Omnicell Announces Latest Advancements in Automation, Intelligence, and Technology-Enabled Services with Summer 2021 Release

Rhea-AI Summary

Omnicell, Inc. (Nasdaq:OMCL) announced its Summer 2021 Release, enhancing its medication management solutions to improve efficiency, expand automation, and provide better intelligence for healthcare workflows. Key features include improved operating room workflows, decentralized IV compounding, enhanced controlled substance management, and advanced inventory optimization through Omnicell One. This release aims to help healthcare partners maximize technology investments and leverage cloud technology for better scalability. The effort aligns with Omnicell's goal of progressing towards an Autonomous Pharmacy.

Positive

• Launch of Summer 2021 Release, enhancing medication management solutions for improved efficiency.
• New features for operating room workflows, enhancing clinician satisfaction and patient safety.
• Decentralized IV compounding capabilities for increased compounding efficiency.
• Partnership with Fresenius Kabi for Controlled Substance Dispenser, improving inventory management.
• Omnicell One enhanced for better inventory optimization, potentially reducing labor costs.

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• None.

Omnicell, Inc. (Nasdaq:OMCL), a leading provider of medication management solutions and adherence tools for health systems and pharmacies, today announced its latest enhancements to the Company’s industry-leading portfolio of medication management solutions. The Summer 2021 Release is designed to deliver greater process efficiency, expand automation to support medication workflows, and provide greater intelligence for workflow optimization. The release also provides greater platform deployment options, offering customers more flexibility and improving time to value for strategic initiatives.

Medication management continues to be one of the biggest challenges in healthcare today, with overall pharmaceutical expenditures in the United States reaching a total of $535.3 billion in 2020.¹ With the Summer 2021 Release, Omnicell is further optimizing the advanced hardware, software, and technology-enabled services that support the progression toward the Autonomous Pharmacy, a roadmap designed to develop a zero-error, fully automated medication management infrastructure.

Generally available today, the Summer 2021 Release will help our healthcare partners realize the maximum value for their technology investment faster through:

Improved Workflow Efficiency

The U.S. healthcare system employs over 4.2 million healthcare practitioner, technical, and support personnel, with double-digit growth and shortages forecast in nearly all positions.² The Summer 2021 Release includes enhancements designed to improve medication management workflows and patient safety, allowing clinicians to provide greater patient care and reduce job-related stress and burnout. These include:

• Expanded capabilities within operating room (OR) and perioperative settings, to simplify anesthesiologist workflows, improve inventory visibility, provide data insights, and overall improve staff satisfaction and patient safety. New closed-loop interoperability between XT Anesthesia Workstation™ and the electronic health record, beginning with Epic, to support intuitive reconciliation processes that facilitate greater waste compliance.

• Omnicell’s IVX Workflow, an IV compounding workflow system used in the central pharmacy, now supports decentralized compounding, enabling an alternative way to compound new orders. Technicians simply scan the pharmacy information system (PIS) label at the device to begin compounding. This feature and other enhancements included in this release will help accelerate implementations and increase the number of compounded sterile preparations produced through IVX Workflow.

Expanded Automation Within Workflows

Controlled substance management remains a significant challenge in the U.S. healthcare system. More than 148 million doses of medicine were lost in 2019, compromising both patient and workforce safety.³ New enhancements to Omnicell’s Controlled Substance Dispenser (CSD) delivered in the Summer 2021 Release are designed to provide customers more flexibility with their medication supply chain and enhance controlled substance management initiatives.

Through a new partnership with Fresenius Kabi, a new Controlled Substance Dispenser cassette will be designed specifically for Simplist^® MicroVault^® 1 and 2 mL prefilled syringes, enabling single dose dispensing of these widely used syringes. The Controlled Substance Dispenser helps to better manage inventory, reduce the chance of diversion, and save nursing time.

Enhanced Intelligence

It is estimated that drug shortages are costing facilities at least $359 million per year in additional spend on labor alone.⁴ With the Summer 2021 Release, Omnicell One™, a technology-enabled service delivered through the cloud, has expanded inventory optimization through new enhancements designed to streamline operations, including:

• Intra-system Stockout Dashboards featuring easy-to-read dashboards that show the medications and locations that are frequently stocked out or at risk of stock out to help prevent future shortages.

• Industry-sourced COVID-19 Lists to help better manage and track critical medications used in the treatment of COVID-19; also available through Omnicell Essentials.

• Cabinet Benchmarking, including safety standards identified by ISMP and other Omnicell practices standards, eliminating the need to manually select certain cabinet configuration settings.

Platform Flexibility

By 2024, 45 percent of IT spend is expected to shift to cloud-based initiatives, including system infrastructure, infrastructure software, application software, and business process outsourcing.⁵ Adopting cloud technology is the first step in the process for Pharmacy and IT to better align on business objectives and open new doors for data-driven improvement.

With the Summer 2021 Release, health system leaders now have the option to elevate their pharmacy operations with greater scalability through Cloud-Hosted OmniCenter^®. This new platform flexibility will allow health system pharmacies to securely access data, reduce IT burden, forecast predictable monthly costs, deliver a seamless user experience, and provide better space optimization.

As Omnicell continues to accelerate digital pharmacy transformations, the need for strong partnerships to ensure organizational readiness, drive solution adoption and ensure ongoing customer success has become evident.

“Our commitment to providing a superior customer experience means understanding where customers are at in their journey to the Autonomous Pharmacy,” said Denise Cox, senior vice president and chief customer officer at Omnicell. “With Summer 2021, we have renewed focus on providing the expertise and guidance to help health systems navigate the complexities of integrating innovative solutions, and deliver the structured approach needed—from strategy to execution to ongoing success—to enable healthcare providers to manage costs, improve quality, and increase human efficiency across the continuum of care.”

Learn more about the latest innovation included in Omnicell’s Summer 2021 Release here.

About Omnicell

Since 1992, Omnicell has been committed to transforming the pharmacy care delivery model to dramatically improve outcomes and lower costs. Through the vision of the autonomous pharmacy, a combination of automation, intelligence, and technology-enabled services, powered by a cloud data platform, Omnicell supports more efficient ways to manage medications across all care settings. Over 7,000 healthcare facilities worldwide use Omnicell automation and analytics solutions to help increase operational efficiency, reduce medication errors, deliver actionable intelligence, and improve patient safety. More than 50,000 institutional and retail pharmacies across North America and the United Kingdom leverage Omnicell's innovative medication adherence and population health solutions to improve patient engagement and adherence to prescriptions, helping to reduce costly hospital readmissions. To learn more, visit www.omnicell.com.

OMNICELL and OMNICENTER are registered trademarks and the Omnicell logo and Omnicell One are trademarks of Omnicell, Inc. All other trademarks are property of respective third-party partners.

Forward-Looking Statements

Certain statements contained in this press release relate to future plans and objectives regarding Omnicell’s products and services. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results and other events may differ significantly from those contemplated by forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, those described in the Risk Factors section of Omnicell’s most recent annual report on Form 10-K and in the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements should be considered in light of these risks and uncertainties. Investors are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. Omnicell undertakes no obligation to update such statements, whether as a result of changed circumstances, new information, future events, or otherwise, except as required by law.

OMCL-G

¹Tichy EM, et al. Am J Health-Syst Pharm online. April 2021

²aha-trendwatch-hospital-and-health-system-workforce-strategic-planning_Jan2020.pdf

³https://www.protenus.com/resources/183m-lost-due-to-healthcare-workforce-diverting-drugs-from-patient-care-in-2019

⁴Drug_Shortages_Labor_Cost_Report_Vizient.pdf

⁵https://www.gartner.com/smarterwithgartner/cloud-shift-impacts-all-it-markets/

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FAQ

What is the significance of Omnicell's Summer 2021 Release for stock symbol OMCL?

The Summer 2021 Release enhances Omnicell's medication management solutions, aiming to improve efficiency and customer value, which could positively impact OMCL's stock performance.

How does Omnicell's Summer 2021 Release improve workflow efficiency?

The release includes advancements for operating room workflows, decentralized IV compounding, and better controlled substance management, designed to enhance operational efficiency in healthcare.

What new features are included in Omnicell's Summer 2021 Release?

The Summer 2021 Release features improved medication management workflows, expanded automation, new inventory optimization through Omnicell One, and platform flexibility.

How does Omnicell intend to achieve its goal of an Autonomous Pharmacy?

Omnicell plans to achieve an Autonomous Pharmacy through enhanced automation, better data management, and strategic partnerships as outlined in the Summer 2021 Release.