Fastrack debuts buying group
PLAINVIEW, N.Y. - Fastrack Healthcare Systems has roughly 1,000 provider customers (85% HMEs) with $4 billion in annual purchasing power. That seems like a pretty good reason to start up a buying group/member service organization, which the software vendor did in January, said President Spencer Kay.
"That is huge," said Kay. "That is just with our customers. We're making it available to everyone and we are making it free."
Free to providers. Vendors will pay an administrative fee.
Fastrack hopes to sign up about 12 vendor partners by the end of February--"a lot of them recognizable names," Kay said. Ultimately, the company wants to partner with 20 to 25 vendors, offering a full suite of products for HMEs, home infusion, specialty pharmacy and home health care.
In addition to supplying providers with improved pricing, Kay said, Fastrack's online ordering feature has excited potential vendor partners. By conducting business online, vendors are able to streamline the process, decrease mistakes, and lower their overall cost of doing business.
"I've been thinking about this for a while," Kay said. "We have the purchasing power and the technology. It seemed like a natural because we were already hooking up clients to manufacturers electronically. So why not get them involved and negotiate better prices for everyone?"
An Internet portal gives non-Fastrack providers access to the buying group and related services: a member discussion forum; a buy-sell exchange for equipment; financial benchmarking, order tracking; and problem solving between vendors and providers, to name a few. Additionally, Kay said, the group will look to roll in discounts for office supplies, computer equipment and other business essentials.
For non-Fastrack customers, there "will be no pressure to buy our software," Kay said. "But we hope people see the benefits of Fastrack."