TPC, OpenMarkets Expand Capital Equipment Procurement Partnership
Plano, TX (July 8, 2019) – TPC, a regional purchasing coalition consisting of 10 health systems, is expanding its current capital partnership with Chicago-based OpenMarkets. TPC first partnered with OpenMarkets in 2014 to create a unified capital process and gain better insight into Members’ capital spend. This successful work is centered on Members’ use of the OpenMarkets platform for capital budgeting, requisitioning and workflow.
The expanded partnership brings new elements of the OpenMarkets platform to bear for TPC Members. Now, TPC Members will be able to research equipment options, collaborate with suppliers, receive quotes, and buy and sell equipment from any equipment supplier in the nation. While some Members of TPC have been using these features of the OpenMarkets platform for some time, this expanded partnership makes them available to all Members.
“We love the ease and efficiency we gain from the OpenMarkets platform,” said TPC Member Todd DeRoo, Associate Vice President at CHRISTUS Trinity Mother Frances Health System. “We’re meeting our suppliers in a better way now. It’s made it more efficient for us to buy the right equipment, at the right time, at the right price.”
Starting in July 2019, the OpenMarkets Exchange will serve as the preferred method of resale for any TPC Members’ used equipment. From the Members’ perspective, the ability to now sell used equipment on the OpenMarkets platform is a major benefit of this expanded partnership. Selling equipment through OpenMarkets offers connection to a diverse range of specialty equipment companies that were previously not easily accessible. This process creates multiple options, allowing the Members to be selective in choosing to whom their equipment is sold with the opportunity to capture the highest value possible.
“OpenMarkets is our centralized platform for selling equipment that allows us to input key pieces of information regarding the equipment we are selling, inclusive of a target offer, and connects us to potential buyers,” says TPC Member Luke Martin, Director of Materials Manager at Shannon Medical Center. “All of the communication takes place inside the platform, which eliminates a lot of back and forth. I simply access the platform daily to review the negotiation status instead of having to dig through a bunch of old emails and voicemails.”
Now in its fifth year, the OpenMarkets partnership is a significant part of the capital program that TPC facilitates for Member organizations. As a part of TPC, Members gain a framework allowing independent community-based hospitals to achieve system value through strategies that enhance operational, financial and clinical performance.
About TPC: Based in Plano, Texas, TPC is a partnership of community-based hospitals 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 10 health systems and approximately $1 billion in purchasing volume, and has achieved more than $300 million in documented savings since 2010. TPC exists for the sole purpose of helping healthcare organizations remain strong and independent. For more information, visit www.tpc1.com, or follow us on LinkedIn and Twitter.
About OpenMarkets: Founded in 2011, 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 @_OpenMarkets