Panda Health Inc., a marketplace that connects buyers and sellers of digital health technologies, today announced it has entered a new phase of growth after recent capital investments by a group of high-profile health care stakeholders led by Vizient, Inc. In addition, Panda has received an agreement with Vizient to offer its platform of digital health solutions at contracted savings to its member hospitals effective immediately.
Panda was established in Q3 2020 by founding health systems Gundersen Health System, CentraCare, ThedaCare and development partner Fitzroy Health. Its platform is designed to help health care organizations execute on their digital health strategy as a trusted partner to source, procure, and deploy digital health solutions economically, safely, and at speed.
The company’s second round of Seed Series funding was led by Vizient and included health care providers Bellin Health, BJC HealthCare, Dartmouth-Hitchcock, Ochsner Health, UW Health, Yale New Haven Health and technology partner CitiusTech.
“We are both excited and honored to have the investment support of Vizient and this amazing group of health care organizations,” said David Harvey, CEO of Panda. “We are also excited now to have a contract with Vizient which will enable us to help their members source, implement and manage best-in-class digital health solutions more quickly, safely, and economically than ever before. It is imperative that health care organizations transform digitally as fast as possible to meet the needs and demands of patients and the providers that serve them. Panda’s Marketplace has been designed to do just that.”
By entering this new phase of growth, Panda will expand its inventory across a broader range of digital health categories featuring best-in-class suppliers. The capital investment will also fund development of additional technology, data infrastructure, and operational scale to enhance marketplace efficiency and insights for Panda’s buyers and suppliers.
“Vizient members know that embedding digital innovations and workflows across the care continuum is critical to delivering their health care mission however, there are dozens of digital health categories and literally thousands of technologies available today,” said John Becker, group senior vice president, Strategic Growth, Vizient. “Panda is aligned with our members’ strategic and operational needs for faster, simpler technology procurement and adoption. We are excited to be able to support our members who have invested as well as offer our membership contracted saving for their services.”
Through its marketplace, Panda vets and assesses digital health technologies across dozens of different categories and invites those suppliers that meet their rigorous functional, technical, and service requirements to participate in the marketplace. Health systems utilizing the Panda marketplace shop and procure the technologies that meet their specific needs and Panda assists with the selection, implementation, and ongoing contract management. By offering a catalog of standardized supplier contracts and support services, Panda is able to deliver on its commitment to significantly reduce vendor selection and procurement cycle times, usually by more than half.
“For Vizient members, digital enablement is critical to their enterprise and consumer strategies in transforming access to care and care delivery, yet the market is flooded with solutions that make it impossible for providers to discern which ones are right for what they are trying to achieve. Panda is meeting this challenge for providers and suppliers,” said Crystal Mullis, vice president, Member-Backed Ventures for Sg2, a Vizient subsidiary company.
Panda Health is a marketplace that transforms how health systems discover, procure, and implement digital innovations that make life better for consumers. Formed in 2020 as an independent company, Panda was developed by leading health systems Gundersen Health System, CentraCare, and ThedaCare in partnership with Fitzroy Health, the development and investment firm in New York.
Vizient, Inc. provides solutions and services that improve the delivery of high-value care by aligning cost, quality and market performance for more than 50% of the nation’s acute care providers, which includes 97% of the nation’s academic medical centers, and more than 20% of ambulatory care providers. Vizient provides expertise, analytics and advisory services, as well as a contract portfolio that represents more than $110 billion in annual member purchasing volume, to improve patient outcomes and lower costs. In 2021, Vizient acquired Intalere, which expanded its footprint with ambulatory and rural acute care providers. Vizient has earned a World’s Most Ethical Company designation from the Ethisphere Institute every year since its inception. Headquartered in Irving, Texas, Vizient has offices throughout the United States. Learn more at http://www.vizientinc.com/.