– Medinas close $5M seed funding round led by NFX to expand pre-owned medical equipment marketplace and asset management software for hospitals.
– Pre-owned medical equipment marketplace and asset management software has helped hospitals reduce waste and save over $50M in sales equivalency by making equipment remarketing fast, easy and safe.
– The Medinas Price Book utilizes over 9 million data points to provide estimated equipment values for the $156 billion healthcare equipment market in the U.S.
Medinas, a Berkeley, CA technology-driven asset management company for hospitals, today announced the close of a $5 million oversubscribed seed funding round led by NFX. Additional investors in the round include Precursor Ventures, Sound Ventures, FJ Labs and Bryan Frist. The funding will be used to expand sales and hire software development talent. To further bolster hospitals’ asset management capabilities, Medinas is developing new software features that focus on inventory management, equipment redeployment and equipment maintenance management.
Today’s Asset Management Challenges for Hospitals
Due to the cost and daunting nature of asset management, hospitals have been slow to adopt problem-solving technologies. Many hospitals in the United States still utilize spreadsheets to manage their inventory of medical equipment, which often results in misplaced equipment and millions of wasted dollars. In the U.S. market alone, there are over 6,200 hospitals, 9,200 ambulatory surgery centers, 7,000 imaging centers and 166,000 dental clinics.
Modernizing the Legacy Healthcare IT Equipment Market
Founded in 2017, Medinas is transforming healthcare IT by equipping hospitals with a cloud-based asset management platform that not only provides hospitals with user-friendly software to track and organize assets, but allows them to redeploy, sell or donate unneeded medical equipment with the click of a button.
Medinas empower hospitals in three key ways:
1. Valuing their existing capital equipment using the Medinas Price Book in order to make better utilization decisions
2. Redeploy and track equipment to other hospitals and clinics within their system
3. Quickly, safely and easily resell/donate or recycle their used equipment, helping them recover billions in value. It also gives smaller hospitals access to pre-owned equipment that they wouldn’t be able to afford otherwise.
“We’re the first to empower hospitals with modern software to manage their equipment inventory and remarketing programs,” said Chloe Alpert, co-founder, and CEO of Medinas. “NFX has spent decades learning how market networks thrive. Their experience is going to help drive Medinas to national and international success.”