Cohealo, the first sharing economy company in healthcare, today announced a contract with Vizient, the nation’s largest member driven health care performance improvement company. The contract will provide more than half of the healthcare organizations in the United States with access to Cohealo’s equipment sharing platform at contracted pricing to reduce equipment needs this capital planning season and unlock savings opportunities.
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“We are honored to be selected by Vizient as a supplier. COVID-19 has deeply impacted health system finances. Cohealo will enable providers to immediately avoid capital purchases by sharing equipment between their owned and affiliated facilities, maximizing the utilization of existing resources. Combined with the expense reductions from fewer rentals, service contracts, preventive maintenance, and storage, a substantial tranche of savings is made available for other growth initiatives,” said Todd Rothenhaus, M.D., Cohealo’s chief executive officer.
Vizient’s diverse membership base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers, representing more than $100 billion in annual purchasing volume.
The Cohealo platform dynamically reallocates equipment for health networks, taking on all the work of logistics, conflict management, and communication between lenders and borrowers. Deep insight into equipment usage drives capital planning that disrupts the clinical equipment replacement cycle, freeing up dollars for more strategic purchases. Cohealo has conducted more than 5,000 shares of over 100 different equipment types, with expertise in mobilizing even the most delicate of assets, including microscopes, lasers, and surgical robots.
Based in Boston, Cohealo finds savings for health systems by increasing the utilization of their medical equipment through proactive data analytics and equipment sharing, so health systems can re-invest those dollars into growth. With deeper insights into equipment usage, hospitals can pinpoint redundant equipment, opportunities for rental avoidance, and ways to share equipment between facilities. As the program scales within a health system, the network effect drives increasing levels of savings and improves providers’ access to expensive medical technology. Cohealo has been named to Fast Company’s Most Innovative Companies List and CNBC’s Disruptor 50 and is recognized as the first solution of its type to bring the sharing economy to healthcare. Learn more at cohealo.com.