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When a community hospital closes, it can hit a small town hard. This is the situation a small town in North Carolina found itself in in October 2013.   

Fortunately for the community, a private hospital ownership group purchased the hospital in 2017 to reopen the doors and reinvest in patient care. 

A big part of the reinvestment plan included upgrading an aging fleet of medical equipment. Hal Green, the Director of Materials Management for the hospital was tasked with maximizing his small equipment budget. 

“Our budget was just $1.5M for all the equipment we needed,” said Green. “We needed beds, stretchers, ultrasounds, surgical tables, pumps, you name it. All of the basic equipment for running a hospital needed to be replaced.” 

Key StatChallengeOpenMarkets Impact
  • $1.5M equipment budget 
This is a small amount for a new hospital!OpenMarkets helps Green save $285,202, thus coming under budget!
  • ~100 equipment requests
Ledford didn't have time to competitively source all the requestsThe Exchange allowed Green to work with more suppliers, faster

Green’s colleagues encouraged him to reach out to an equipment supplier they’ve used in the past to buy everything. That wasn’t good enough for Green, however, as he knew he needed to leverage competition and engage multiple suppliers to find the right equipment at the right price. 

“I needed to meet new suppliers but I had an aggressive timeline to hit. So I put everything on OpenMarkets and was able to come in under budget and on time.” 

Green posted the equipment needs on the The OpenMarkets Exchange. This allowed equipment suppliers to respond to the opportunities in an organized way and collaborate online. This totaled just over 100 requests. 

“I was able to easily see how the pricing stacked up between suppliers, and negotiate where appropriate. This saved a ton of time.” 

This also saved the organization nearly $300,000, equal to ~20% of the total budget.  

“I just want to say “thank you” for all you have done,” said Green in a letter to Lee Hillman, Manager of Provider services at OpenMarkets. “From the first time of getting on OpenMarkets, you have been there to help me in the direction that would lead to good services that I didn’t even know that existed. I greatly appreciate you, not only for the business and services from OpenMarkets but for the friendship that we have created. Keep up the good work and look forward to what the future holds.” 

Thank you, Hal. 

Here’s more info on how your organization can use OpenMarkets. Contact us anytime to use The Exchange, just like Hal, at no cost. 

*names and location have been changed at the request of the customer. If you would like to learn more about this case study, we are happy to connect you to the stakeholders involved 

 

 

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