WVU Medicine Selects Omnicell One Intelligence Solution to Drive Better Pharmacy Inventory Management, Optimize Costs, and Support Better Patient Care
Omnicell (Nasdaq:OMCL) has secured a 10-year sole source agreement renewal with WVU Medicine to enhance pharmacy supply chain management using Omnicell One™, its cloud-based medication inventory platform. This partnership aims to improve pharmacy operations by reducing medication waste and enhancing productivity through advanced analytics. With an estimated $800 million wasted due to expired medications, the new agreement promises to address these inefficiencies. Nearly half of the Top 300 U.S. health systems are collaborating with Omnicell, advancing towards the Autonomous Pharmacy model for better medication management.
- Renewed 10-year agreement with WVU Medicine enhances revenue stability.
- Leverage of Omnicell One™ technology aims to reduce medication waste, improving operational efficiency.
- Partnership aligns with nearly 50% of top U.S. health systems seeking Autonomous Pharmacy solutions.
- Significant revenue losses of $800 million attributed to expired medications indicate ongoing challenges in inventory management.
Omnicell, Inc. (Nasdaq:OMCL), a leading provider of medication management solutions and adherence tools for health systems and pharmacies, today announced that WVU Medicine has expanded their partnership with Omnicell through a 10-year, sole source agreement renewal, with plans to leverage the Company’s industry-leading medication inventory management platform to improve pharmacy supply chain management across the West Virginia-based health network.
Central to the new partnership is the addition of Omnicell One™, a technology-enabled service delivered through the cloud that provides enterprise optimization for medication spend, reduction in medication waste, improvement in pharmacy labor productivity, focus on patient safety, and insights into potential diversion activity, within an entire health system. Through machine learning and advanced analytics, pharmacy leaders have access to enhanced visibility and insights to help make decisions to support getting the right medication to the right patient at the right time.
The clinical, financial, and administrative impact of complex, outdated inventory approaches are a significant challenge for today’s health system pharmacy, with an estimated
“Following our extensive evaluation of medication management solutions, we’re excited about the opportunities that Omnicell brings to help us standardize pharmacy supply chain across our entire health system,” said Todd Karpinski, WVU Medicine chief pharmacy officer. “The enterprise inventory capabilities, cabinet optimization, advanced AI and algorithms, and services support will lead to a more data-driven pharmacy operation that meets our clinical and operational goals.”
Nearly 50 percent of Top 300 U.S. health systems2 are partnering with Omnicell on the journey to the Autonomous Pharmacy, a roadmap to develop a zero-error, fully automated medication management infrastructure. Leveraging automation, intelligence, and technology-enabled services, the Autonomous Pharmacy will empower pharmacists, nurses, clinicians, and pharmacy staff to focus on patient and clinician satisfaction.
“At Omnicell, we’ve seen the power of leveraging data across the medication management continuum to dramatically improve pharmacy operations,” said Scott Seidelmann, executive vice president and chief commercial officer. “Omnicell One is designed to provide the predictive and prescriptive analytics to improve supply chain visibility, understand optimization insights, and deliver the workflow tools to drive results.”
About WVU Medicine
The West Virginia University Health System, which operates under the brand “WVU Medicine,” is both West Virginia’s largest health system and largest private employer. Comprised of 13 owned hospitals, including its 700-bed flagship academic medical center in Morgantown, WVU Health System also provides management services to several community-based hospitals and clinics across a four-state region that includes West Virginia, Pennsylvania, Ohio, and Maryland. The academic health system also includes a children’s hospital – WVU Medicine Children’s – and five institutes – the WVU Cancer Institute, the WVU Critical Care and Trauma Institute, the WVU Eye Institute, the WVU Heart and Vascular Institute, and the WVU Rockefeller Neuroscience Institute. For more information, visit WVUMedicine.org.
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 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.
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1 Allen M. The myth of drug expiration dates. ProPublica. July 18, 2017. https://www.propublica.org/article/the-myth-of-drug-expiration-dates
2As defined by Definitive Healthcare
View source version on businesswire.com: https://www.businesswire.com/news/home/20210126006067/en/
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