OpenMarkets Selected by TPC for Strategic Capital Equipment Procurement
Renewing multi-year technology agreement; making data-driven capital equipment platform available to TPC member hospitals
By: OpenMarkets, Inc.
The partnership began in 2015, giving TPC members access to OpenMarkets CAP Connect™, a cloud-based capital equipment budgeting and procurement software, to manage and automate the capital equipment planning process across member hospitals.
"We were looking for a more strategic approach to purchasing when we first signed on with OpenMarkets,"
As a full capital management solution, CAP Connect unites a health system, or groups of health systems working with group purchasing organizations like TPC, in one central, transparent platform for capital budgeting, workflow, requisitioning, supplier research and data-driven purchasing.
"At a time when so many people and departments are meeting less in person and are increasingly relying on online collaboration, CAP Connect has been a constant for our team," says Todd DeRoo, Associate Vice President of Supply Chain at CHRISTUS Trinity Mother Frances Health System, one of TPC's members. "Our health system's timetable for purchasing will often differ from another TPC member system, but CAP Connect allows TPC to see this ahead of time and work strategically with suppliers. OpenMarkets creates the data we need, when we need it, and the customized workflow streamlines our efforts significantly. We have used CAP Connect for the past five years and leveraged it to the benefit of our system and ultimately, that translates to high-quality for our patients."
The data created through OpenMarkets allows Clyde Rogers, TPC's Director of Purchased Services, to proactively work with equipment suppliers to aggregate real-time volume and drive cost savings opportunities across members. This impact was on display in October 2019, when Rogers leveraged multi-system data from OpenMarkets to identify a volume-based opportunity with a medical device supplier that ultimately yielded a 15 percent savings.
"Clyde's work on this initiative was exactly what our members envisioned when we began working with OpenMarkets,"
"The use of a common platform providing the ability to aggregate on capital purchases delivers new efficiencies. Better data improves working relationships and value for both providers and suppliers at a time when healthcare needs it most," says Trevor Wood, CEO, OpenMarkets. "TPC has been a fantastic partner; we value their commitment to collaboration and admire their dedication to member hospitals. It is a win-win across the board, and we look forward to continuing to innovate together."
OpenMarkets is a rapidly growing technology company reinventing the healthcare equipment marketplace with an emphasis on data, collaboration, and simplicity. We are changing what's possible for buyers and sellers of healthcare equipment. Discover more about our technology and the power of our data at www.openmarketshealth.com or follow us on Twitter at https://twitter.com/_
Based in Plano, Texas, TPC is a network of healthcare providers that work together as a single system to aggregate business volume and leverage economies of scale without sacrificing individual independence or local ownership. By working through a committed platform, TPC drives collaboration and innovation across a range of clinical, operational and economic areas enabling providers to maximize the financial and non-financial value they receive. TPC represents eleven health systems in four states that have achieved over $300 million in documented savings since 2010. TPC exists for the sole purpose of helping community-based healthcare organizations remain strong and independent. For more information, visit www.tpc1.com, or follow us on LinkedIn at https://www.linkedin.com/