PAR Excellence Systems has acquired NotiSphere, which provides medical inventory recall notice tracking services to healthcare providers.
This move is set to improve healthcare organisations’ abilities to improve the quality of care and achieve savings in supply and labour costs, leveraging automated inventory management solutions.
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The integration of NotiSphere’s recall services with PAR’s inventory management solutions portfolio is expected to deliver supply chain integrity and cost management solutions. This is anticipated to drive digital transformation within the hospital inventory management market.
PAR CEO Thad MacKrell said: “This partnership marks a significant step forward in our mission to empower healthcare organisations with tools that optimise operations and ensure improved allocation of resourcing toward patient care.”
With NotiSphere’s core product, healthcare providers and medical device manufacturers will be able to enhance patient safety by introducing transparency to the complex recall process.
The company’s approach ensures that only providers with the recalled product are notified, streamlining operations and substantially reducing costs.
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By GlobalDataNotiSphere’s system enables healthcare providers and manufacturers to reduce the time taken to receive and accept recall notices by 95%, decrease the response time to manufacturers regarding recall status by 80%, and reduce false recall notices by 90%.
In the US alone, more than 400 million medical product units are recalled annually.
The current communication systems for product recalls in health systems are often outdated and inefficient, leading to unnecessary delays, increased labour costs, and risks to patient safety.
Hospitals are inundated with notices for all recalled products, even those they have not purchased, which exacerbates the issue.
NotiSphere founder and CEO Guillermo Ramas said: “This acquisition will empower providers and manufacturers alike, leveraging PAR Excellence’s extensive reach and expertise to drive adoption of our recall management platform at scale.”
Legal advisory services for the acquisition were provided by Paul, Weiss, Rifkind, and Wharton & Garrison to PAR Excellence while Stubbs Alderton & Markiles advised NotiSphere.
