South Florida Hospital News
Wednesday May 22, 2019
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February 2008 - Volume 4 - Issue 8

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MEDmarketplace Helps Hospitals Liquidate Unwanted Equipment with Convenience and Profit

Type the phrase "medical equipment" into the most popular Internet search engines, and the name at the top of the list of destinations is likely to be MEDmarketplace.com, a Fort Lauderdale-based company that provides innovative, cost effective and even revenue-generating solutions for hospitals dealing with the common problem of surplus medical equipment and supplies. MEDmarketplace is a host web site that functions almost as a medical e-Bay, enabling hospitals to sell their unused, outdated and excess equipment and supplies in a simple, streamlined process designed to move assets quickly, all with no commission.

Launched into the hospital marketplace just two years ago, MEDmarketplace has quickly become the leading global marketplace on the Internet for buying and selling medical equipment. It is the first centralized site for this purpose and offers substantial advantages to both sellers and buyers. According to Vincent Baratta, founder and president, hospitals have warehouses full of equipment that is not being used, for a multitude of reasons. This "idle asset" inventory costs money, takes up precious space and is unlikely to ever go back into circulation. "MEDmarketplace is a venue for hospitals to manage unwanted equipment," says Baratta. "Every day that an unused piece of equipment sits in storage, the hospital is losing money. But there are buyers who are looking for that equipment and we find the buyers. Stored equipment is an untapped source of revenue for hospitals. We have recouped hundreds of thousands of dollars for hospitals throughout this region by facilitating transactions with other hospitals, brokers and consumers."

The process is simple. Hospitals register by phone with MEDmarketplace, pay a nominal fee and are given their own web site within the MEDmarketplace domain, where their items are showcased along with their logo and contact information. MEDmarketplace takes care of getting the equipment displayed on the site, by taking photographs, writing detailed descriptions of the equipment and condition, and setting the market value.

According to Baratta, "Hospitals love what we do because weíre easy to work with and there are no contracts or commissions; the seller receives the full payment. Once you register with us, you have an account and can be online and selling your equipment the next day. Most items sell within 30 days."

For David Ross, vice president for Tenet Healthcare in South Florida, MEDmarketplace has proven to be such an efficient and valuable resource that all eleven hospitals in Tenetís Florida division are on board. "Itís an incredible service," says Ross. "It increases your cash flow, reprocesses your excess equipment and frees up space that can be better utilized. Before, we were renting space to store equipment that we didnít use or need. It made no sense. Now, we have an efficient, low maintenance way to unload unused equipment and generate cash flow to purchase new equipment. Weíve sold every type of equipment through MEDmarketplace, from disposables to capital equipment, even a storefront for a physical therapy clinic."

In the healthcare industry, equipment becomes obsolete quickly, due to the rapid pace of technological advancements. Physician preference, new regulations and discontinuation of models may also render an item useless for a particular facility. But to another facility that item, or its parts, are extremely valuable. There are 62,000 items, from ambulances to lamps to high tech diagnostic devices, on the site.

"Before, we never had the right means for disposing of these assets while also recovering some of the costs," says Ross. "Setting up a web site like this would be impractical on our own and we would never achieve the visibility we get with MEDmarketplace. Itís time and cost effective and I definitely recommend it. We are so pleased with MEDmarketplace that we plan to expand our utilization of the site and eventually register every hospital in the entire Tenet system."

A feature with particular appeal to Ross is the ability to show an asset first to sister hospitals within his system. "Our own facilities get first dibs. If no one needs it, it becomes available to all visitors to the site." MEDmarketplace receives Internet "traffic" of over 50,000 site visits each month. Buyers donít need to register and can browse for specific items. Many buyers, says Baratta, are brokers for overseas hospitals who are looking for good deals, although some are consumers seeking home equipment.

Even broken equipment can make a profit on MEDmarketplace. Manufacturers rarely produce parts for older equipment, so broken items are valuable as a source of parts. A piece of equipment that is no longer operative could have 100 parts that will enable another facility to repair and keep a piece of equipment.

By simplifying the logistical nightmare of the disposition of old, unused, obsolete, surplus and broken medical equipment for hospitals and other healthcare facilities, MEDmarketplace is reshaping the industryís management of idle assets. Itís a unique and highly effective resource, remarkable for its convenience and cost effectiveness, that pays for itself quickly and enables facilities to convert a chronic and expensive problem into both a solution and a profit.

To register with MEDmarketplace, call 1-888-502-2800, or visit the web site, www.medmarketplace.com.

To contact Vincent Baratta, send email to VB@medmarketplace.com.

To contact David Ross, send email to david.ross@tenethealth.com.

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