Cohealo Surpasses 2,500 Shares of Medical Equipment for Health System Partners

BOSTON–(BUSINESS WIRE)–Cohealo, a platform for health systems to track and share medical
equipment, marked a significant milestone this month when it facilitated
its 2500^th share of equipment between its clients’ hospitals.
Health systems spend $45 billion per year on perioperative equipment
that often sits idle for up to 90% of its useful life. Shared equipment
enables hospitals to avoid expensive equipment rentals and decreases the
need to purchase multiple units of the same equipment.

At HIMSS19, Dr. Ronald Loo of Kaiser Permanente Medical Group presented
their two-year savings outcomes from sharing equipment in Southern
California, which have totaled more than $8 million. “Sharing equipment
is a win-win for Kaiser Permanente. Patients win, because we can provide
them with the highest quality of care at the most affordable price, and
our surgeons win by gaining access to newer equipment, faster.”

There is a clarion call for hospitals to identify unique opportunities
for savings as never before. Evolving regulations, fluctuations in the
economy, and changing expectations around patient care are adversely
impacting hospital operating margins, which have fallen to a low of
1.6%. Hospitals are closing at a rate of 30 per year, leaving patients
in rural areas vulnerable.

“The sharing economy has empowered thousands of consumers to tap into
the excess capacity of their cars and homes, delivering value from idle
resources. Sharing medical equipment is an eight-figure per year savings
opportunity for health systems,” said Cohealo’s chief executive officer,
Todd Rothenhaus, M.D. “Our 2500^th equipment share
demonstrates that collaborative equipment management can be accomplished
at scale, without asset damage or disruption to clinical workflows.”

Medical equipment is one of the largest expenses for health systems. A
single piece of perioperative equipment can cost more than $500,000.
However, that equipment is typically only used at the facility for which
it was purchased, limiting the potential for return on investment. With
a single equipment share, Cohealo has impacted as many as 62 cases at
the borrowing site, providing a cost-effective alternative to buying new
equipment.

About Cohealo

Based in Boston, Cohealo finds savings for health systems by increasing
the utilization of their medical equipment through proactive data
analytics and equipment sharing. 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 by reducing redundant purchases and
decreasing rental expense. 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. To learn more about Cohealo, visit www.cohealo.com.

Contacts

Danielle Goldschneider
Senior Product Marketing Manager
857-383-6047
danielle.goldschneider@cohealo.com