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UMC Health System Partners with Omnicell for Advanced Services Solutions to Streamline Medication Management and Enhance Clinical and Operational Outcomes
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Omnicell, a leader in medication management, has entered a 10-year agreement with UMC Health System in Lubbock, Texas, to implement its cloud-based solutions for pharmacy automation and patient engagement. This partnership aims to enhance operational efficiency and patient safety through advanced pharmacy technology.
With UMC's significant demand increase and high uninsured rates in Texas, the solutions are expected to improve health outcomes in underserved communities.
Omnicell's Autonomous Pharmacy vision will drive performance and allow clinicians to focus more on patient care.
Positive
10-year sole source agreement with UMC Health System enhances long-term revenue prospects.
Implementation of cloud-based solutions improving operational efficiency and patient safety.
Alignment with UMC's goal of expanding community pharmacy services through 340B program.
Negative
Risks associated with competition in medication management automation solutions market.
Potential uncertainties from transitioning to subscription-based revenue model.
Combination of cloud-based technology, 340B program management, and EnlivenHealth® patient engagement solutions will drive key initiatives for Texas-based health system
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--
Omnicell, Inc. (Nasdaq: OMCL), a leading provider of medication management and adherence tools for health systems and pharmacies, today announced that UMC Health System (“UMC”) in Lubbock, Texas, has selected Omnicell’s comprehensive portfolio of Advanced Services solutions to support key pharmacy initiatives, including acute care, outpatient, retail, and 340B program strategies.
UMC has signed a 10-year sole source agreement for Omnicell’s cloud-based portfolio of solutions, including central pharmacy automation and point of care dispensing systems. The partnership is also expected to support UMC’s goals of expanding community pharmacy services through opportunities with Omnicell’s 340B services and EnlivenHealth’s patient engagement solutions, helping UMC to drive operational efficiency across its continuum of care. More importantly, these solutions will empower pharmacy staff and clinicians to focus on higher value tasks that support patient safety.
As a public hospital with a 40-year tenure supporting the Lubbock community, UMC has experienced an increase in demand for its services. According to U.S. Census data, Texas has one of the highest uninsured population rates – at 18.4 percent in 2019, nearly double the national average.1 Programs like the federal 340B Drug Pricing Program and technology-enabled patient engagement solutions are intended to help improve health outcomes for these underserved communities.
“At UMC, our top priority is patient safety and ensuring healthy outcomes for our community,” said John Lowe, vice president of Support Services at UMC Health System. “Partnering with Omnicell, we are building an advanced pharmacy technology strategy that aligns with our vision to streamline and advance the pharmacy and nursing practice across our system. Most importantly, we are laying a technology foundation that will enable the best patient care.”
UMC has embraced the industry-defined vision of the Autonomous Pharmacy, a roadmap designed to develop a zero-error, fully automated medication management infrastructure. Through automation, intelligence, and expert services, the Autonomous Pharmacy is expected to drive performance and outcomes, and empower clinicians to shift their focus from manual administrative functions to patient support needs.
“As medication management becomes more complex, we believe health systems need end-to-end, cloud-based solutions that will allow them to work smarter, while supporting safe, efficient pharmacy care,” said Scott Seidelmann, executive vice president and chief commercial officer at Omnicell. “We’re confident that Omnicell’s partnership with UMC will provide comprehensive solutions that bridge acute and ambulatory care to help enhance performance and that are designed to deliver the highest levels of patient safety across the health system.”
Learn more about Omnicell’s innovative approach to empowering clinicians through medication management at omnicell.com.
About UMC
UMC Health System is a national award-winning health system comprised of over 4,600 team members and more than 30 care locations. We are proud to partner with Texas Tech University Health Sciences Center to provide the best care to West Texas and Eastern New Mexico. Whether you are managing a chronic condition, dealing with an unexpected illness, or simply working to stay healthy, we are passionate about getting you well and helping you stay that way. At UMC, Our Passion is You.
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. Healthcare facilities worldwide use Omnicell automation and analytics solutions to help increase operational efficiency, reduce medication errors, deliver actionable intelligence, and improve patient safety. 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 omnicell.com.
OMNICELL, the Omnicell logo, and ENLIVENHEALTH are registered trademarks of Omnicell, Inc. or one of its subsidiaries.
Forward-Looking Statements
Certain statements contained in this press release relate to future plans and expected benefits and objectives regarding Omnicell’s products and services, including expectations regarding Omnicell’s cloud-based central pharmacy automation and point of care dispensing systems, its comprehensive portfolio of Advanced Services, Omnicell’s 340B program management services, and EnlivenHealth’s SaaS-based patient engagement solutions, as well as the transformation of the pharmacy care delivery model to the industry-defined vision of the Autonomous Pharmacy (and any implied financial impact in connection with the foregoing). 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 some of which are beyond our control. These risks and uncertainties include, among other things, (i) risks related to the ongoing COVID-19 pandemic (including new variants of the virus), (ii) Omnicell’s ability to take advantage of growth opportunities and develop and commercialize new solutions and enhance existing solutions, (iii) continued and increased competition from current and future competitors in the medication management automation solutions market and the medication adherence solutions market, (iv) unfavorable general economic and market conditions or reduction in demand for our solutions, (v) risks related to Omnicell’s investments in new business strategies or initiatives, including its transition to selling more products and services on a subscription basis, and its ability to acquire companies, businesses, or technologies and successfully integrate such acquisitions, (vi) any disruption in Omnicell’s information technology systems and breaches of data security or cyber-attacks on its systems or solutions, (vii) Omnicell’s ability to protect its intellectual property, (viii) Omnicell’s ability to meet the demands of, or maintain relationships with, its institutional, retail, and specialty pharmacy customers, (ix) risks related to the availability and sources of raw materials and components or price fluctuations, shortages, or interruptions of supply, (x) Omnicell’s dependence on a limited number of suppliers for certain components, equipment, and raw materials, as well as technologies provided by third-party vendors, and (xi) other risks and uncertainties further described in the “Risk Factors” section of Omnicell’s most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as in Omnicell’s other reports filed with or furnished to the United States Securities and Exchange Commission (“SEC”), available at www.sec.gov. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others 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 assumes no obligation to update any such statements publicly, or to update the reasons actual results could differ materially from those expressed or implied in any forward-looking statements, whether as a result of changed circumstances, new information, future events, or otherwise, except as required by law.
