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In an effort to better remove waste from the $30 billion medical capital equipment market, OpenMarkets Inc. has developed a new strategy to enable more efficient transactions between buyers and sellers.
A recent article published November 28, 2016 in the Wall Street Journal (access limited to WSJ Pro users) discussed how the company recently raised investment funds to connect medical-equipment buyers and sellers through their cloud-based platform.
“We’re thrilled that the Wall Street Journal highlighted our strategy and growth,” said Michael Fineberg, CEO. “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’s telling that one of the top venture capital writers at the WSJ told our story.”
Chicago-based OpenMarkets was founded in 2011 with the mission of saving hospitals money on capital equipment through “group buy” services, which linked buyers of the same products and aggregated their purchases for increased value. As the company grew and gained traction, it realized the equipment suppliers and distributors were a market that needed to be serviced as well.
To support this growth strategy, the company appointed new leadership and developed new products to serve the needs of suppliers. Michael Fineberg, who joined OpenMarkets as Chief Technology Officer, was appointed Chief Executive Officer in October, succeeding founder Dan Michalek.
Aggregation is now a smaller part of OpenMarkets’ overall business as the company has shifted focus to data and technology platforms that allow transparency and centralization for all aspects of capital equipment transactions. Early in 2017, OpenMarkets will be releasing The Exchange, the first real-time communication and project management solution for buying and selling healthcare equipment. For both providers and suppliers, the OpenMarkets Exchange is positioned to transform the current capital procurement process.
New CEO Michael Fineberg states, “Our technology will improve both sides of the supply chain. The current, inefficient process of buying and selling healthcare equipment leads to an SG&A of over 50%. Not only are these processes expensive and archaic, they contribute directly to the rising costs of healthcare. Today, OpenMarkets is improving the healthcare supply chain and driving down healthcare costs for patients. We’re confident that The Exchange will accelerate that progress.”
Current OpenMarkets investor TEXO Ventures and TEXO limited partner EFO Financial Group have backed the strategy expansion through their reinvestment into the company.