OneOncology Announces Rapid Adoption of its Electronic Negotiating Network Among Community Oncologists.More than 75 Practices, Representing Over 400 Oncologists Have Registered To Simplify Oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors.on·col·o·gy n. Drug Purchasing Through Impartial Favoring neither; disinterested; treating all alike; unbiased; equitable, fair, and just. Reverse Auction Platform ORLANDO, Fla. -- OneOncology Inc., an oncology drug procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. solutions provider, today announced the rapid adoption of its impartial electronic negotiating network for the oncology community. More than 75 oncology practices, representing over 400 doctors have registered in the first three weeks of the registration process with OneOncology's reverse auction platform to simplify drug purchasing. "Drug procurement is a core component of managing a successful practice, and oncologists are now looking beyond standard purchasing vehicles and embracing Internet-driven purchasing solutions that combine domain expertise, proven technology and best practices," said Steven Kirchof, chief executive officer of OneOncology. "The OneOncology platform delivers savings and efficiencies that translate into sustainable and measurable results for both oncology practices and drug distributors." OneOncology is an electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. hub that brings together oncology practices and pharmaceutical drug distributors in an efficient and impartial electronic marketplace. The trading hub uses real time reverse auction technology specifically designed for community oncology. The platform enables oncologists to build healthier practices and reduce administrative burdens through improved drug procurement and sourcing. "Even a quarter-point difference can influence the buying decision of a community oncology practice because of the leverage drugs have on their bottom line," added Kirchof. "A savings of just one percent in total drug spending, while it sounds small, improves profitability (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) by 15 percent." Benefits that OneOncology brings to community oncology practices include: * Lowering costs by letting the open market set drug prices through a completely transparent negotiation that ensures the lowest possible price on a product line item basis * Freeing up staff time spent on drug shopping, drug ordering and administrative tasks * Eliminating market basket market basket n. 1. A grocery cart. 2. A group of products or services in a specific market, especially when considered in terms of its fluctuating cost in determining a consumer price index: and bundled contracts to give physicians greater freedom of choice in making treatment decisions and optimizing therapies * Improving decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from and efficiency with an easy-to-use online order management process and an intuitive dashboard (1) See Mac Dashboard. (2) A software-based control panel for one or more applications, network devices or industrial machines. Dashboards display simulated gauges and dials that look somewhat like an automobile dashboard. that provides benchmarks for individual practices to better manage their business OneOncology's electronic negotiation technology combines individual orders from community oncology practices to allow drug distributors to bid on larger, guaranteed blocks of drug purchases on a line item basis. The combined orders achieve pricing power Pricing Power An economic term referring to the effect that a change in a firm's product price has on the quantity demanded of that product. Pricing power ties in with the "Price Elasticity of Demand. and purchasing volume, and allow oncology practices to observe how distributors are pricing drug transactions. Similar electronic trading networks in industries such as chemicals and fuels have seen average price decreases between 3 and 35 percent. Registration for community oncologists and distributors began in mid-June. There are no fees for oncology practices to join OneOncology.com. Additional information can be found at www.OneOncology.com. About OneOncology OneOncology Inc. is a provider of drug procurement solutions to the oncology community. The company simplifies the oncology drug supply chain through its electronic negotiating technology platform that promotes impartial, transparent procurement. OneOncology, based in Orlando, Fla., is a privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation led by an experienced and skilled management team. For more information, visit www.OneOncology.com. |
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