MBN USA

November 05, 2021

UnFollow View Profile Send Message Copy Link

UnFollow View Profile Send Message Copy Link

The company cashes in on explosive health care industry growth

By Zach Rinkins

According to the “Healthcare Global Market Opportunities and Strategies To 2022” report by MarketResearch.com, the global health care market is poised to reach $11.9 trillion. The U.S. Department of Commerce projects the global medical device market will swell to $208 billion by 2023. Franklin, Tennessee-based SourceMark™ LLC is a multimillion-dollar, innovative health care solutions provider committed to taking advantage of this lucrative trend.

“SourceMark is a diverse company with longstanding partnerships with group purchasing organizations or GPOs,” said Richard Manson, president, SourceMark. “We deliver critical innovations and solutions to state and local governments and national institutions.”

The company creates solutions for hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories and physician offices. Operating since 2000, many of its customers come from the infectious diseases, surgical, hospital and surgery center verticals. Its top sellers include its Nozin® proprietary nose sanitizers, laryngeal mask airways and new, innovative products like its KoZee™ convective patient warming systems and ClearViz™ Laryngoscopes.

“Our advantages are that we provide excellent service and quality products,” Manson said. “These factors allow us to compete with major manufacturers in our space.”

He was originally hired as the company’s general counsel in 2007. During his time as a hired executive, he saw a great opportunity.

“Health care was a very fast-growing, multitrillion-dollar industry. I also valued the individuals here and their focus on things that were important to me as a potential investor in the company,” Manson said.

The proud Fisk University alum transitioned from employee to employer by acquiring a 51% stake. Since assuming the presidency in 2009, SourceMark has grown from one location with six employees and $750,000 in annual revenue to 25 full-time workers, 90 independent representatives and $28 million top-line revenue.

“The company had a strong infrastructure,” Manson said. “We also invested in analytics and systems that promote customer service and on-time delivery of products.”

He said he is focusing on growing SourceMark and scaling operations. He is excited about the company’s recently launched Alliance program — www.sourcemarkusa.com/Alliance — for inventors in the health care solutions and clinical space.

 “This is an opportunity for inventors to launch their products and realize a dream. Through our program, we help entrepreneurs take their products to the market,” Manson said. “We can work with them through every aspect of the process — from developing prototypes, conducting clinical review, exposing them to our 3,000 customers and helping successful products go to market.”

He attributes SourceMark’s growth trajectory to a dedicated team of industry professionals, strategy, pricing and customer service. A National Minority Supplier Development Council Inc.-certified company, SourceMark has been recognized with Supplier Diversity Awards in 2020 and 2021 by Premier Inc., and 2020 Minority Health Products and Services Firm of the Year by the U.S. Department of Commerce Minority Business Development Agency.

Manson expounded on some of the company’s key attributes:

• Employing a strategic approach: We are very strategic in terms of the products that we examine and those that we bring to market. We are always looking for opportunities to bring innovative products to the marketplace that will provide tremendous patient outcomes.
  
  
• Offering competitive prices: We also have strong relationships with our suppliers. As a master supplier, these [relationships] allow us to take advantage of unique pricing opportunities that many diverse companies simply don’t have. Our pricing is typically competitive with the market leader.
  
  
• Delivering exceptional service: We’ve invested in our customer experience. In addition to serving GPOs and large hospitals, we also serve small facilities and surgery centers. We provide unique opportunities and individualized solutions to all our customers. Individuals can buy directly from us, and we don’t charge for delivery on standard orders. Field rating evaluates our deliveries by looking at the delivery time and correctness of the order. Our fill rate is 98%, and we are working to build on that rate.

To learn more about SourceMark, visit sourcemarkusa.com.