The interview dives into an overview of IntelliGuard and how the company benefits supply chains in medical organizations. Gordon offers his thoughts on challenges with hospital infrastructure, the medication management space and the operating room, and how IntelliGuard works to address these issues. Gordon also touches on the issues with barcode scanning and counterfeit products entering the supply chain.
You will learn the following:
How inadequate tracking and tracing systems for medications and weak medical inventory control within U.S. hospitals is allowing for the clinical use of counterfeit, recalled, or expired drugs, as well as theft of controlled substances
How the automation of tracking and inventory offered by IntelliGuard will be providing a huge relief to pharmacists and anesthesiologists, and improving patient experiences
What a full rollout of this technology will look like, and what kind of feedback IntelliGuard is receiving from the 500 hospitals they already serve
With the use of radio-frequency identification (RFID) technology and data analytics, IntelliGuard has one ultimate goal in mind: maximizing positive healthcare outcomes for patients.
Krass explains that while hospitals in the U.S. today are on the cutting-edge of the clinical side of the business with the use of AI in surgeries, new procedures, and advanced imaging technology, the infrastructure that’s responsible for running hospitals is outdated, relying far too heavily on paper-based documentation and human interaction.
“People think the supply chain of medications is secure, the truth is it’s not,” says Krass, citing a 60 percent accuracy rate for inventory of critical medications used in surgeries and other complex procedures. This inadequacy is a dangerous one, leading to the administration of expired, recalled, incorrect, or counterfeit drugs.
Aside from labor, drugs and supplies are the highest cost items in hospitals, but despite this, hospitals don’t know where medications are or how much they have on hand at any given time. “Most businesses would not be in business if they operated in this way,” says Krass.
He continues by explaining the details of how IntelliGuard is working to address these issues, where some of the greatest weaknesses lie in the current system, and how IntelliGuard technologies will transform hospital infrastructure in the U.S. for the better.
Richard is the host of Future Tech and has interviewed 1,500+ companies to date. A few of Richard’s guests in the health care space include Nabriva, Visom Technology and SOPHiA Genetics. Additional guests include researchers, scientists and professors from the University of Montreal, MIT, Columbia University and University of Chicago. The FutureTech Health podcast was created in October 2016 and profiles companies in a variety of tech and science industries, including robotics, artificial intelligence, stem cells, 3d printing, gene editing, bitcoin, blockchain, the microbiome, quantum computing, virtual reality and exploring space.
To note, the podcast (formally known as FutureTech Health) published the interview under its main outlet, Finding Genius.