoast_head":"\nEvery drop counts - Technology and Operations Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/every-drop-counts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Every drop counts - 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