PartsSource Expands their Executive Team
PartsSource recently expanded their executive team in an effort to meet the demands of the rapidly growing market.
Fri Apr 27 2018
In this edition of the MedWrench Blog, we spoke with Sarah Vura at PartsSource about their recent expansion of their executive team to support rapid growth. In March, PartsSource appointed Mike Maguire, Guy Mansueto, Mara Pare, & Mike Poling. Sarah explained the recent hires as well as what PartsSource expects to see in terms of growth over the next few years.
Q: What do you think has caused such a rapid growth in the last few years?
A: In 2018 alone, hospitals will experience an estimated $48B decline in Medicare fee-for-service revenue, growing to $143B by 2025. As a result, health systems have begun to investigate every aspect of their operations to eliminate non-value-added activities and maximize the availability of care.
The procurement of purchased services and clinical engineering are increasingly part of this cross-functional evaluation. PartsSource provides the hospital supply chain and clinical engineering teams with efficient ISO-certified solutions to medical replacement parts and services to support these initiatives.
Q: What is PartsSource doing to aid growth this besides new hires?
A: We have partnered with our customers to identify marketplace needs and have expanded our offerings to meet those needs. A few examples of these include expansion of our consulting services capability, a focus on supply chainstrategy to add valuable partners that our customers are looking for to drive clinical availability, and enhancements to our depot repair service offering.
Q: What are some key values you look for when hiring new members of the team?
A: Our executive leaders are at the forefront of PartsSource’s diversified business and professional development. Regardless of the role, we look for team members who have the ability and the mindset to provide excellent service to customers, and who can identify areas of innovation for growth.
Q: How do you think the company will continue to grow in the next few years? Will this expansion cause more hiring?
A: Today we have partnerships with 6000 OEMs and suppliers and do thousands of transactions every day.
This creates ongoing opportunity in our marketplace for new offerings and service expansions around our core capabilities.
Q: What should you be doing now to make sure you are qualified to work for a company like PartsSource which is growing and thriving?
A: The most common challenges we hear from our customers revolve around 3 main areas:
1) Cost
- Over-spending on clinical replacement parts
- Price variations for same products from different suppliers
- Inadequately defined cost-savings strategies
2) Quality
- Quality defects in parts ordering
- Higher parts return rate
- Lack of known ISO 9001 certification on suppliers
3) Productivity
- Wasted time on ordering replacement parts
- Inconsistent procurement workflow
- Varying procurement approaches
Our customers have asked us to partner with them to help solve these significant challenges in a way that can reliably and consistently provide cost and time savings, while providing the data and information they need to demonstrate value across their department. Candidates who understand these challenges, and have the skills to help solve them are strong candidates for our growing team.
Read PartsSource's original article here.
More on the new additions to the excutive team...
Mike Maguire:
The newest addition to PartsSource's Executive Leadership Team, Mike Maguire joined PartsSource in January 2018 as the SVP and Chief Supply Chain Officer. Mr. Maguire comes to PartsSource from Premier, Inc., where he most recently served as the Vice President of Strategic Sourcing for the Group Purchasing division. Mr. Maguire will work with the entire Supply Chain & Quality team to identify new product categories, develop rigorous supplier engagement methods, create operationally scalable on-boarding and management processes, build the team needed for multiple years of growth, and proactively share our compelling story with the Provider Supply Chain community. For over 20 years, Mr. Maguire has successfully advised multiple health care providers on key supply chain activities and helped them maximize profitability. Prior to joining Premier, Mike worked for MedStar Health in the Baltimore/Washington area as an internal operations consultant, focusing on service line profitability, supply chain and support services consolidation. A significant portion of his focus during his tenure was on optimizing purchased services agreements across the health system as they formed.
Guy Mansueto:
Guy Mansueto joined PartsSource in October 2017 as a Senior Vice President and Chief Marketing Officer where he is responsible for leading the development and implementation of go-to-market strategies and marketing. With 25 years in the healthcare industry, Mr. Mansueto brings expertise in developing, marketing and delivering emerging technology solutions for provider, payer and government markets. In this capacity, he leads efforts to accelerate new growth and facilitates development of new and existing businesses, markets and service models; drives brand value and partners to enhance innovation. Throughout his career, Mr. Mansueto has been associated with entrepreneurial companies seeking aggressive growth strategies.
Mara Pare':
Mike Poling:
Mike Poling, Vice President, GPO & Affiliate Networks, joined PartsSource from Premier, Inc., where he served as a Regional Vice President focused on total cost management and quality. With more than 20 years of experience in software-led supply chain transformation, Poling will work with existing and new GPO partners to deliver member benefits of supply cost reduction, organizational efficiency and evidence-based best outcomes.
You can learn more about PartsSource by checking them out here!
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