“Enabling healthcare organizations to track and prevent the diversion of controlled substances has been a top priority for us for many years, but we know that high-value, non-controlled substances are also a major risk factor and can significantly impact hospital finances.”
ATLANTA (PRWEB) November 11, 2021
Invistics, the leading provider of advanced inventory visibility and analytics software, today announced that hospitals and health systems will be able to use its software to track both controlled and non-controlled substances. The addition of non-controlled substances will help healthcare organizations prevent the diversion of high-value drugs including medications that treat cancer, HIV, and other serious illnesses.
“Enabling healthcare organizations to track and prevent the diversion of controlled substances has been a top priority for us for many years, but we know that high-value, non-controlled substances are also a major risk factor and can significantly impact hospital finances,” said Tom Knight, CEO of Invistics. “With the cost of prescription drugs continuing to increase, hospitals can’t afford the loss of expensive medications. We’re taking active steps in reducing that loss with the help of our machine learning software.”
The theft of high-value, non-narcotic drugs is harder to detect because the drugs are not controlled substances. Additionally, a recent survey conducted by Porter Research and commissioned by Invistics found that 47% of healthcare executives felt that staffing changes due to COVID-19 made it more challenging to prevent drug diversion.
“Hospitals and health systems looking to reduce financial loss should seriously consider improving their drug diversion programs to better detect diversion of all drugs, including both controlled and non-controlled substances,” said Russ Nix, founder of Aegis RX. “We’re seeing more people with financial motivations to steal drugs — due to financial pressure experienced as a result of the COVID-19 pandemic, the increasing costs of healthcare, or something else. Hospitals don’t have to accept the loss, they can take steps to detect and prevent theft of these high-value drugs.”
Invistics is the leading provider of cloud-based software solutions for healthcare inventory visibility, providing advanced analytics and actionable insights for hospitals and health systems who want to detect and prevent drug diversion. Invistics’ solution, called Flowlytics®, tracks the movement of drugs across the complex supply chain – from the time they are shipped from the wholesaler to a healthcare facility, then each time drugs are moved throughout the hospital and administered to patients. Atlanta-based Invistics Corporation also provides inventory visibility for manufacturers, distributors, re-packagers and controlled substance registrants, helping to reduce inventory costs and compliance risks within a single facility or across the extended enterprise. Please note any research reported for publication was supported by the National Institute on Drug Abuse of the National Institutes of Health under Award Number R44DA044083. Content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health. To learn more, visit https://www.invistics.com.