Hunt Valley, MD, May 24, 2021 – Kermit, healthcare’s first cloud-based spend management application for implantable medical devices, today announced that it has audited and processed its 100,000th case. Kermit’s case audit expertise, services, and technologies have led to more than $65M in PPI savings for our hospital clients.
“Processing our 100,000th PPI case is an exciting accomplishment in our company’s history,” said Rich Palarea, Kermit co-founder and CEO. “We are very proud of our team members, hard work and dedication that has led us to this milestone and the tremendous cost savings achieved for our partner hospitals.”
The 100,000 cases reviewed by Kermit come from 23 different surgical categories that feature implantable devices, including spine, total joint, and cardiac rhythm management. These complex cases have included more than 750,000 different parts from 140 device manufacturers and require a detailed and specialized knowledge of clinical procedures and PPI utilization for proper evaluation.
When a surgery is performed at a Kermit client hospital, medical device representatives submit their invoices through CaseSnap®, Kermit’s HIPAA-secure digital app. From there, each case is evaluated using Kermit’s customized business rules to identify potential issues related to pricing, utilization, and waste. The software and approach are backed by Kermit’s team of expert analysts ensuring hospitals never pay more than their contractual obligations.
Hospitals typically save enough in the first few months to cover the entire software subscription for the year.
“We are pleased that our solution identified savings opportunities and prevented our clients from paying more than they should have for these implantable devices. These are savings that can go right back into patient care or improve bottom line results” said Palarea. “Over the last year our nation’s hospitals have gone above and beyond to ensure the best healthcare for everyone under historically challenging circumstances. Kermit is dedicated to helping protect our hospital clients in any way we can.”
Since processing their first PPI case in 2013, Kermit has grown rapidly, reviewing more than 55,000 cases since the start of 2019. The company was named to the Fast 50, the area’s 50 fastest growing private companies at number 7 in 2020. Entering 2021, Kermit kicked off a concerted and intentional growth plan to expand its staff by 25 positions and grow a national presence.
“Our growth in recent years is a testament to the effectiveness of our platform and services,” said Palarea. “Since 2012 we have worked diligently to save money for our clients in PPI spend – often by as much as 30%. We are excited to continue growing Kermit’s reach and help more hospitals reduce their PPI costs.”
Kermit’s software and case review process are also bolstered by a services team with decades of experience in all aspects of PPI, from former device representatives to former supply chain leaders. Each partner hospital is assigned a dedicated Strategic Advisor who assists in vendor negotiations and facilitates improvement in their PPI spend management.
To learn how Kermit can help your hospital reduce its PPI spend by 30%, email inquiries@kermitppi.com, call 866-200-SAVE, or live chat at kermitppi.com.