Omnicell, Inc. (OMCL), a leading developer and marketer of end-to-end automation solutions for the medication-use process, recently announced that the University of Chicago Medical Center (UCMC) will deploy its solutions for developing a decentralized drug dispensing model.
The solutions include Omnicell Inventory Management Carousels with WorkflowRx software for comprehensive medication inventory management and Omnicell automated dispensing systems like OmniRx G4 Automated medication Dispensing Cabinets, SinglePointe, Anywhere RN, which will streamline pharmacy and nursing workflow efficiency.
In May 2011, the company launched its new G4 platform, which consists of next-generation software and hardware. It is a single database that empowers the company’s automated dispensing cabinet systems.
Omnicell expects this platform to be the backbone of all its products and enhance the company’s medication management system and curtail administrative errors and inefficiencies that can harm patients. This platform also supports a decentralized drug dispensing model that puts medication stock for first doses and other scheduled doses close to the end users.
With the growing need for more efficient medication administration, the 532-bed UCMC chose Omnicell solutions as it estimates that implementing an integrated decentralized pharmacy practice model will result in reallocating 22,000 annual nursing hours in patient care and reducing time spent in locating medications.
Omnicell stands to benefit from favorable demographic trends, regulatory environments and a lack of nursing staff. As the information technology market is growing in leaps and bounds coupled with increasing investment from healthcare industries, Omnicell is confident about its success in the near to medium term, specially aided by its SinglePointe and Anywhere RN products.
Currently, an increasing number of institutions are planning to switch over to the automated mode by procuring medication and supply solutions to address the shortage of nursing facilities in the US. Apart from the UCMC contract, Omnicell entered into several other partnerships to expand its business in 2010, including Wellmont Health System. Furthermore, recently OmniRx and SecureVault system were also selected by Sentara Healthcare and Deaconess Health System. The company also entered into a partnership with Cardinal Health (CAH) to support the CardinalASSIST automatic replenishment program.
However, constrained hospital spending remains a prime concern for the company. Moreover, the company faces intense competition in the medication management and supply chain solutions market from major players such as CareFusion Corporation (CFN) and McKesson Automation (MCK).
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