MOUNTAIN VIEW, Calif., Jan. 25, 2011 /PRNewswire/ -- Based on its recent analysis of the medical device workflow solutions market, Frost & Sullivan recognizes WaveMark, Inc. with the 2010 North American Customer Value Enhancement of the Year Award.
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WaveMark's RFID-based technology allows hospitals to automatically track each individual product received from suppliers without burdening the frontline caregivers with regular cycle counts and other manual processes.
"Hospital customers of the WaveMark solution have reported annual cost savings between $50,000 and $300,000, in addition to the increase in quality of patient care, operational efficiency, and number of patients treated," 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 frontline caregivers."
By having access to updated data in real time, hospitals can accurately track an individual product including its lot/serial and even PO number, audit medical billing, and ensure patients receive correct and non-expired products. Also, with web-based reporting, hospital purchasing departments have immediate cost information without having to involve multiple internal departments to run time-consuming calculations.
"In addition, write-offs that result from devices expiring are minimized or eliminated by automated reminders prior to expiration," remarks Rajan. "These benefits ultimately lead to both reduced healthcare costs and improved quality of patient care."
The introduction of interfaces to hospital materials management systems, hospital billing systems, and clinical documentation systems creates more value for users because of the reduced workload and errors resulting from automated input of critical information for ordering, billing and documentation.
"WaveMark Clinical Inventory Management Solution (CIMS) provides an error-free alternative to manual tracking of inventory, and paves the way for follow-on enhancements to further increase the value of the product," states Rajan. "By bringing hospitals and medical device suppliers a solution that utilizes modern advancements in information and network technology, WaveMark is helping to pioneer a new class of software applications which integrates clinical, operational, and financial components to facilitate highly efficient patient-centered activities in critical clinical areas."
Further, by sharing information with medical device suppliers across this extended supply chain, WaveMark seeks to revolutionize how this supply chain operates by driving out distrust and replacing it with real-time visibility and collaboration.
"The company's solutions are well leveraged in cardiac catheterization labs, electrophysiology labs, interventional radiology labs, and operating rooms within hospitals, as well as ambulatory surgery centers," concludes Rajan. "WaveMark is well positioned to be an important player in the national push for lower healthcare costs and enhanced quality of care."
Each year, Frost & Sullivan presents this award to a company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving their customers' return on the investment. This award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and ultimately customer base expansion.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About WaveMark, Inc.
WaveMark, Inc. is dedicated to the improvement of the healthcare supply chain for all its participants. WaveMark specializes in solutions for the hospital, supplier, and ambulatory surgery center markets. The WaveMark product and service offerings use RFID-based technology, barcodes, and web-based software for proven strategic, operational, and financial improvements.
Since 2005, WaveMark has worked with specialty areas of the hospital and with medical device suppliers to eliminate the expensive waste that permeates the physician preference supply chain. Solutions by WaveMark range from off-the-shelf, easy to install cabinet-based and non-cabinet-based solutions to highly configured integration strategies for global supply chains of major medical device suppliers. WaveMark's hands-on experience with passive, 13.56 MHz RFID in settings throughout the healthcare supply chain make it the market-leader for tracking usage and inventory of high value products while providing intelligent decision tools for optimized financial results. For more details please visit http://www.wavemark.net or visit them in the RFID Pavilion at HIMSS, Feb. 21-24, 2011.
About Frost & Sullivan
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SOURCE Frost & Sullivan