RevMed is a company that was created to tackle the challenges of supply chain management in healthcare, particularly the issue of excess supplies and equipment. Through its peer-to-peer marketplace, RevMed helps healthcare facilities get rid of surplus items, reducing waste and optimizing resource allocation.
24×7 chief editor Keri Stephens recently spoke with RevMed CEO Daniel Crittenden to learn more about the platform.
24×7: What prompted RevMed’s creation, and how does it tackle the supply chain challenges of healthcare facilities?
Daniel Crittenden: Across the planet, healthcare providers spend trillions on equipment and supplies to manage hospitals and surgery centers (ASCs). This is the second largest cost component for healthcare providers after salaries. For a variety of reasons outside of supply chain staff control, hospitals and ASCs will find themselves stuck with excess supplies and equipment. The two most common situations where this happens are discontinued product lines or physician departures.
The secondhand market for surgical supplies and equipment is inadequately serviced, and RevMed was created to try and solve this problem. RevMed has built a revolutionary peer-to-peer marketplace connecting hospitals and surgery centers directly with one another, enabling them to transact on excess for a fair market price so that both sides of the transaction win. At RevMed, we firmly believe that “one person’s trash is another person’s treasure.” By proving this with our proprietary software platform and excellent customer service, we will significantly reduce supply chain costs in the healthcare industry, ultimately freeing up more money for all providers to spend more time focusing on improved patient outcomes.
24×7: How does RevMed leverage technology to optimize matching healthcare facilities with distributors and facilitating transactions between them?
Crittenden: The company takes a “technology first” approach and has spent the last three years continually refining its proprietary technology, making it very easy for healthcare facilities to transact with one another. RevMed’s technology, in essence, turns every healthcare provider that signs up on the platform into a distributor if there is interest in selling things. There are numerous automated tasks and functions that help simplify the process for both sides of the transaction.
24×7: What role does RevMed play in helping healthcare facilities reduce waste and promote environmentally friendly practices?
Crittenden: By creating a robust aftermarket for valuable items that oftentimes would have ended up in a landfill.
24×7: How does RevMed ensure it follows all regulations for selling healthcare supplies across different U.S. states?
Crittenden: The company ensures that items that need to be registered and de-registered in certain states are done so in the event of transactions. The company also handles the collection and remittance of sales tax across all states, taking that burden out of the seller’s hands.
24×7: What strategies does RevMed employ to accommodate healthcare providers’ and distributors’ evolving technology needs?
Crittenden: Our software is in a process of continual improvement, and we are always actively soliciting feedback or looking for ways to make our solution more effective or user-friendly.
24×7: What’s next for RevMed? Are there plans to expand services or incorporate new technologies to better serve healthcare stakeholders?
Crittenden: Integrations and/or partnerships with existing order management systems are the logical next major feature. Developing proactive software solutions that seamlessly integrate with the RevMed marketplace makes a lot of sense. In other words, helping our clients identify excess inventory before it is too late and becomes a complete write-off will be a key focus.
