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News

Source Atlantic and Magnet announce agreement

Rockland, MA. July 3, 2002

Source Atlantic and MAGNET announced today the signing of an agreement between the two companies to offer Source Atlantic’s web based Capital Management Platform, Hourglass and partnership services to the MAGNET Member Organizations.

With Hourglass, the MAGNET Member Organizations and their Participating Healthcare Facilities can aggregate their project capital needs with their year-to-year requirements to standardize and optimize the capital budget process. In addition to Hourglass, Source Atlantic offers partnership services including assessment, inventory, forecasting, equipment planning, aggregation, procurement, and asset management. “

We are pleased and excited to offer Hourglass to the membership of MAGNET. With the addition of Hourglass, member hospitals and IDNs will now have the tools they need to accurately budget, forecast and aggregate capital equipment procurement needs with a cost effective on-line solution,” said CEO William McGowan. “

Our Member Organizations and their Participating Healthcare Facilities have indicated a strong interest in having the breadth of services that Source Atlantic provides in our portfolio of agreements,” said Vice President Steve Duke.

About MAGNET

MAGNET was founded in 1979 to provide programs and services to its Member Organizations that deliver value and cost advantages. The MAGNET Member Organizations are: Association Management Resources (AMR), CHA Shared Services Program (CHA SSP), Hospital Central Services (HCSC), Joint Purchasing Corporation/Creative Source Concepts (JPC/CSC), Monmouth Healthcare Cooperative (MOHCC), PRIME and Southwest Ohio Health Care Affiliates (SOHCA).

About Source Atlantic

Source Atlantic combines high technology and partnership services to be the leader in capital planning, procurement, and logistics for the healthcare industry. With the introduction of Hourglass, Source Atlantic offers a window into the entire capital lifecycle.

For information on Source Atlantic’s Hourglass Platform or Partnership Services, visit them at www.sourceatlantic.com or contact Steve Sperrazza at (781) 871.8500.