LOGISTICS IS THE “SECRET SAUCE” FOR IMPROVING HEALTH CARE
Customized supply chain solutions save money and free up resources so health care providers can focus on patients
As a specialist provider of logistics services, TRIOSE has helped hundreds of health care organizations better manage their supply chain operations and gain visibility over costs. But in the eyes of its founders, Carl “C.J.” Joyner and Ira Tauber, the company’s real success is measured in the amount of time and resources it frees up so its customers can do a better job of serving their patients.
The two, with backgrounds in health care, met while working for Penske Logistics, which had a vision to expand the supply chain efficiencies developed in other industries into the health care industry. When Penske decided to shut down the new venture after three years, Joyner saw an opportunity. He launched TRIOSE in 1999; Tauber joined him in 2003; a third partner, 28-year UPS veteran Gerry Romanelli, came on board in 2016 as chief commercial officer.
OVERCOMING A BRANDRECOGNITION DEFICIT
An evolving regulatory environment and a changing economic climate helped health care providers recognize the value of supply chain logistics and TRIOSE solutions. Hospitals that were once cash cows now needed to control costs, and as reimbursement dollars became the foundation of their economic model, proper reporting assumed greater importance.
The solutions TRIOSE was offering were perfectly suited to solve both problems, but the company had a brand-recognition problem. “I knew thousands of CEOs in health care across the country,” Joyner recalls. “They were happy to meet with me, but they weren’t willing to take a flyer on a ‘no name’ company because it might put them at risk.”
Perseverance eventually paid off: TRIOSE demonstrated how effective its solutions really could be. That opened the door for the company’s growth—to in excess of $70 million in revenue and more than 100 employees today.
As TRIOSE approaches its 20th anniversary in December, it’s opened another office in Houston, Texas, and does business in all 50 states and internationally. Along with a long list of other benefits and perks, TRIOSE offers its employees an opportunity to own stock in the fast-growing company, as well.
‘TRIOSE WAY’ ENCAPSULATES CORPORATE CULTURE
Throughout his life, finding a better way has been a primary motivator for Joyner, and Tauber and Romanelli share his commitment. Today, that’s reflected in what they call “the TRIOSE way,” a phrase that encapsulates the company’s corporate culture. It’s focused on driving change for better health care by finding ways to lower supply chain costs and freeing up providers to focus more attention on their patients.
The TRIOSE way is also reflected in how the company engages with its employees and the communities it serves, especially through its Give Five program. It donates a matching portion of the savings its solutions generate for clients to Alex’s Lemonade Stand Foundation, a national charity working to find cures for all types of pediatric cancers. It gives employees paid time off for volunteer work, supports veterans through programs to hire former service members, and takes positive actions to promote environmental sustainability.
As Joyner puts it, “The TRIOSE way is bigger than any individual person. We’ve created a culture here that really is the identity of the enterprise.”
TRIOSE.COM
COMPANIES TO WATCH
PerBlue, an indie gaming 1 studio launched from its founders’ college apartments, sold one game for $35 million in 2016 and just built another with Disney—Disney Heroes: Battle Mode.
Food-ordering startup EatStreet works with 15,000 restaurants across 47 states and is armed with nearly $45 million in venture capital funding.
WHERE TO TALK SHOP
You can always find someone in VC or startups at Colectivo Coffee on the Square. If the 2 weather’s nice, treat visitors to bratwurst, cheese curds, and a view of Lake Mendota from the iconic chairs at Memorial Union Terrace. 3
RED FLAG
While some local entrepreneurs say there are plenty of technology and engineering graduates to recruit, others disagree—and say they struggle to hire seasoned managers.
TALENT PIPELINE
The massive medicalrecord software company Epic Systems is perhaps best known locally for its sevenmillion-square-foot campus comprising themed areas such as Hogwarts and Grand Central Station. Now that it has grown to nearly 10,000 employees, its alums are not only building local wealth— they’re also spinning out their own companies. Three former Epic Systems employees in 2014 founded Redox, a communications platform for health care systems that’s raised $50 million.
For years, the Badger State bemoaned its post-graduation “brain drain” from schools such as University of Wisconsin– Madison. Now, a burgeoning 4 startup scene, plentiful tech jobs, and an abundance of remote work are compelling graduates to stick around and enjoy the city’s vibrant culture and reasonable cost of living.
STARTUP NEIGHBORHOODS
Madison’s entire downtown area, dubbed the Isthmus, is sandwiched between two lakes. On the southwest end, the University of Wisconsin is connected by a pedestrian walkway to Capitol Square, which is home to dozens of upscale restaurants and early-stage funding firm 4490 Ventures. A nearly 300-person incubator resides at 315 West Washington Avenue, which also hosts tech companies like Understory, Filament Games, and Datica.
Capitol East, once known for car dealerships, now hosts a new Google office, women’s entrepreneurial 5 group Doyenne, and incubators StartingBlock and Gener8tor.
THE PLAYERS
Scott Resnick The serial entrepreneur and former city alderperson served as executive director of local entrepreneurial hub StartingBlock. He’s a force behind the Forward Festival, the region’s major tech and entrepreneurship gathering—and a founding member of startup advocacy group Capital Entrepreneurs.
Mark Bakken The Milwaukee native behind Goliath Networks (No. 97 on the 2001 Inc. 5000) and Nordic Consulting is now managing partner of HealthX Ventures, and a major player in bringing early funding to Madison’s promising health care founders.