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“We’re moving toward a major improvement in the way healthcare capital equipment is bought and sold.”

For OpenMarkets, results in 2016 validated what the healthcare technology company strongly believes: the opportunity to improve the $80BN healthcare equipment market has never been bigger or more necessary.

Removing billions of dollars of waste from the healthcare supply chain takes time, but more importantly, it takes vision. As 2016 comes to a close, CEO Michael Fineberg reflected on OpenMarkets’ vision for transforming the way healthcare equipment is bought and sold, while highlighting company milestones and forecasting what’s ahead in the new year.

“2016 was a transformative and record-breaking year for us,” noted Fineberg. “We’re moving towards a major disruption in the healthcare supply chain which benefits buyers and sellers of medical equipment. Ultimately, this will drive improvements in patient care as well. It is so gratifying to see our vision come to life as the industry embraces our technology and our ability to deliver better intelligence and facilitate better coordination between healthcare equipment suppliers and providers.”

The healthcare industry is rife with challenges. Hospitals and suppliers are facing bigger hurdles and uncertainty is at an all-time high. Since launching in 2011, OpenMarkets has been making headway, envisioning and engineering a more palatable path for collaboration between hospitals and suppliers.

2016 was a year of milestones, as Open Markets continued to build and pilot its transformational solution known as the OpenMarkets Exchange – a platform that capitalizes on the investments the company has already made to improve healthcare equipment  transactions and create a better process. Now in the final stages of beta testing, the Exchange features include a rich product directory populated in real time, instant and direct communication modules, robust analytics and reporting data, and an interface to aggregate purchases and participate in group buys.

With the launch of the Exchange on the horizon for 2017, the company also plans to significantly expand its team to keep pace with demand.

There is one common denominator among the staff, noted Fineberg. “Everyone embraces an innovation mindset – it is central to our culture. And the hallmarks of this mindset such as creativity, resilience, problem solving – these are key to who we are as a company and pivotal in transforming our industry.”

It’s clear that as 2016 comes to a close, OpenMarkets is hitting its stride, and Fineberg is excited about the possibilities in 2017 as the company continues to capitalize on the opportunity to improve the healthcare supply chain, while embracing innovation and setting its course for another record breaking year ahead.

“We’ll end fourth quarter 2016 with sales that are double those during the fourth quarter last year. Momentum is a powerful ingredient but this is a testament to our technology, our deeply committed board and advisors, and our outstanding team,” noted Fineberg.

“We are entrenched in the industry and understand what hospitals and sellers are trying to do;” said Fineberg, “we know they don’t want to waste $44BN each year. They want a better way to work together, and OpenMarkets software makes every process between the two more efficient.”

Tom Derrick

Tom leads a range of core functions for OpenMarkets, including strategic partnerships and marketing. Prior to OpenMarkets, Tom served as a senior communications director for... More about Tom Derrick