The healthcare industry is under ever increasing pressure to control costs. Of the many tools used to manage capital and operating costs, medical device standardization and supply chain optimization are widely used in acute care and ambulatory settings. Because of continual advancements in technology and evolving manufacturer product strategies, provider organizations must reevaluate the scope and breadth of medical device standardization at every purchase cycle to wring the maximum savings and operational efficiency from standardization and supply chain optimization strategies. This document describes the components of a comprehensive standardization strategy and demonstrates the process by which such strategies may be applied to ensure maximum cost savings at the time of new medical device purchases. As a sample application of these standardization optimization strategies, a case study is presented, and the various components, strategy elements, and tools are applied.