Empowered Patient Podcast Medical Marketplace for Hospitals and Surgery Centers of Stale or Excess Inventory Saves Money Reduces Waste with Dr. Andrew Dold RevMed
Dr. Andrew Dold, Co-Founder of RevMed, a B2B marketplace for hospitals and ambulatory surgery centers (ASCs) to address the problem of slow-moving or expiring inventory. This medical marketplace allows facilities to recoup lost revenue by listing medical devices for sale and offers purchasing options for smaller facilities. RevMed serves as a middleman, facilitating the interaction between facilities without taking custody of any items. The marketplace has an extensive database of millions of different SKUs and items, which are updated weekly. The goal of RevMed is to decrease the price of healthcare by getting as many facilities as possible to adopt the platform.
Andrew elaborates, "So, full disclosure, this problem came into light during my fellowship at NYU. I did a sports medicine fellowship a few years ago in New York City, and it simply started with me interacting with one of the representatives, the orthopedic representatives at my hospital. I wanted to get a few suture anchors to practice tying knots in my apartment in New York City. And he simply took me into the back supply room. On one of the shelves, he grabbed a number of different boxes, just flipped them over, looked at the expiration date, and I think they were all expired. And he handed me ten of these boxes and said, here you go. You can practice on these."
"There were brand-new implants that had simply expired on the shelf of the surgery center where I was operating in New York City. It shocked me at the time because of simply the cost of these implants. One of these boxes was in the vicinity of $800 to $1,000, and he handed me 10 of them to take home because they had expired. They were now worthless. They couldn’t be used on a patient. From that point forward, I became more aware of the problem of stale, slow-moving, and expiring inventory and the surplus of medical and surgical supplies on the shelves of hospitals and ASCs. And what a massive problem it is."
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