Agiliti Inc. Company Profile

Background

Overview

Agiliti Inc. is a leading provider of medical equipment management and service solutions, dedicated to optimizing clinical outcomes and improving economic efficiency for healthcare providers. Founded in 1939, the company has a longstanding history of serving the healthcare industry. Agiliti's mission is to ensure that the right equipment is available at the right time, enabling healthcare professionals to focus more on patient care. The company operates in the medical equipment management sector, offering a comprehensive range of services to hospitals, surgery centers, and skilled nursing facilities.

Mission and Vision

Agiliti's mission is to provide essential medical technologies and services that support optimal patient outcomes and operational efficiency. The company's vision is to be the premier clinical equipment services provider, connecting nursing, supply chains, and clinical engineering through smart, agile workflows to achieve optimal cost savings and improvements in patient experiences and clinician job satisfaction.

Industry Significance

Agiliti plays a crucial role in the healthcare industry by managing over 1 million medical devices across more than 10,000 healthcare facilities. The company's services help healthcare providers reduce costs, improve equipment utilization, and enhance patient care quality. Agiliti's expertise in equipment management and its extensive service network make it a significant player in the medical equipment management sector.

Key Strategic Focus

Core Objectives

Agiliti focuses on delivering comprehensive medical equipment management solutions that enhance operational efficiency and patient care quality. The company's core objectives include:

Optimizing Equipment Utilization: Ensuring that medical equipment is available and ready for use when needed, reducing downtime and improving patient care.

Cost Reduction: Implementing strategies to help healthcare providers reduce equipment-related expenses through efficient management and utilization.

Compliance and Safety: Maintaining equipment in compliance with regulatory standards and ensuring safety for both patients and healthcare providers.

Areas of Specialization

Agiliti specializes in several key areas:

Medical Equipment Rental: Providing on-demand access to a vast fleet of patient-ready equipment, including infusion pumps, respiratory devices, and other critical medical devices.

Onsite Equipment Management: Offering equipment management programs that synchronize clinical and supply chain teams to improve equipment availability and utilization.

Clinical Engineering Services: Delivering technical services ranging from supplemental support to full outsourcing programs to ensure equipment is clean and patient-ready.

Key Technologies Utilized

Agiliti employs advanced technologies to enhance its service offerings:

Equipment Value Management (EVM): A framework that connects previously siloed departments with agile and integrated equipment workflows to optimize cost savings and improve patient and clinician experiences.

Mobile Service Labs: Self-contained units that provide on-site repair and maintenance of surgical instruments, reducing downtime and enhancing operational efficiency.

Primary Markets Targeted

Agiliti primarily serves the following markets:

Acute Care Facilities: Hospitals and surgery centers requiring efficient equipment management solutions.

Skilled Nursing Facilities: Long-term care providers needing reliable and cost-effective medical equipment services.

Government Agencies: Providing equipment management and logistics support tailored to the needs of government healthcare services.

Financials and Funding

Funding History

Agiliti has undergone several funding and acquisition phases:

Initial Public Offering (IPO): The company went public in April 2021, trading under the ticker symbol AGTI.

Acquisition by THL Partners: In February 2024, Agiliti agreed to be taken private by its majority owner, THL Partners, in a $2.5 billion deal. This acquisition offered $10 in cash per Agiliti share, representing a 31% premium to the last closing price.

Recent Funding Rounds

Prior to its acquisition, Agiliti raised funds through:

Series B Round (February 2000): Led by Norwest Equity Partners, with participation from Affinity Capital Management, Delphi Ventures, The Rahn Group, and Bill Cadogan.

Series D Round (December 2002): Specific details regarding the investors and amount raised are not publicly disclosed.

Utilization of Capital

The capital raised and the proceeds from the acquisition have been utilized to:

Expand Service Offerings: Enhancing the range and quality of medical equipment management services provided to healthcare facilities.

Invest in Technology: Developing and implementing advanced technologies like Equipment Value Management (EVM) and mobile service labs to improve operational efficiency.

Support Strategic Acquisitions: Funding acquisitions such as Northfield Medical LLC in 2021, which expanded Agiliti's capabilities and market presence.

Pipeline Development

As a service-oriented company, Agiliti's pipeline development focuses on expanding and enhancing its service offerings rather than product development. Key initiatives include:

Service Expansion: Broadening the range of medical equipment available for rental and management to meet diverse healthcare needs.

Technological Advancements: Integrating new technologies to improve equipment management processes and service delivery.

Geographical Expansion: Increasing the company's footprint to serve more healthcare facilities across the United States.

Technological Platform and Innovation

Proprietary Technologies

Equipment Value Management (EVM): A proprietary framework that integrates various departments to optimize equipment utilization and cost savings.

Mobile Service Labs: Self-contained units that provide on-site repair and maintenance of surgical instruments, reducing downtime and enhancing operational efficiency.

Significant Scientific Methods

Data Analytics: Utilizing data-driven insights to monitor equipment performance, predict maintenance needs, and optimize utilization.

Process Optimization: Implementing lean methodologies to streamline equipment management workflows and reduce waste.

AI-Driven Capabilities

While specific AI-driven capabilities are not detailed in the available information, Agiliti's focus on data analytics and process optimization suggests the potential integration of AI technologies to enhance service delivery and operational efficiency.

Leadership Team

Executive Profiles

Tom Leonard – Chief Executive Officer (CEO): Tom joined Agiliti in 2015 and served as CEO until March 2023. He holds a bachelor's degree in Engineering from the United States Naval Academy and an MBA from Cornell University.

Matthew McCabe – Senior Vice President and Chief Financial Officer (CFO): Matthew has held various leadership roles within Agiliti, including Business Unit CFO and Vice President of Finance and Business Intelligence. He holds a bachelor's degree in Accounting and Business Administration from Winona State University and an MBA from Metropolitan State University.

Bettyann Bird – Executive Vice President and Chief Strategy Officer: Bettyann has held numerous executive leadership roles within the healthcare industry, including President and CEO of eStudySite and President of the Consulting and Services business of Cardinal Health. She holds a bachelor's degree in Nursing from Texas Christian University and an MBA from Baylor University.

Derrick Johnson – Senior Vice President and Chief Operating Officer (COO): Derrick oversees Agiliti's nationwide service delivery platform and its more than 4,500 operations team members. He holds a bachelor's degree in Mathematics from the University of Notre Dame and an MBA from the Tuck School of Business at Dartmouth.

Leadership Changes

In April 2023, Tom Leonard transitioned from his role as CEO to serve as an Executive Partner at Thomas H. Lee Partners, L.P. This change occurred prior to the acquisition of Agiliti by THL Partners in May 2024.

Competitor Profile

Market Insights and Dynamics

The medical equipment management industry is characterized by a growing demand for cost-effective and efficient solutions. Healthcare providers are increasingly seeking services that can reduce operational costs and improve patient care quality. The market is competitive, with several established players offering similar services.

Competitor Analysis

Agiliti faces competition from several key players in the medical equipment management sector, including: