Healthcare

Source supplies, equipment, and services while maintaining strict compliance standards

Lasso procurement software tailored for the healthcare industry addresses the critical needs of sourcing medical supplies, equipment, and services while ensuring compliance, patient safety, and operational efficiency.

Regulatory Compliance:
Embed strict standards (e.g., HIPAA, FDA, Joint Commission) into procurement workflows, ensuring medical supplies, pharmaceuticals, and equipment meet safety and legal requirements. Digital records simplify audits.

Timely Availability of Supplies:
Coordinate procurement of critical items—like PPE, medications, or surgical tools—with patient care schedules, ensuring no shortages disrupt treatments or procedures.

Cost Control:
Monitor spending on high-cost items—like imaging machines, implants, or drugs—against budgets. Analytics identify savings opportunities, such as bulk discounts or generic alternatives, without compromising quality.

Supplier Reliability:
Track vendors for delivery reliability, product quality, and compliance (e.g., sterile goods certification), ensuring a steady supply chain for essential healthcare needs.

Enhanced Traceability:
Maintain detailed records of sourced items—lot numbers, expiration dates, and supplier origins—for rapid recalls or quality assurance, critical for patient safety and regulatory adherence.

Quality Assurance:
Integrate specifications for medical-grade products into orders (e.g., sterilization standards, dosage accuracy), ensuring procured items meet clinical requirements.

Support for Patient Care:
Streamline procurement of specialized items—like prosthetics or diagnostic kits—freeing up healthcare staff to focus on patients rather than administrative delays.

Data Security:
Protect sensitive procurement data—like patient-related purchases or supplier contracts—with robust permissions and encryption, critical in a privacy-focused industry.

Get started with lasso!

Edit Template

Healthcare

Source supplies, equipment, and services while maintaining strict compliance standards

Lasso procurement software tailored for the healthcare industry addresses the critical needs of sourcing medical supplies, equipment, and services while ensuring compliance, patient safety, and operational efficiency.

Regulatory Compliance:
Embed strict standards (e.g., HIPAA, FDA, Joint Commission) into procurement workflows, ensuring medical supplies, pharmaceuticals, and equipment meet safety and legal requirements. Digital records simplify audits.

Timely Availability of Supplies:
Coordinate procurement of critical items—like PPE, medications, or surgical tools—with patient care schedules, ensuring no shortages disrupt treatments or procedures.

Cost Control:
Monitor spending on high-cost items—like imaging machines, implants, or drugs—against budgets. Analytics identify savings opportunities, such as bulk discounts or generic alternatives, without compromising quality.

Supplier Reliability:
Track vendors for delivery reliability, product quality, and compliance (e.g., sterile goods certification), ensuring a steady supply chain for essential healthcare needs.

Enhanced Traceability:
Maintain detailed records of sourced items—lot numbers, expiration dates, and supplier origins—for rapid recalls or quality assurance, critical for patient safety and regulatory adherence.

Quality Assurance:
Integrate specifications for medical-grade products into orders (e.g., sterilization standards, dosage accuracy), ensuring procured items meet clinical requirements.

Support for Patient Care:
Streamline procurement of specialized items—like prosthetics or diagnostic kits—freeing up healthcare staff to focus on patients rather than administrative delays.

Data Security:
Protect sensitive procurement data—like patient-related purchases or supplier contracts—with robust permissions and encryption, critical in a privacy-focused industry.

Get started with lasso!

Edit Template

Buying Card (P-Card)

What Are P-Cards in Procurement?

A Purchasing Card, also known as a buying card or P-Card, is a type of corporate credit card issued to employees to make low-value, business-related purchases on behalf of their organization. Unlike traditional procurement methods that involve purchase orders, requisitions, and lengthy approval processes, P-Cards enable authorized employees to buy goods or services directly from suppliers, simplifying small transactions.

P-Cards are typically used for purchases like office supplies, travel expenses, maintenance materials, or other low-cost items that don’t require complex sourcing. They are issued by financial institutions (e.g., Visa, Mastercard) and linked to the organization’s accounts, with predefined spending limits and controls to ensure compliance with procurement policies.

How Do P-Cards Work?

The P-Card process is straightforward:

  1. Issuance: The organization issues P-Cards to designated employees, setting spending limits, transaction types, and approved merchant categories (e.g., office supplies, travel).

  2. Purchasing: Employees use the P-Card to make authorized purchases directly from suppliers, either in-person, online, or over the phone.

  3. Transaction Tracking: Each transaction is recorded, and details (e.g., vendor, amount, date) are captured in the organization’s financial or procurement system.

  4. Reconciliation: Employees submit receipts or expense reports, which are matched against P-Card transactions. Managers review and approve the expenses.

  5. Payment: The organization settles the P-Card balance with the card issuer, typically monthly, consolidating payments into a single transaction.

P-Cards are integrated with procurement software or Enterprise Resource Planning (ERP) systems to automate tracking, reporting, and compliance checks.

Benefits of P-Cards in Procurement

1. Streamlined Purchasing Process

P-Cards eliminate the need for time-consuming purchase orders and approvals for small transactions. Employees can make purchases quickly, reducing administrative overhead and freeing up procurement teams for strategic tasks.

2. Cost Savings

By reducing paperwork, manual approvals, and invoice processing, P-Cards lower transaction costs. For example, studies show that processing a traditional purchase order can cost $50-$100, while a P-Card transaction may cost less than $10.

3. Enhanced Employee Productivity

P-Cards empower employees to make necessary purchases without delays, enabling them to focus on their core responsibilities rather than navigating bureaucratic procurement processes.

4. Improved Spend Visibility

P-Card transactions are automatically recorded, providing real-time data on spending patterns. Procurement teams can use this data to monitor compliance, identify maverick spending (purchases outside approved channels), and negotiate better supplier terms.

5. Cash Flow and Rebate Benefits

P-Cards often come with favorable payment terms, allowing organizations to defer payments and improve cash flow. Additionally, many P-Card programs offer rebates or rewards based on spending volume, providing financial incentives.

Challenges of Using P-Cards

While P-Cards offer significant advantages, they also present challenges that organizations must address:

1. Risk of Misuse

Without proper controls, employees may use P-Cards for unauthorized or personal purchases. Organizations must implement strict policies, spending limits, and regular audits to prevent misuse.

2. Compliance and Oversight

Ensuring adherence to procurement policies and regulatory requirements can be challenging, especially in large organizations with many cardholders. Robust monitoring and reconciliation processes are essential.

3. Supplier Acceptance

Not all suppliers accept credit card payments, particularly for high-value transactions or in certain industries. This can limit the use of P-Cards in some procurement scenarios.

4. Reconciliation Complexity

Matching receipts to transactions and verifying expenses can be time-consuming, especially if employees fail to submit documentation promptly. Automated reconciliation tools can help mitigate this issue.

5. Fraud Risk

P-Cards are susceptible to fraud, such as unauthorized transactions or card skimming. Organizations must use secure card systems and train employees on safe usage practices.

Best Practices for Implementing P-Cards in Procurement

To maximize the benefits of P-Cards and mitigate risks, organizations should follow these best practices:

  1. Set Clear Policies: Establish detailed guidelines on P-Card usage, including spending limits, approved vendors, and prohibited purchases (e.g., personal expenses).

  2. Implement Controls: Use card issuer features like transaction limits, merchant category restrictions, and real-time alerts to prevent misuse.

  3. Leverage Technology: Integrate P-Cards with procurement software or ERP systems to automate transaction tracking, reconciliation, and reporting.

  4. Train Employees: Provide regular training to cardholders on P-Card policies, proper usage, and the importance of timely receipt submission.

  5. Conduct Regular Audits: Perform periodic reviews of P-Card transactions to ensure compliance and identify potential issues.

  6. Monitor Supplier Relationships: Work with suppliers to ensure they accept P-Card payments and offer competitive pricing or discounts.

Real-World Examples of P-Card Usage

  • Corporate Offices: A multinational company uses P-Cards to purchase office supplies, catering services, and travel bookings, reducing the need for petty cash and manual reimbursements.

  • Government Agencies: Many government organizations use P-Cards for low-value purchases like maintenance supplies or training materials, improving efficiency while maintaining strict oversight.

  • Universities: Educational institutions issue P-Cards to faculty and staff for departmental purchases, such as lab equipment or event supplies, streamlining procurement for small transactions.

The Role of P-Cards in Modern Procurement

P-Cards are a cornerstone of modern procurement, aligning with the shift toward digital, automated, and employee-empowered purchasing. They complement other procurement strategies, such as strategic sourcing for high-value purchases, by addressing the unique needs of low-value, high-frequency transactions. As procurement evolves, P-Cards are increasingly integrated with advanced technologies like:

  • Artificial Intelligence (AI): AI-powered tools analyze P-Card data to detect anomalies, predict spending trends, and recommend cost-saving opportunities.

  • Mobile Apps: Cardholders can use mobile apps to submit receipts, track transactions, and receive real-time spending alerts.

Get started with lasso!

Modern Procurement Software for SMB Manufacturers

Address

(334) 469-5555 6222 Grange Forge Rd Red Level, Alabama(AL), 36474

Quick Links

Success Stories

Book a Session

Payment Options

Terms & Conditions

Testimonials

E-books Download

© 2025 Lasso Supply Chain Software LLC

Get the 2025 Procurement Trends Report

Get instant access to our report on the Top Procurement Trends of 2025.