Eagan, Minnesota-based Jump Technologies is a hospital inventory management solutions company that announced it raised $2 million in funding to expand its national sales efforts and drive broader product development.
This round of funding was led by Black Granite Capital and it includes new strategic investor Mount Sinai Ventures along with reinvestment by two large investors.
Jump Technologies is known for its cloud-based hospital supply chain software platform called JumpStock, which integrates with ERP systems to help hospitals save money and improve clinical outcomes by providing actionable insights and analytics to drive a new level of standardization of clinical and operational best practices.
JumpStock is able to integrate into clinical workflows and it delivers reports for clinicians and supply chain professionals to make informed decisions about supply utilization throughout their facilities such as high-cost areas like operating and procedure rooms.
“Additional investment capital helps us expand our footprint more quickly to hospitals and health systems across the country,” said Jump Technologies’ CEO John Freund in a statement. “Hospitals invest in cutting-edge technology to treat patients, but when it comes to inventory management, some facilities still rely on individuals counting materials in store rooms every day. We’re improving this dramatically with our powerful automation and data analytics and simple user interface. By delivering actionable analytics that are visible to all areas of the hospital, we can positively impact the supply room, patient care, and an organization’s bottom line.”
Hospitals can also standardize utilization of supplies using JumpStock. This allows them to save money and reallocate funds for clinical resources and technology to improve patient care and generate new revenue. Plus JumpStock ensures that clinicians have the right supplies when and where it is needed so as not to slow down surgeries and other clinical therapies.
The Mount Sinai Health System used JumpStock to reduce stock-outs, which helps clinical practice and improved inventory turns. “Health Systems need to drive innovation in business practices and technologies, not only in clinical care or practice,” added Les Grant — who is the corporate director of materials management for Mount Sinai Health System. “Our partnership with Jump Technologies has enabled the development of a best-in-class inventory management solution that reflects the unique needs of our system and brings increased efficiency and support to our world-class clinical teams and the patients we serve.”