TONE and Trace Medical Expand Strategic Partnership in Medical Device Management

24/7 Asset Tracking and Minimizing Lost Inventory Leads to Cost Savings

Author: Nick Gargano

March 19,2024

LAS VEGAS, NV - The TONE® Knows and Trace Medical today announced their expanded partnership to integrate TONE technologies via myTrace into its massive fleet of medical devices to continuously monitor asset availability, location, humidity, and external temperature.

The Persistant Challenge: The Dilemma of Missing Healthcare Equipment

The healthcare industry routinely grapples with a dilemma where a significant portion of equipment is either lost or misplaced. This poses a direct impact on patients in need of medical device rentals, with the financial burden of replacing such equipment commonly ranging from $7,000 to $45,000 per unit. Considering the vast number of ventilators in use, estimated at 150,000, the annual financial loss due to equipment loss can soar to $75 million annually.

Trace Medical and TONE

Trace Medical, the national leader in medical device rentals, is celebrated for its dedication to satisfying a broad spectrum of inventory needs while achieving anticipated financial and clinical outcomes for its customers. By collaborating with top-tier suppliers, Trace Medical can offer a wide array of clinical solutions tailored to meet the diverse needs of patients, thus affirming its position as the most trusted partner in ventilation and dialysis care. Through the strategic use of advanced inventory optimization software, Trace Medical skillfully manages its broad inventory pool, ensuring availability of devices for immediate deployment. In the evolving landscape of today's market, Trace Medical emerges as a reliable, clinically sound, and economically viable partner.

Greg Apostolou, President & Chief Executive Officer of Trace Medical says, “Through no fault of our customers, 8-10% of high value assets are lost annually. Our myTrace solution not only reduces the number of unrecoverable assets but also allows our customers to operate their businesses more effectively. The partnership between Trace Medical and TONE is in its infancy, and we look forward to collaboratively supporting the healthcare market with meaningful technology to preserve critical operating assets.”

Strengthening the Partnership: Advancements in Device Management

Acknowledging the significant value TONE technology brings, Trace Medical has committed to an expanded partnership, aiming to equip its fleet of devices with TONE via myTrace. This strategic enhancement is set to transform device management by enabling precise tracing of every unit's location within a remarkably close range. The anticipated outcomes include a marked decline in equipment losses and a notable improvement in operational insights for Trace Medical's clientele.

Nick Gargano, President of TONE, emphasizes, "The forefront of the HME (“Home Medical Equipment”) industry must be led by new and innovative technologies. The alliance with Trace Medical is set to save millions of dollars while paving the way for the development of further cost-saving technologies, greatly benefiting the HME market."

Innovative Solutions with myTrace Powered by TONE

Facing these operational hurdles head-on, Trace Medical introduced myTrace, developed in partnership with TONE, to address these challenges. myTrace leverages the TONE technology to offer a powerful and efficient tracking system for devices, providing continuous, real-time updates on the location, moisture levels, and temperature, accessible anytime and anywhere.

Elliot Campbell, Chief Commercial Officer of Trace Medical, is quoted as saying "the TONE technology integrated into the myTrace device allows our customers far more granular insights into their high dollar assets. By utilizing myTrace, our customers will optimize their inventory utilization, reduce lost assets, and more efficiently operate their businesses. With the cost of labor increasing, reimbursement declining, we're doing our part to help reduce unnecessary expenses our customers incur."

Key Advantages at a Glance

Precision in Tracking: TONE's technology ensures the precise, real-time location tracking of medical devices, dramatically reducing instances of loss, misplacement, or theft.

Operational Excellence: The integration of TONE via myTrace into its fleet equips Trace Medical with an exhaustive inventory overview, facilitating more efficient operations and enhanced productivity.

Financial Benefits: The decrease in equipment loss results in significant cost savings, enabling Trace Medical to offer more economically viable solutions to their customers.

Tom Webster, CEO of TONE, further elucidated the vision behind the collaboration, stating, "Our partnership with Trace Medical embodies our commitment to revolutionizing the healthcare industry through innovative technology. The integration of TONE technology with Trace Medical's expertise in medical device rentals sets a new standard for operational efficiency and inventory management. It's not just about reducing losses; it's about enhancing the care that patients receive by ensuring that life-saving equipment is always where it needs to be, when it's needed the most."

As Trace Medical and TONE unite to address the prevailing challenges in the healthcare sector, this expanded partnership signifies a bold step forward. By integrating TONE technology across a larger portion of its inventory, Trace Medical demonstrates its commitment to delivering unparalleled services, ensuring device availability precisely when and where needed, thus preventing losses, and redefining the standard for innovation within the healthcare equipment rental sector.

About Trace

Founded in 2004, Trace Medical is the national leader in ventilation rentals and biomedical services throughout the continuum of care, including skilled nursing facilities, rehabilitation facilities, hospice, and HME providers. For more information, please visit www.TraceMedical.com.

About TONE

As the innovation leader in personalized Audio-Activated QR solutions, TONE is a patented technology that instantly connects consumers to products, promotions or services through engagement and interactions with their favorite brands anytime, anywhere. By utilizing passive inaudible tones—across multiple marketing channels, devices, and platforms whether it be mobile, tablet, computer, TV, radio—TONE delivers an integrated content experience regardless of the channel (broadcast, web, social, in-store, mobile, wearables, gaming and more).

To see what TONE can do for your brand, visit www.TheTONEKnows.com.

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