Podcast Appearances
Counting the Clinical Costs: A Roadmap to Reduce Your Implant Spend
Rich Palarea goes on the Power Supply podcast to give the roadmap for hospitals and health systems to reduce their implant spend. Rich dives into how their hospital partners can boast of a 20-30% cost reduction from previous implant spends, as Kermit takes full ownership of the implant RFP process, working together with internal supply chain resources to obtain fair market costs for implants used. Hospital supply chain needs a dedicated resource who not only knows the products being procured but has intimate knowledge of the contracting strategies of these manufacturers. And they need purpose-built technology that can automate the paper-based process and accurately manage costs.
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Visionary Values: How Entrepreneurs Drive Industry Change
Rich Palarea joins Hays Waldrop, Garry Skinner and Justin Poulin to give us his perspective on why he has enjoyed his career launching new businesses and what has made healthcare unique relative to other industries. Tune in for a great story and gain some key insights into what it takes to be successful bringing new solutions forward to solve old problems in new and different ways!
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Operating with Transparency: For Your Health
Rich Palarea’s introduction on Twitter reads: “I won’t sleep until I fix $ waste in healthcare.” Cal listens to the story of how Rich became CEO of Kermit, a company that uses technological transparency to reduce costs on surgical implants for hospitals. The conversation reveals how little we know about what goes on behind the scenes in some operating rooms. It also gives us hope that applying transparency across all aspects of healthcare will make life better for everyone.
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Rich Palarea on How Hospitals Can Save Millions
Rich Palarea CEO of Kermit, a Baltimore-based healthcare cost reduction and spend management company that brings automation and insight to the high-spend category of implantable medical devices within hospitals and health systems. Chris and Rich discuss the current problems with the model and bring solutions to the table to make a more transparent and fair priced solution.
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The Doctor Whisperer - the BUSINESS of medicine
Richard Palarea is the CEO of Kermit, a Baltimore-based healthcare cost reduction and spend management company bringing automation and insight to the high-spend category of implantable medical devices within hospitals and health systems.
Since its founding in 2011, Kermit has saved hospitals more than $200 million and manages 40% of the implantable device spend transacting in Maryland.
LISTEN AND WATCH: Apple Podcasts | Spotify | YouTube | Transcript
Surgical Cost Reduction and Spend Management w/Kermit CEO Richard Palarea
Richard Palarea is the CEO of Kermit, a Baltimore-based healthcare cost reduction and spend management company bringing automation and insight to the high spend category of implantable medical devices within hospitals and health systems. Since it’s founding in 2011, Kermit has saved hospitals more than 200 million dollars and manages 40% of the implantable device spend transacting in Maryland.
Kermit has been recognized in multiple years as an Inc. 5000 company and by the Baltimore Business Journal as a Fast 50 company and a TOP Software Company ranked by local revenue, as well as SmartCEO's Future 50.
Kermit is the recipient of industry awards, including the Federation of American Hospitals' Heartbeat of Healthcare for its work as an innovative partner helping hospitals manage costs during a global pandemic.
LISTEN: Apple Podcasts | Spotify | Transcript
Meet Kermit. Impartial, evidence-based financial control to PPI spend.
Today our guest is Richard D. Palarea, CEO & Co-founder of Kermit.
Kermit is an analytics platform that delivers insight to the fragmented spend category of physician preference items. Kermit equips supply chain managers, surgeons and executives with real-time data on implantable medical device transactions, offering unprecedented visibility that’s saving hospitals millions of dollars.
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Creating Efficiencies in the Implantable Medical Device Space
One implication of the current pandemic is that many elective surgeries were delayed or postponed amidst global uncertainty. As the healthcare ecosystem continues to adjust to these uncertainties and evolve, it's important to examine existing and emerging technologies that are helping to create efficiencies within the industry.
Today’s episode focuses on demystifying the implantable medical device journey for healthcare systems and practitioners as well as discussing the future of connected devices in the space.
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Making Things Easy: Increasing Profits, Creating Culture, And Giving Back
Richard Palarea is the CEO of Kermit, a Baltimore-based healthcare cost reduction and spend management company bringing automation and insight to the high-spend category of implantable medical devices within hospitals and health systems. Since its founding in 2011, Kermit has saved hospitals more than $200 million and manages 40% of the implantable device spend transacting in Maryland. Kermit has been recognized in multiple years as an Inc. 5000 company and by the Baltimore Business Journal as a Fast 50 company and a Top Software Company ranked by local revenue, as well as SmartCEO’s Future 50. Kermit is the recipient of industry awards, including the Federation of American Hospitals’ Heartbeat of Healthcare for its work as an innovative partner helping hospitals manage costs during a global pandemic.
LISTEN AND WATCH: Apple Podcasts | Spotify | Google Podcasts | YouTube | Transcript
Transforming the Antiquated Paper-Based Process of Surgical Billing
In this episode, we are joined by Richard Palarea, CEO of Kermit, to talk with us about the advantages and challenges associated with delivering visibility into implantable medical device transactions.
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Impact of Operating Room Shut Downs Due to Staffing Shortages
A recent article in the Boston Globe raised a red alert on hospital operating rooms being temporarily closed due to staffing shortages and other pandemic related challenges. In the article, Dr. Eric Dickson, CEO of UMass Memorial Health, reported that, “… closing ORs is a near daily event.” He stated that UMass Memorial has nearly 2,000 staff vacancies, including 500 openings for nurses, making it hard to keep the ORs functioning at normal capacity. In the article, Mass General Brigham, Beth Israel Lahey, and Lowell General all reported similar challenges in keeping their operating rooms open.
Our special guest on this episode is Richard Palarea, CEO of Kermit PPI, a Baltimore-based healthcare cost reduction and spend management company focused on maximizing operating room efficiencies and profitability. Rich is an expert in hospital OR operations and has seen the good and bad side of healthcare systems from a business and management perspective.
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Transforming the Antiquated Process of Surgical Billing and Savings Millions in the Process for Hospitals and Health Systems
Did you know how hospitals bill their patients for surgeries? Wondering what all those itemized pieces on your bill are when you receive your statement of work? Surgeons, nurses, and medical device sales professionals move like a ballet in the operating room, so how do we change the antiquated paper-billing process of a long surgery for the hospital and patient without disrupting that flow?
Introducing Richard Palarea, CEO of Kermit, a Baltimore-based healthcare cost reduction and spend management company bringing automation and insight to the high-spend category of implantable medical devices within hospitals and health systems. Since its founding in 2011, Kermit has saved hospitals more than $200 million and manages 40% of the implantable device spend transacting in Maryland. He's discovered the million-dollar idea that many have failed to cultivate until now, and he's implemented it in multiple hospitals to save them an enormous amount of money. Listen to today's episode to discover how he transformed the billing process with his software and saved health institutions millions of dollars along the way.
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The OxyMorons - S3E2 - Rich Palarea, CEO Kermit
Today’s guest on The OxyMorons is Rich Palarea, CEO and co-founder of Kermit. Kermit is an analytics platform that delivers insight to the fragmented spend category of physician preference items (PPI). Kermit equips supply chain managers, surgeons, and executives with real-time data on implantable medical device transactions, offering unprecedented visibility that’s saving hospitals millions of dollars.
Rich is also the Host of the new Healing the Hospital podcast. From inflation and shrinking margins to unprecedented labor shortages and unforeseen supply chain challenges, American hospitals are struggling to keep their doors open. After a pandemic that saw our hospitals and healthcare system serve admirably to keep us all safe and healthy, it is time that we return the favor. Across the nation, there are numerous Hospital Healers, people who are working diligently to solve the problems that these hospitals now face. The Healing the Hospital Podcast was created to tell their stories and highlight and celebrate their amazing work while connecting them with the hospitals and health systems that could benefit from their help.
In both of our deep pasts, Rich and I both worked at AIIM. Any errors in transcription or curation that follow are mine. I do consider myself a personal expert on medical devices since I had a hip replacement in 2013. However, I have no idea what my hip cost, which I guess is the focus of The OxyMoron idea at the heart of Rich’s company.
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The Freedom Formula for Physicians - How to Save on Billing with Rich Palarea of Kermit
It might be hard to accept but the cost of medical supplies and devices can be extremely expensive. Hospitals need them on a daily basis, which means they have to shell out thousands and sometimes millions of dollars every month. And that’s just for keeping the lights on. As we all know, you cannot get by without the equipment, meds, and other supplies your hospital routinely uses.
And our guest today, Richard Palarea is the CEO of Kermit, a Baltimore-based healthcare cost reduction and spend management company bringing automation and insight to the high-spend category of implantable medical devices within hospitals and health systems.
LISTEN: Apple Podcast | Spotify | Website | Transcript
HealthBiz Podcast: Interview with Kermit CEO Richard Palarea
Kermit CEO Rich Palarea share his company's approach to enabling hospitals and health systems to keep the cost of implantable medical devices under control.
Host David E. Williams is president of healthcare strategy consulting firm Health Business Group.
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