Corporate Backgrounder

Introduction

MedPricer is the e-Sourcing solution designed for the unique requirements of the healthcare supply chain. Our cloud-based negotiation platform provides the flexibility to electronically source nearly every expense category in a hospital. MedPricer helps clients negotiate contracts during a live-bid process, ensuring the best terms from current and prospective suppliers. The company streamlines the purchasing cycle with a fair, transparent process that reduces the purchasing department’s workload, involves key stakeholders, levels the supplier playing field, and provides a complete bid history. MedPricer is different from a reverse auction because it is a value-based negotiation encompassing all terms, as opposed to one solely based on price.

Industry Overview

E-Sourcing—the process of real-time bidding for buyers to achieve competitive pricing from preferred suppliers—has been shown to deliver hard dollar savings with unprecedented speed and efficiency. In addition to time and cost savings, because e-Sourcing is performed in the cloud with the benefit of electronic documentation and filing, it allows for increased productivity and collaboration among all the key stakeholders. Decision makers can compare supplier offerings in real time, recognizing and awarding agreements to the supplier with the best total value.

With hospital spending in the United States reaching nearly $1 trillion annually, cost containment continues to challenge healthcare institutions with the risk of diverting focus from patient care to expense management. As such, healthcare is among the top industries that can benefit from e-Sourcing’s ability to streamline the purchasing process while reducing costs.

Strategic Focus

The strategic focus of MedPricer is to reduce contract costs and maximize the value of the purchasing staff with no investment in software or hardware, at no cost to the hospital for most transactions. The company’s revolutionary cloud-based bidding platform has been designed to source every expense category in the hospital supply chain, from clinical to non-clinical, high-preference to general commodity, and capital equipment to support services.

MedPricer

The MedPricer solution gives each buyer and clinician the ability to determine which supplier’s offer is best suited for their hospital, while benefitting from MedPricer’s industry experience and technology to help drive the negotiation. Our client list includes large IDNs, academic institutions, urban and community hospitals. MedPricer is ideal for medical/surgical supplies, capital equipment, general commodities, PPI, and professional/purchased services. Our built-in analysis package enables hospitals to objectively evaluate each supplier’s proposal and make an award based on total value. When suppliers partner with hospitals to provide cost effective solutions, both hospitals and suppliers win. MedPricer gets you to that point quicker!

Registered suppliers also benefit with access to key stakeholders at hundreds of leading hospitals across the country in the MedPricer network.

MedPricer’s cloud-based hosted solution has no software to purchase, no IT investment required, and at no cost to the hospital for most transactions. Bidding events are sealed and confidential, and typically shorten negotiation cycles from 4 to 6 months to just 5 to 6 weeks. Purchasing staffs remain in control of the process and make the eventual supplier choice, while the streamlined process and assistance from the experienced MedPricer team frees hospital staff up to focus on more strategic projects.

MedPricer offers an unconditional guarantee for hospitals to try its e-procurement solution. This way, clients can evaluate how e-Sourcing works within their procurement environment and how MedPricer can become a valuable tool in their long-term supply chain sourcing strategy. In just 18 months, Johns Hopkins Health System saved over $41 million on 71 bids by using MedPricer's e-Sourcing solution.


Custom Contracts

How MedPricer is different from reverse auctions:

With reverse auctions, the focus is typically on reducing price and selecting the lowest cost supplier. MedPricer takes into account that the world of hospital procurement is more complex; other factors, such as service, physician or nursing preference, relationship with the supplier, product differences, may supersede price for some items. Therefore, our solution allows clients to compare each supplier’s best solution and select the supplier providing the most attractive total value offering for the hospital’s unique business needs.

Management Team

Chris Peasner, Chief Executive Officer

Peasner serves as the chief executive officer, as well as a member of MedPricer’s Board of Directors. Peasner focuses on setting and implementing the company’s strategy, managing the company’s leadership team, and growing the company’s service lines and market share. Prior to MedPricer, Peasner was a co-founder at Broadlane and part of its executive leadership team from 1999-2006; then founded PHRA, the industry leading GPO consulting firm assisting hospital and health systems in selecting and managing their GPO relationships. He began his business career at Ernst & Young, previously serving in the US Air Force. Peasner holds a bachelor’s degree in accounting from the University of Oklahoma and a master’s degree in business administration from the University of North Texas. Now inactive, he received his certified public accountancy (CPA) in 1986.

Les Grant, Chief Strategy Officer and Founder

Grant is the Chief Strategy Officer and Founder of MedPricer, as well as a member of MedPricer’s Board of Directors. Grant is responsible for helping formulate growth strategies and seeking business partnerships. Prior to MedPricer, Grant held various leadership roles at Corometrics, Siemens and Oxford Instruments. Grant is a member of AHRMM and the HFMA. After more than twenty years in healthcare management positions negotiating contracts, Grant decided to found a company that would help hospitals, IDNs and suppliers streamline the contracting process. He began his business career with Abbott Laboratories previously teaching in Newark, NJ and the School for the Foreign Born in Elizabeth, NJ after attending Seton Hall University in South Orange, NJ.

Les Grant Jr., Chief Operating Officer

Les Grant Jr. serves as Chief Operating Officer, as well as a member of MedPricer’s Board of Directors. In his role, Les Jr. supervises both RFP Operations and Platform Development, as well assisting with high-level Client and Supplier relations. Les Jr. is tasked with driving growth and creating sustained excellence through improvements in process efficiency, team knowledge, and technology innovation. He has worked as an operations and web-marketing consultant, project manager, and web designer for 10 years, working for The Aptus Group, Highpoint Consulting, and the innovative non-profit organization Studio in a School. He is a member of and frequent speaker at the Founders Roundtable and StartUp Launchpad. He is member and frequent speaker at the Founders Roundtable and StartUp Launchpad.

Steve Pfeil, Executive Vice President Sales and Marketing

Pfeil serves as the executive vice president of sales and marketing, focusing on the ensuring that new and existing clients realize MedPricer’s value proposition. Steve Pfeil has more than thirty years’ experience in the medical supply field. Steve was a co-founder of Broadlane, Inc. where he served in various roles, most recently as a Senior Vice President of Business Development. Prior to Broadlane, Mr. Pfeil was the Vice President of BuyPower, a Group Purchasing Organization of Tenet Healthcare, where he was responsible for new client acquisition and client management. Mr. Pfeil has worked for medical supply companies, distributors and national GPO’s. He has a Master’s in Health Care Administration from Roosevelt University and a BA in Economics from the University of Wisconsin-Milwaukee.