Renovo Solutions provides healthcare technology management (HTM) solutions to help reduce costs, increase quality and improve medical equipment performance in healthcare facilities nationwide. It also provides unbiased and objective HTM advice and consulting.
Renovo Solutions was formed by the leadership team – innovators in their field with over 100 years of combined experience in the healthcare industry. Drawing from decades of service and experience, Renovo, which is Latin for “renew,” aims to reinvent and simplify the concept of medical equipment management. Therefore, it provides flexible, customized and comprehensive solutions that address the complexities you face with asset and medical device management.
TechNation recently found out more about the company from Renovo Solutions Founder and Chief Commercial Officer Sandy D. Morford, CCE, and Vice President of Business Development Matt Forrest.
Q: Can you share a little bit about your company’s history and how it achieves success?
A: Renovo Solutions is a privately held independent medical equipment service organization formed in 2009. The senior management team at Renovo has been providing single source, on-site, multi-vendor biomedical and diagnostic imaging equipment maintenance management services for over 40 years. We currently provide biomedical and imaging services at over 350 healthcare locations across the country. At Renovo, we focus on developing “true partnerships” with our customers by designing healthcare technology management programs to meet the individual needs of each facility.
Q: What are some advantages that your company has over the competition?
A: Renovo Solutions has grown significantly and added several new healthcare systems to our ever-increasing family of customers by providing both traditional fully outsourced healthcare technology management programs and non-traditional hybrid healthcare technology management programs where Renovo works collaboratively with in-house HTM departments. We have significant experience and customer references for both a managed services business model and a fully outsourced business model. We are unique in that we will work within both contractual business model environments, where many of our competitors will insist on a fully outsourced model. Unlike other competitive organizations, Renovo also provides our clients with transparent access to all financial and operational information contained in our proprietary CMMS, RENOVOLive.
Q: What are some challenges the company faced last year?
A: The pandemic was tough on all areas of healthcare including suppliers, and Renovo was not immune. With the unusually high inflationary environment that started last year we have seen significant increases in replacement parts costs and labor rates from all OEMs. We have worked collaboratively with all our suppliers to minimize this impact on our clients. The current job market has especially been a challenge with the shortage of qualified biomedical and imaging service technicians, which has prompted us to put a significant effort into a training program for individuals interested in the biomedical service field.
Q: Can you explain your company’s core competencies and unique selling points?
A: Renovo is the only healthcare technology management company that provides our customers with complete cost and operational transparency to view all service-related data, whether service is provided by Renovo technicians or any other OEM and/or third-party service providers used by Renovo. Our other selling points are:
- we are subject matter experts with respect to cybersecurity of networked medical devices;
- we provide our clients with financial performance guarantees;
- we are ISO9001:2015 certified for quality management; and
- we adhere to an OEM-centric business model for equipment best maintained by the manufacturer.
Q: What product or service that your company offers are you most excited about right now?
A: We feel strongly that we offer the most robust and comprehensive medical device cybersecurity solution in the market today, in collaboration with our strategic partners at Asimily.
Q: What is on the horizon for Renovo?
A: Together with our investment partners at Water Street Healthcare Partners, we now have the financial support to embark on an aggressive growth strategy to identify and acquire complimentary service organizations who want to become part of a customer-focused, nationwide HTM organization.
Q: Can you share some company success stories with our readers?
A: We have many stories to tell about healthcare clients who own older equipment that is no longer supported by the OEM, but given their current financial situation don’t have the capital funds to replace this equipment. They have relied on Renovo to exhaust our resources to find the necessary replacement parts to keep this equipment operational and not create a negative impact on their patient care mission.
Q: Can you please describe your company’s facility?
A: Renovo’s company headquarters is based In Irvine, California, where we house most of our back-office support departments such as human resources, finance and accounting, quality management, etc. The majority of our employees are deployed across the country in the more than 350 health system accounts from coast-to-coast.
Q: Can you highlight any recent changes to your company?
A: We haven’t had any significant operational changes to the company recently, however, we did partner with one of the largest healthcare focused private equity investors at the beginning of 2022, Water Street Healthcare Partners. The investment from Water Street has given Renovo significant financial support to grow both organically and through mergers and acquisitions.
Q: Can you tell me about your employees?
A: There are so many Renovo employees to boast about and it would be impossible to pick just one. We feel we hire the “best In the business” when it comes to our human capital and every quarter our employees nominate individuals for our company-wide Standing Ovation Award, recognizing those employees who have gone above and beyond in exemplifying our customer-focused culture.
Q: What is most important to you about the way you do business?
A: Our vision is to be a leading provider of healthcare technology management, providing innovative services and effective solutions to the evolving challenges of modern medical equipment. To achieve this vision our mission is to foster a supportive work environment which encourages our associates to achieve their potential in ways that serve the needs of our healthcare customers, suppliers and each other.
Q: What Is the typical size of hospital Renovo works with?
A: Renovo has comprehensive equipment service programs across the country that range in size from small community hospitals up to large multi-site university health systems. Each of our programs is customized to fit the needs of the specific hospital.
Q: Is there anything else you want readers to know about your company?
A: When it comes to customizing a healthcare technology management program for a health system, “flexibility” is our middle name.
For more information, visit renovo1.com.
