Lake Zurich, Illinois (PRWEB) August 19, 2013
Champion Medical Technologies, a privately held, medical software applications company dedicated to providing integrated medical device life cycle management for hospitals announced today that it has received a multi-million dollar investment from Jump Capital, a Chicago-based private investment firm. The funding will enable Champion to expand their sales force, customer support and development teams to service their growing customer base and continue to revolutionize the medical device tracking industry.
Champion was on Jump Capital’s radar after winning a Chicago Innovation Award for RecallConnect®, a service that automatically matches recalled medical devices (e.g. heart valves, hip/knee implants, stents, skin grafts) to actual hospital inventory as well as patients that have received them. On average there are more than 200 medical device recalls involving more than 10 million individual devices per quarter in the United States. RecallConnect® alerts hospitals if they have a recalled device and informs them of any affected patients or location of the product(s) in storage. The recall automation provided by RecallConnect® saves hospitals thousands of recall investigation hours and improves patient safety by increasing the speed in which a patient is notified of a recall.
“We are excited to partner with Jump Capital as we continue to build our inventory, recall management and data analytics services for hospitals across the country” announced Champion Medical Technologies CEO Peter Casady. “This investment will allow us to expand our sales and development teams to fulfill our important mission of reducing patient risk while improving efficiencies in healthcare.”
CEO, Peter Casady, spent years in the medical device industry before starting Champion Medical Technologies in 2006. After seeing first hand the difficulties hospitals had in tracking medical devices, specifically Joint Commission regulated tissue grafts, Champion conceived their first product, GraftTracker® (tissue tracking software). Since then the company has grown to include services like UDITracker® (implant tracking software) and RecallConnect® all of which integrate with their RFID-enabled swipe, grab and go!™ storage (cabinets, refrigerators or freezers).
"Champion's suite of innovative solutions uniquely positions the company to fulfill the growing market need for hospitals to improve patient safety and compliance while lowering operating costs” said Jump Capital Managing Director Michael McMahon. “We are thrilled to be a part of the Champion success story."
About Champion Medical Technologies
Champion Medical Technologies is a medical software applications company dedicated to providing integrated medical device life cycle management. Their programs and products are specifically designed to help their clients automate the management of their growing inventory of expensive medical products, including human tissue grafts, Orthopedic, and Cardiovascular Implants (e.g. heart valves, hip/knee implants, stents), while improving patient safety and ensuring Joint Commission and FDA compliance. Champion customers represent top hospital groups nationwide serving various departments including the OR, Cath Lab, Blood Bank, Wound Care and Risk Management. Their services include UDITracker® (implant tracking software), GraftTracker® (tissue tracking software) and RecallConnect® (recall management system) all of which integrate with their RFID-enabled swipe, grab and go!™ storage (cabinets, refrigerators or freezers). Champion Medical Technologies has saved its clients millions of dollars by improving their ability to reduce waste and provide efficient response to device recalls to increase patient safety and decrease liability to hospitals nationwide.
In 2012, Champion Medical Technologies was awarded a Chicago Innovation Award for their real-time recall matching system, RecallConnect®. With a focus on innovation, Champion will continue to revolutionize medical device life cycle management. For more information visit http://www.ChampionMT.com.
About Jump Capital
Jump Capital is a Chicago-based, private equity firm specializing in growth capital investments of $1-$25mm in the lower middle market. Jump's investment focus centers on opportunities in a broad set of technology-based, service businesses in healthcare, financial services, telecom and business support services. For more information visit http://www.JumpCapitalPartners.com.