Software & Data
Great Lakes region of the Midwestern
Overall Rank: 37
Category: Software & Data
Category Rank: 10
- Top HealthTech Company of 2023
PartsSource is the leading online marketplace for medical replacement products and services. PartsSource is transforming the supply chain for mission-critical supplies and services through its evidence-based marketplace that connects more than 5,000 hospitals, and 15,000 clinics, with more than 6,000 Original Equipment Manufacturers and suppliers and 5,000 repair professionals across the country in a single integrated network. With over two decades of service, the company provides an integrated suite of cloud software and technology tools to help hospitals improve patient safety, and maximize throughput and profitability, while empowering vendors to grow their businesses.
Renowned by clinical engineers and healthcare executives, PartsSource’s flagship solution PartsSource PRO® is the only clinical resource management platform for health system enterprises designed to increase the availability and quality of patient care through evidence-based decision support for medical equipment maintenance and procurement. The platform, powered by PRECISION Procurement® technology, combines best practices, cloud software, and analytics dashboards to maximize medical equipment uptime, increase productivity and reduce costs.
Founded in 2001, PartsSource has its headquarters located in the Great Lakes region of the Midwestern United States. Bain Capital acquired the business in 2021, demonstrating their strong financial backing and strategic support. The company has since, expanded with additional locations in Charlotte, Oklahoma and Cleveland, and recruited top executives to support its growth strategy. In June of 2023, PartsSource introduced new technology-enabled alternative service agreement solutions to help health systems make evidence-based decisions with confidence, while expanding financial, labor and clinical capacity.
At its core, PartsSource operates on the belief that an evidence-based, digital approach to the healthcare supply chain can significantly enhance delivery, lower costs, and improve clinical outcomes. Today, PartsSource stands as the largest online marketplace in the U.S. healthcare industry, bringing forth transformative changes in one of the world’s largest sectors.
As a trusted partner to leading health systems and manufacturers, PartsSource continuously innovates to address challenges faced by providers and suppliers, ultimately driving better clinical and financial outcomes for the entire healthcare ecosystem.
With a purpose focused on improving quality, availability and affordability of healthcare while ensuring continuous availability of mission-critical equipment for patients, the company leverages technology, data and expertise to empower healthcare providers and suppliers to achieve operational excellence, resulting in improved outcomes and a more sustainable healthcare industry.
Proprietary Software Solutions
PartsSource specializes in providing proprietary software solutions for the medical equipment service industry. Their software solutions focus on the acquisition and life cycle management of medical repair parts, enabling efficient and effective management of the healthcare supply chain.
PartsSource’s flagship software application, ePartsFinder, is a standout feature of their offerings. This application is highly regarded for its ability to streamline departmental operations and reduce costs through its innovative SmartPrice™ technology. It assists in optimizing the procurement process for mission-critical supplies and services.
PartsSource boasts the largest online marketplace in the U.S. healthcare industry. As an online platform, it serves as a central hub for healthcare providers and suppliers to connect, collaborate, and conduct business. This marketplace offers a wide range of medical equipment and supplies, providing a convenient and efficient sourcing solution for healthcare organizations.
Supplier and Manufacturer Partnerships
PartsSource has established trusted partnerships with top health systems, suppliers, and manufacturers in the healthcare industry. These collaborations enable PartsSource to offer a comprehensive range of products and services to their customers, ensuring access to high-quality medical equipment and supplies.
PartsSource has formed valuable partnerships with numerous clients, including Unity Point Health, the Mayo Clinic, and Ohio Health. Testimonials and customer reviews consistently demonstrate a positive relationship with PartsSource.
On the purchasing side, the PartsSource platform has proven instrumental in significantly reducing invoicing efforts. By partnering with PartsSource, customers can ensure the availability of their imaging equipment to meet patient needs without straining their hospital’s finances.
Customers feel supported throughout the implementation process by the PartsSource Team, which provides ongoing assistance and support in leveraging data effectively. The integrated process and platform provided by PartsSource have been pivotal in supporting the growth our customers have experienced. It is safe to say that customers couldn’t ask for a better solution.
Even outside regular business hours, customers can rely on the availability of the PartsSource team to address any issues promptly. The unwavering support from PartsSource has been crucial in ensuring smooth operations for its customers.
PartsSource’s customer-centric approach is highlighted throughout the website, emphasizing their commitment to providing exceptional service and support to their clients. They strive to understand their customers’ needs and challenges, offering tailored solutions and assistance to ensure customer satisfaction.
- Number of products and services accessible on the platform: 4000+
- Number of clinical sites served: 15,000
- Number of technicians linked: 5000+
- Number of hospitals that rely on PartsSource: 5000
- Number of medical suppliers: 6000+
- Founding year: 2001
- Number of employees: 450+
Rating and Commentary
Under the visionary leadership of Phillip Settimi, PartsSource has emerged as a thought leader in the healthcare supply chain domain. Driven by a commitment to innovation and problem-solving, Settimi has guided PartsSource to address the unique challenges faced by providers and suppliers, catalyzing transformative changes and advancements in the industry.
Fueling their mission, PartsSource benefits from strong backing and support from Bain Capital, a renowned investment firm. The acquisition by Bain Capita provides PartsSource with the resources and expertise needed to drive growth, accelerate innovation, and enhance their market position.
In an industry marked by fierce competition, PartsSource has demonstrated remarkable resilience and growth. Despite formidable rivals such as Core Solution and Pera Lab, PartsSource has consistently differentiated itself through its comprehensive solutions, exceptional customer service, and commitment to continuous improvement. PartsSource’s ability to thrive in a competitive landscape is a testament to their unwavering dedication to customer success. By delivering exceptional value and addressing critical pain points, they have garnered the trust and loyalty of a diverse range of customers, fueling their sustained growth.
As PartsSource continues to expand its footprint, their innovative approach and customer-centric mindset remain pivotal to their success. By staying agile and responsive to market dynamics, they are able to adapt swiftly and leverage emerging opportunities.
Phillip Settimi, CEO
Phillip is the President and CEO of PartsSource, joining the executive team in 2014. With a strong background in the medical device and healthcare IT industries, he has previously held significant roles, including Chief Marketing Officer and Senior Vice President of Global Marketing & Corporate Development at Hill-Rom. Driven by a focus on growth and operational excellence, Dr. Settimi brings extensive experience across various functions, from sales and marketing to research and development. His core strengths lie in influencing others, data-centric decision-making, strategic vision, and leadership courage. Under his leadership, PartsSource has flourished as a leading provider of equipment service solutions, benefiting from his expertise and commitment to transforming the healthcare industry.
Joseph Zaluzney, 6CRO
Joseph joined PartsSources Executive Leadership Team in January 2019 as Senior Vice President and Chief Revenue Officer. Zaluzney came to PartsSource after 20 years at the global healthcare services and supply company Owens & Minor, where he was the Senior Vice President of Global Business Development responsible for the development and execution of enterprise-wide distribution and solution strategies on behalf of medical suppliers and IDNs. Zaluzney was previously Senior Vice President of Commercial Services, leading a team of 400 professionals who supported 2,000 hospitals’ supply chain needs.
Dave Brennan, Chief Product Officer
Dave brings nearly two decades of experience with GE Healthcare to his role at PartsSource. Having held executive positions within different divisions of GE Healthcare, Brennan most recently led the Global On-Demand Parts and Services eCommerce business. Throughout his tenure at GE Healthcare, he played a crucial role in driving the growth and market expansion of aftermarket parts and services. In his newly created executive position at PartsSource, Brennan will oversee the company’s expanding portfolio of clinical resource management services. This offering is made available to PartsSource PRO customers, further enhancing their commitment to their managed services program. With his extensive background in the healthcare industry, Brennan is well-positioned to drive the continued growth and success of PartsSource’s product offerings.
Kelly Starman, Chief Marketing Officer
Kelly is a highly accomplished and results-focused marketing executive with a proven track record of driving growth and leading high-performing teams. With over two decades of experience, she has successfully developed and implemented global go-to-market strategies in the healthcare and technology sectors. She brings a wealth of expertise in various marketing disciplines, including positioning, branding, advertising, digital marketing, demand generation, and marketing automation. Kelly’s deep knowledge of the health technology landscape, coupled with her dynamic leadership skills, positions her as a valuable asset to PartsSource. Her strategic approach and industry experience will undoubtedly contribute to the company’s brand development, market expansion, and continued success.
PartsSource, as reflected in its Glassdoor rating of 4.5, boasts a positive organizational culture that fosters a supportive and innovative work environment. With 88% of employees recommending the company to their friends and an impressive 93% approval rating for CEO Phillip Settimi, PartsSource clearly excels in its management practices. The company places a strong emphasis on involving and supporting its workforce while encouraging a fast-paced and team-oriented approach to work.
Employees appreciate the opportunity to interact with individuals from various locations across the United States, allowing them to build relationships and contribute to the promotion of quality healthcare. The company’s continuous growth is seen as a major advantage, and internal promotions provide a sense of progression within the organization. Furthermore, the comprehensive benefits package offered by PartsSource is highly regarded, offering employees meaningful incentives and flexibility.
PartsSource’s commitment to a people-first mentality is reflected in its responsiveness to feedback and the continuous improvement of its benefits package. Team members feel confident that their opinions are valued and heard, further contributing to a positive work environment. The leadership team actively seeks input from employees and implements changes accordingly. This commitment to employee well-being is evident in the addition of initiatives such as Paid Parental Leave, a Device Protection Plan, and a Student Loan paydown and savings plan.
They celebrate diversity and recognize its importance in driving innovation and success. The company embraces individuality and strives to create an inclusive work environment where all team members feel respected and valued. By fostering a diverse workforce, PartsSource encourages different perspectives, ideas, and backgrounds, believing that this approach leads to the greatest discoveries and results.
Overall, PartsSource’s organizational culture thrives on its people-first approach, growth-oriented mindset, and commitment to diversity and inclusion. The company’s supportive management, fast-paced teamwork, meaningful work, and comprehensive benefits package contribute to an energizing and rewarding work environment where employees are empowered to succeed both personally and professionally.
Rafael Cofiño is a highly accomplished professional with significant involvement in various board and advisory roles. Currently, he holds eight positions, including being a Board Member at Pareto Health, Vatica Health, and PartsSource Inc. Furthermore, as the Managing Director at Great Hill Partners, Cofiño is responsible for originating, evaluating, and managing investment opportunities in later-stage growth companies across diverse industries such as healthcare and tech-enabled business services. Cofiño’s extensive experience and expertise make him a valuable asset in guiding the strategic direction and growth of the companies he is involved with.
Paul is a seasoned finance professional currently serving as the Managing Director at Bain Capital Private Equity. With over four years of experience as a Principal at Bain Capital, he possesses a wealth of expertise in private equity investments. In addition to his role at Bain Capital, Paul also holds board memberships at PartsSource, Waystar, and LeanTaas. His strategic insights and leadership contribute to the growth and success of these companies. Paul Moskowitz’s extensive background in finance and his involvement in multiple organizations make him a valuable asset in the private equity industry.
Phillip is a dynamic executive serving as the CEO of PartsSource, a leading healthcare technology company. In addition to his CEO role, he is actively involved as a member of the board at PartsSource. With a wide range of core strengths, Phillip excels at influencing others and gaining commitment, demonstrating confidence and credibility, and maintaining an objective and data-centric approach. His strong strategic vision and operational focus contribute to the success of PartsSource.
Bain Capital is a leading private investment firm with approximately $165 billion in assets under management. They partner closely with management teams to challenge conventional thinking, drive business growth, and improve operations using a consulting-based approach to private equity investing. They have built a strong alternative asset platform beyond private equity, investing in public equity, fixed income, credit, venture capital, and real estate across various sectors and geographies. Bain Capital attributes its competitive advantage to its talented team and shared values, which allow them to deliver long-term impact for a diverse group of investors such as pension funds, endowments, foundations, and individuals.
- PartsSource introduced a game-changing evidence-based model in 2023 to revolutionize service contract management for healthcare systems
- On July 26, 2022, PartsSource welcomed three new executives—Noaman Ahmad, Kami Bond, and Kelly Starman—to its leadership team. These additions aim to further enhance PartsSource’s achievements and propel the company’s growth trajectory.
- Philip Settimi, the President and CEO of PartsSource, was recognized and included in the prestigious Top 50 Healthcare Technology CEO list for 2022.
- PartsSource On-Site Service Solutions has been recognized as a winner of the 2021 BIG Innovation Award by the Business Intelligence Group.
- Erin Tournoux from PartsSource was honored as one of the Top 25 Women Leaders in Medical Devices of 2021 by The Healthcare Technology Report.
- Sodexo and PartsSource entered into an Industry Partnership in 2021
- In 2021, Bain Capital acquired PartSource.
News and Press Releases
- October 18, 2021: Aurora’s PartsSource expands supply chain solutions for medical parts, equipment (Read)
- August 1, 2021: Crains™ Cleveland Business: PartsSource® Sees Growth Opportunities in Medical Device Market (Read)
- July 21, 2021: Fierce Healthcare: Bain Capital Private Equity Scoops Up Medtech Supply Chain Firm PartsSource (Read)
- July 14, 2021: COVID-19 hotspot hospital relies on PartsSource® to support clinical uptime during an emergency (Read)
- May 18, 2021: PartsSource Expands Evidence-Based Marketplace to Serve Healthcare Facility Management (Read)
MEDQOR is a leading provider of healthcare business intelligence, offering the MEDQOR Platform, which integrates 40 billion US healthcare data points into an easy-to-use portal. This platform enables partners to track buyer intent signals, cleanse and enrich prospect records, and drive data-driven marketing campaigns. MEDQOR’s data-centric approach accelerates the introduction of advanced medical technologies and pharmaceuticals to the market while equipping healthcare professionals with the information they need to optimize procedures and improve patient outcomes.
Pera Labs is a software solutions provider focused on fertility management, offering AI-powered devices to address fertility and reproductive health challenges. Their innovative sperm analysis device utilizes artificial intelligence to assess sperm quality, while the cloud-based HUGO device analyzes egg quality. With a total funding of $1.3 million raised from investors such as Malta Enterprise and Friends & Family, Pera Labs is poised to revolutionize fertility management and improve outcomes for individuals seeking to navigate the complexities of reproductive health and achieve their family-building goals.
Core Solutions is a renowned market leader, specializing in electronic health records (EHR) technology for the behavioral healthcare and human services sectors. Their flagship technology platform, Cx360, offers a comprehensive enterprise suite tailored to meet the specific needs of their clients. One of the standout features of Core Solutions’ platform is its ability to significantly reduce denied claims, resulting in cost savings of over $21 million annually for agencies. With a proven track record and a commitment to delivering value, Core Solutions empowers healthcare and human services organizations with cutting-edge EHR technology and comprehensive support.
Corporate Social Responsibility (CSR) at PartsSource extends beyond business success to encompass a deep commitment to making a positive impact on society. The company takes great pride in the profound influence its work has on hospitals and the critical equipment that saves lives. This sense of purpose instills a profound sense of fulfillment and reward among employees, who recognize the significance of their roles in supporting healthcare providers and ultimately improving patient outcomes.
PartsSource places a strong emphasis on fostering a diverse, equitable, and inclusive workplace culture. The company values the unique perspectives, backgrounds, and experiences of its employees, recognizing that diversity drives innovation and success. PartsSource promotes a welcoming and inclusive environment where all employees feel valued, respected, and empowered to contribute their best.