As more than $450 billion is spent on prescription care annually and drug costs increase ten times faster than hospital revenue each year, a new way of doing business is needed and Randall Lipps, CEO of Omnicell, believes he has the answer.
“Radical change in pharmacy care delivery is needed to improve the system,” Lipps said. “As a pioneer in pharmacy automation, we understand the value that technology brings to medication management. And we’re on the path to the next transformation through the Autonomous Pharmacy.”
Omnicell’s Autonomous Pharmacy is purpose-built to provide a roadmap that delivers zero-error, fully automated medication management infrastructure that will help healthcare professionals focus on what’s important – their patients. The company recently showcased their industry-leading product line of comprehensive, customizable medication management solutions at the American Society of Health-System Pharmacists 2018 Midyear Meeting that occurred in early December. Their line of products includes Omnicell’s Performance Center Clinical and Diversion Insights and the XR2 Automated Central Pharmacy System.
Omnicell’s Performance Center will provide customers with integral insights into the impact of medication usage on the total cost of care. Using a cloud-based predictive intelligence platform, the system is designed to help reduce inventory spending, manage shortage and expiration risk as well as workflow standardization across the health system.
The XR2 Automated Central Pharmacy System is designed to automate medication stock management. It reduces prescription human error to zero through the use of barcode scanning technology. The system also optimizes drug oversight with more than 99 percent medication distribution efficiency and over 20 percent faster turnover of medication inventory.
“Medication is the largest line item in our operating expenses and the fastest growing. Complications like shortages, high drug prices and complicated electronic records make managing medications a challenge,” said Rick Couldry, Vice President of Pharmacy and Clinical Professions, The University of Kansas Hospital. “Health systems need partners like Omnicell who are providing a digital transformation of medication management.”
Omnicell was founded in 1992 by Randall Lipps who, after his daughter was hospitalized at birth, realized that inefficiencies in the medical system prevented nursing staff from spending more time with her. Lipps built his company on the idea that applying automation to the health industry will help improve clinical care. Since its establishment, it has grown into a provider of award-winning solutions to over 4,000 hospitals worldwide and has been a publicly traded company since 2003.