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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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.

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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.

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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.

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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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