Hartford Business Journal

8 HARTFORDBUSINESS.COM | SEPTEMBER 6, 2021 (From left) Drew M. Angelo of Onyx Elite LLC, Hartford HealthCare's Senior Vice President of Supply Chain Milrose Mercado, and Alisa Bowens-Mercado, CEO of New Haven-based Rhythm Brewing and Roasting Co., at Hartford HealthCare's first Supplier Diversity Summit held on July 29. PHOTO | MICHELLE FRANCE By Michelle France I n late July, Hartford HealthCare hosted its first supplier diversity summit, which drew 75 minority- owned businesses to the Capital City interested in contracting with the hospital system. As a result of the event, four companies landed new contracts and several others are under review with the healthcare provider, which has set an aggressive goal to increase spending with diverse suppliers — including minorities, women, veterans, LGBTQ and people with disabilities — by 10% before Sept. 30. In the last 12 months, Hartford HealthCare, which operates Hartford Hospital and several other care providers across the state, said it has spent more than $17 million with local diverse suppliers and increased its national diversity spending by more than $37 million. Hartford HealthCare's efforts aren't wholly unique. Healthcare systems across the state, including Yale New Haven Health and Trinity Health of New England, are ramping up efforts to diversify their supply chain as the industry puts a greater focus on diversity and inclusion efforts. Experts say the move will be mutually beneficial, introducing care providers to new, innovative companies, and opening up new avenues for more diverse businesses. "Increasing our supplier diversity has really been a cornerstone to our diversity and inclusion initiatives," said Milrose Mercado, Hartford HealthCare's senior vice president of supply chain. "Beyond that, this is really about engaging our communities and building partnerships." Setting new goals Industries in all sectors have put a greater focus on diversity and inclusion efforts over the past year, following the murder of George Floyd in Minnesota and ensuing social justice movement. Many companies, particularly large corporations, have publicly disclosed efforts to diversify their executive ranks and overall workforce. Supplier diversity has gotten less attention but it could be just as impactful in decreasing the wealth and opportunity gap and providing more opportunities for minority-owned and other diverse companies. A recent study by the Hackett Group found that companies globally currently dedicate 7.2% of their spend to diverse-owned businesses, but have plans to more than double that amount by 2025. Hospital systems, of course, are major economic engines and substantial consumers of goods and services. In 2019, Connecticut hospitals spent more than $6.3 billion on medical equipment and supplies, food and electricity for buildings, according to the Connecticut Hospital Association. And now some hospitals are focused on increasing that spending. Yale New Haven Health and Trinity Health of New England say they have supported the hiring of local and diverse vendors for many years, however, they've recently set new goals. Yale, operator of Yale New Haven Hospital and several other care providers in the state, says it plans to double its woman- and minority- owned business spend over the next few years. Health system officials say they are conducting outreach to local and diverse vendors and partnering with the Greater New England Minority Equity & Inclusion Local hospitals commit more dollars to diverse suppliers

• Cover