Local company offers new lending system for the medical industry

To address the ever-increasing costs of heathcare, startup company LendMed may be just what the doctor ordered.
 

“Hospitals can’t always anticipate the specific needs of every patient or afford to keep every medication or surgical device in their inventory,” explained Ryan Freiden, Founder of LendMed. “As a result, hospitals in the United States borrow from one another nearly 50,000 items per week.”
 

LendMed is a software system that provides tracking capabilities for hospital lending. Currently, the lending process is manual. Calling around to locate needed items takes time, and time is money. In this scenario, the time lag also accounts for over 25 percent of preventable errors and complications in care. Those problems add to the financial burden of hospitals which have to carry $10 billion in liabilities for items that are barely traced or documented.
 

“LendMed is the first pharmaceutical control act compliant digital system for hospitals to send, receive, and manage urgent requests for supplies borrowed. LendMed reduces the time to acquire items by 90 percent to assist in preventing errors and complications,” said Ryan Freiden. “Our digital network of kiosks, mobile applications and web software allows hospitals to request items from others, receive instant notifications, and automatically dispatch a driver when a request is approved. These kiosks will be implemented in the next few weeks and the program will start October 1.”
 

According to Freiden almost every hospital network in the Memphis area is taking part in this program. 
 

“By signing up to deploy this technology, area hospitals are looking to save time, lives and their bottom line,” said Freiden. “We will be expanding into the Dallas area and are now working to bring on Orlando in the next 60 days.”