Innovatix Buying Group Review
Buying Group Name: Innovatix
Industry/Specialty (if applicable): Medicine, Education, Business
Number of members: 23,000+
Innovatix is a purchasing group for healthcare service providers, K-12 schools, and businesses. It was founded in 1993 as a purchasing group for the Greater New York Hospital Association and changed its name to Innovatix in 1998. This introduction video from the group explains further:
The group partnered with Premier, one of the largest medical group purchasing organizations in the industry, in 2002. In 2015, Innovatix launched its procurement services for businesses.
How does this group work?
By joining Innovatix, you can access the group’s purchasing power (it boasts over 900 suppliers and over 2,000 contracts). Innovatix also offers regional field managers and a customer service team that helps you find better deals as well as auditing teams to ensure you’re getting the deals you’ve signed up for. Certain vendors offer members rebates, which Innovatix pays out.
Additionally, Innovatix offers an accreditation advisory service that helps pharmacies with the accreditation process.
What is its focus?
Innovatix’s focus is saving money for its customers, although there’s also a government affairs program so the group can advocate on behalf of its members in Washington. Originally, Innovatix worked with healthcare providers and pharmacies, though over the years the group has broadened its reach to the business world and K-12 schools.
How does it work in terms of the purchasing process?
When you join Innovatix, you browse products or services through the group’s online portal. You place the order with Innovatix, and the vendors fill it. The vendors then distribute the product or services.
How does the buying group choose vendors?
To become a supplier for Innovatix, vendors must apply. The website emphasizes that all vendors can submit requests. The only stipulation is that the vendor has to be “duly formed and in good standing under the laws of the relevant jurisdiction.” Moreover, if the vendor requires a license to sell its products or services, it must have that license to be considered by Innovatix.
There are two categories of vendors: pharmacy and business. Vendors can submit a proposal to join the pharmacy portfolio at any time. Once every 3 years, Innovatix invites pharmacy vendors to take part in a bidding process for specific items. As one of Premier’s affiliates, Innovatix offers the purchasing group giant’s medical and food directories. To become a supplier in one of these categories, vendors must follow Premier’s contracting guidelines. When Innovatix signs contracts with such suppliers, it posts that information on its “Current Request for Proposals” webpage.
How much does it cost to join?
It doesn’t cost anything for you to join Innovatix, nor is there a minimum buying requirement.
On Innovatix’s website, there are a few testimonials from current members. The reviews say that the group has increased the member’s purchasing power, lowered costs, and built relationships. There is a profile on the Better Business Bureau’s website, although there has never been a complaint against Innovatix.
Are you a member? Let us know what you think in the comments!