STRATFORD, Conn., Jan. 28, 2019 /PRNewswire/ -- A leading national provider of inventory control and end-to-end supply chain cost management software and services, Management Health Solutions, today celebrates its 20-year anniversary with a new brand identity as Syft®. Founded in 1999, Syft serves more than 500 hospitals in the U.S. with its supply chain automation software, clinical point-of-use solutions, inventory valuation and reconciliation services, and master data management services. With more than 400 employees across five offices worldwide, Syft performs more than 800 inventory counts per year. The rebranding marks 20 years of growth for the company and a continued commitment to solving the issue of supply waste and managing inventory spend for its customers from dock-to-doc™.
Hospitals cumulatively spend $25.4 billion more than necessary each year on supply chain expenses, yet facilities could save almost 20%, or $11 million annually per hospital on supply chain processes, procedures, and products.
"With the move towards value-based care and capitated reimbursement, healthcare leaders are thinking about supply waste and spend more than ever before," said Todd Plesko, Syft's CEO. "But few are able to pay close attention to their massive amounts of inventory or aggregate meaningful and actionable data from it. We have renamed as Syft because our solutions help the end user sift through their extensive inventories and identify immediate areas of improvement."
What began as an inventory valuation services company evolved with the acquisition of two technology companies in 2010, AtPar and Hospital Inventories Specialists, Inc., that enabled Syft to add supply chain automation software and master data management services to its product line. More recently, Syft has developed clinically-focused applications to manage patient and clinician supply-related activities such as physician preference items. The Syft Synergy® platform gives supply chain and clinical staff visibility into products being used across the entire health system including those within perioperative and procedural areas and nursing floors. This enables healthcare leaders to better understand supply spend, consumption, waste, and variance, resulting in standardization opportunities and surgical cost savings.
"Almost every hospital has a problem with supply spend especially in the OR, and few departments know their actual case cost," said Plesko. "With the shift to value-based care, we are just starting to see the industry really shine a light on lowering spend through a focus on supply chain management. It has been exciting to see our business add and evolve new capabilities to solve this problem – from inventory services to automation to powerful data analytics, a potent combination of technology and services in a single platform. Our rebrand to Syft demonstrates our long-term commitment to continue developing solutions that meet current and future provider and patient needs. Today is a great day for Syft as we celebrate our past, present and future to serving hospitals nationwide."
About Syft® (Formerly Management Health Solutions)
Syft® enables enterprise-wide inventory management through a powerful combination of services, automation tools, and real-time data analytics. The comprehensive Syft Synergy® platform eliminates the need for multiple point solutions and facilitates immediate supply savings with a range of capabilities including master data management, inventory services, supply chain management software, analytics, and advanced reporting. Founded in 1999, Syft is used by more than 500 U.S. hospitals and health systems to control costs, processes, and productivity across the entire organization. For more information, visit Syft at www.syftco.com.
 Hospitals could save $25.4B annually in supply chain costs, study finds. Becker's Hospital Review. October 19, 2018.