Press Release Summary:
CIMS(TM) (Clinical Business Intelligence and Real Time Inventory Management) solution lets healthcare administrators track, manage, and control cost of medical device inventory. Incorporating decision support tools, user-defined dashboard, and statistical algorithms, RFID-based system provides data needed to reduce inventory, eliminate expired products, and manage physician preference items. Inventory levels may be analyzed over time with tabular and graphic representations.
Original Press Release:
WaveMark® Unveils Next Generation Clinical Business Intelligence and Real Time Inventory Management Solution
Leveraging RFID technology to provide users the advanced decision support tools they need to control the costs of high-value medical devices
LITTLETON, Mass. -- WaveMark Inc., a global provider of realtime medical device inventory management solutions for hospitals and medical device manufacturers, unveils the 5th generation of its CIMS(TM) (Clinical Business Intelligence and Real Time Inventory Management)solution set. The newest version of CIMS, which incorporates powerful decision support tools, a user-defined dashboard and sophisticated statistical algorithms, allows healthcare administrators to track, manage and control the cost of medical device inventory to a level never before possible. Now users have the information they need to reduce inventory, eliminate expired products and actively manage physician preference items, guaranteeing product availability while also saving money.
WaveMark's CIMS solution uses RFID tags to track high value medical supplies such as stents, catheters or ICDs through receipt, storage and clinical use. The system captures individual device serial number, lot number, expiration date and PO number. When the clinician selects the device, the RFID tag identifies the device to CIMS, which associates the device with the patient, physician and room. CIMS improves patient safety by immediately notifying the clinician if the product has expired. And the RFID technology requires not manual data entry, allowing clinicians to focus on their patients and not inventory control.
"Hospital customers of the WaveMark solution have reported annual cost savings of $50,000 to $300,000," notes Frost & Sullivan Research Analyst, Venkat Rajan. "This solution allows for better management of consigned and purchased products, better understanding of the hospital's supply utilization and inventory needs, while also saving time and decreasing the workload burden of the front-line caregivers. These benefits ultimately lead to both reduced healthcare costs and improved quality of patient care."
"The new capabilities added to the CIMS system includes business intelligence features specifically requested by our users," says Carola Endicott, Vice President for Hospital Services are WaveMark. "These new capabilities will be especially useful in analyzing usage trends and costs. And the system can be integrated with other hospital systems including patient billing, EHRs and inventory management systems."
WaveMark's CIMS solution allows materials management to analyze inventory levels over time with both tabular and graphic representation of usage by supplier, physician, and product type. This information can be used during contract negotiations as a check on past device usage, expirations and waste. The system also provides guidelines for bulk buys by quantity and value, supporting adaptive product strategies.
About WaveMark, Inc.
WaveMark provides hospitals and medical device manufacturers with enterprise-wide real time inventory management and supply chain optimization solutions by leveraging cloud computing, mobile and RFID technologies. WaveMark interoperable solutions are deployed internationally to track medical devices, reduce healthcare costs and improve the quality of patient care.
For more information, please visit www.wavemark.net.