Cleveland-based PartsSource announces that it has been selected as a finalist in the Fierce Innovation Awards—Healthcare Edition 2020. The annual competition highlights companies that demonstrate technologies with the greatest potential to reduce costs, engage patients, or revolutionize the healthcare industry.

PartsSource Pro was recognized as a finalist in the category of Financial/Operational Solutions for its impact on streamlining clinical operations and increasing the quality and cost effectiveness of medical equipment maintenance and purchasing. Specifically, PartsSource’s data analytics and marketplace platform improves quality and cost outcomes and drives compliance and best practices for thousands of leading health systems, company officials say.

The service is powered by Precision Procurement,, a proprietary technology leveraging more than 15 years of longitudinal data to give healthcare technology management (HTM) and supply chain teams instant access to high-quality clinical resources at the point of purchase.

“We are honored to be a finalist for the Fierce Innovation Awards. PartsSource Pro is driving the digital transformation of the hospital medical device supply chain—and based on the cost, quality, and resiliency challenges the healthcare industry has faced due to COVID-19, that is exactly the direction the industry needs to head,” says Philip Settimi MSE, MD, president and CEO of PartsSource. 

“Prior to joining PartsSource I spent 10 years building EMRs, decision-support systems and connected medical devices,” Settimi adds. “The evidence-based, data-driven and software-enabled principles which generate reliable and reproducible outcomes were the driving force behind the innovation for PartsSource Pro, and I could not be prouder of the impact we are having at thousands of hospitals across the U.S.”

The cloud-based PartsSource Pro platform combines best practices and analytics dashboards to maximize medical equipment uptime, increase productivity, and reduce costs. In fact, PartsSource officials say, the average PartsSource Pro hospital benefits from an additional 179 days of equipment uptime per year due to the service’s ability to prevent significant quality failures.