CHATTANOOGA, Tenn. & DALLAS--(BUSINESS WIRE)--TractManager, Inc., the healthcare industry’s largest supplier of strategic sourcing and contract lifecycle management (CLM) solutions, has taken a significant equity position in BidMed, a market leader in the acquisition and disposition of healthcare equipment on the secondary market.
BidMed provides current fair-market values on pre-owned capital equipment and medical assets. The company’s proprietary web-based inventory system, auction platform, and supporting mobile app enable clients to accurately inventory, reconcile, and sell assets with ease and efficiency. BidMed has worked with more than 450 clients, including hospitals, surgery centers, transition/equipment planning companies, financial lending institutions, and equipment manufacturers, ensuring that they receive the full value for their capital assets.
“This investment and exclusive partnership with BidMed dynamically extends our MD Buyline strategic sourcing solutions,” said Trace Devanny, chief executive officer of TractManager. “BidMed is an innovative market maker, enabling hospitals to stretch their capital budgets by getting a fair market value for their used equipment. With options to reinvest those dollars in new capital acquisitions or warrantied, refurbished equipment on the secondary market, hospitals working with BidMed now have both leverage and choice. Whether buyers or sellers, our clients have an efficient way to manage their capital lifecycle with BidMed.”
Patrick Kelly, chief executive officer and co-founder of BidMed, added, “This is a great partnership for BidMed, TractManager, and the clients of both companies. There are great synergies between our cultures, solutions, and commitments to serving clients. We are agile and entrepreneurial at heart, and eager to drive value for TractManager’s broad client base.”
BidMed LLC is a global marketplace for selling, buying, trading, and renting medical equipment. BidMed sources surplus, inactive, and retired equipment from healthcare facilities around the country, and partners with approved vendors to refurbish and rewarrant the equipment. Powered by innovative technology and proprietary data, BidMed’s services include medical asset valuations, inventory reconciliations, and liquidations. The company was founded in 2012.
TractManager’s healthcare-specific application suite serves three out of five U.S. hospitals. Serving the healthcare industry with integrity for more than 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. The company’s strategic sourcing division, MD Buyline, includes Hayes, the industry leader in providing clinically focused, evidence-based research and analysis to health plans, insurers, hospitals, healthcare systems, ACOs and government agencies, and MedApproved, a new product approval workflow solution. The MediTract division supports hospitals and healthcare facilities with an enterprise contract lifecycle solution and includes Newport Credentialing Solutions. Together, we are dedicated to helping our clients reduce their capital and non-labor costs, and conform their contract, policy, and procedure 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 specialty industrial and healthcare companies. Arsenal targets businesses with 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. Arsenal acquired TractManager in 2013.