DALLAS--(BUSINESS WIRE)--TractManager, Inc., the healthcare industry’s largest supplier of strategic sourcing and contract lifecycle management (CLM) solutions, has acquired MedApproved, a company providing a SaaS-based, new product approval workflow solution to help hospitals review the thousands of products and services that physicians, nurses and staff request on a yearly basis.
“MedApproved is a natural complement to MD Buyline’s strategic sourcing solution,” said Trace Devanny, chief executive officer of TractManager. “MD Buyline clients will be eager to learn how they can incorporate MedApproved into their sourcing processes to streamline new product evaluations across their hospitals and health systems.”
MedApproved will remain in their current office locations, and all contracts and client agreements held by MedApproved will continue.
“We’re excited to be part of the TractManager family and to be aligned with MD Buyline,” said Tim Hopkins, CEO and co-founder of MedApproved. “My co-founder, John Wills, and I are proud of establishing MedApproved as a leader in product evaluation workflow. TractManager will enable us to expand the system and our footprint in the hospital market. We look forward to working with our new colleagues as we share the same values and vision for the evolution of MedApproved. We’re entering this new chapter with excitement and great expectations for the future, and remain committed to the high standards of excellence and customer service our MedApproved members have come to expect from us.”
Donald A. Deieso, Ph.D., Chairman of the Board of Directors, added, “With scalable technology and a solution that every hospital needs, MedApproved broadens TractManager’s product and services portfolio, and strengthens our ability to improve our clients’ operational efficiencies.”
MedApproved provides a SaaS-based system that streamlines the decision-making process for hospital committees reviewing new products and value analysis initiatives. Serving as a central repository for product requests and capturing all stakeholder analysis, feedback, and communications from internal and external sources, MedApproved increases physician engagement and provides all the necessary tools to facilitate the value analysis workflow. As a result, hospitals can make new product decisions with greater efficiency, transparency and documentation.
About TractManager, Inc.
TractManager’s healthcare-specific strategic sourcing application suite serves the purchasing and contract management needs of three out of five US hospitals. Serving the healthcare industry with integrity for over 30 years, TractManager is the first-mover in strategic sourcing and enterprise contract lifecycle management. Our advisory services wrap around each solution component, optimizing purchasing and service category management, while supporting best-practice contracting processes. With divisions in Dallas (MD Buyline) and Chattanooga, Tenn. (MediTract), we are dedicated to helping our clients reduce their capital and non-labor costs, and conform their contract management to meet regulatory requirements.
About Arsenal Capital Partners
Formed in 2000, Arsenal Capital Partners is a leading New York-based private equity firm that invests in lower middle-market specialty industrial and healthcare companies. Arsenal makes investments in sectors where the firm has significant prior knowledge and experience. The firm targets businesses that have the potential for further value creation by working closely with management to accelerate growth and leverage the firm’s operational improvement capabilities. Since inception, Arsenal has raised institutional equity investment funds totaling $3 billion.