TractManager Appoints Trace Devanny Chief Executive Officer
CHATANOOGA, Tenn. & DALLAS - TractManager, the leading provider of powerful healthcare strategic sourcing and compliance application suites announced that it has named Trace Devanny Chief Executive Officer of the company. Devanny will advance the continuing growth of the knowledge based and system solutions TractManager supplies to over 3,000 hospital and provider clients.
“Trace blends a remarkable understanding of the increasingly complex healthcare environment, with a true desire to help hospitals reduce their costs, and improve their operating efficiencies. We share Trace’s commitment to transforming healthcare, and we’re excited to place our people and solutions in his capable hands”
Devanny will enhance TractManager’s customer experience across multiple channels including the creation of regional and national client programs; establish an Executive Client Council to advise him on strategic product advancement and technology investments; and direct the continued expansion of TractManager’s strategic sourcing application suite across its client base.
“With its broad and deep industry intelligence, TractManager is uniquely positioned to give hospitals a competitive advantage by leveraging their spending power, and reducing the considerable financial risks associated with non-compliant contracting practices,” said Donald A. Deieso, Ph.D., Chairman of the Board of Directors. “We needed an exceptional leader to harness the power of our solutions and expand their impact across healthcare, and Trace is just that leader. Recognized and respected throughout the industry, Trace has an impeccable track record of building value, and driving innovation in every company he has served. We are delighted to welcome him to the TractManager family.”
Devanny joins TractManager from his position as President of Nuance Communications’ Healthcare Business, a leading, global provider of voice and language solutions for businesses and consumers. His executive leadership experience spans over 30 years of transitioning mid-size companies into multi-billion dollar, global healthcare corporations. During his three years as Chairman and CEO of TriZetto Corporation, Devanny changed the business model while expanding revenue growth by over 20 percent. In his 14-year tenure with Cerner Corporation, Devanny held several executive positions and served as President for 11 years driving both domestic and global growth. Devanny started his career at IBM and advanced quickly to hold multiple executive positions in its healthcare business. He holds a BA degree from Sewanee: University of the South.
“Trace blends a remarkable understanding of the increasingly complex healthcare environment, with a true desire to help hospitals reduce their costs, and improve their operating efficiencies. We share Trace’s commitment to transforming healthcare, and we’re excited to place our people and solutions in his capable hands,” said Steve McLean, Member of the Board of Directors, and Partner, Arsenal Capital Partners.
About TractManager, Inc.
TractManager’s healthcare-specific strategic sourcing application suite serves the purchasing and contract management needs of two out of three US hospitals. Serving the healthcare industry with integrity for over 30 years, TractManager is the first-mover in strategic sourcing and enterprise contract lifecycle management. Our advisory services wrap around each solution component, optimizing purchasing and service category management, while supporting best-practice contracting processes. With divisions in Dallas (MD Buyline) and Chattanooga, Tenn. (MediTract), we are dedicated to helping our clients reduce their capital and non-labor costs, and conform their contract management to meet regulatory requirements.
About Arsenal Capital Partners
Formed in 2000, Arsenal Capital Partners is a leading New York-based private equity firm that invests in lower middle-market specialty industrial and healthcare companies. Arsenal makes investments in sectors where the firm has significant prior knowledge and experience. The firm targets businesses that have the potential for further value creation by working closely with management to accelerate growth and leverage the firm’s operational improvement capabilities. Since inception, Arsenal has raised institutional equity investment funds totaling $2.975 billion.