TECSYS Launches New Innovation in Healthcare; Delivers Astounding Results to Hospitals' Point-of-Use
AHRMM11 Annual Conference & Exhibition, August 8, 2011 — TECSYS Inc. (TSX: TCS) an industry-leading supply chain management software company, announced today TECSYS' Supply Management System (SMS), a breakthrough, clinical staff-friendly solution that addresses the just-in-time needs of the clinical supply chain at point-of-use. It provides clear visibility and accessibility of supplies anywhere in a hospital or an Integrated Delivery Network (IDN), it also automates replenishment based on real consumption, captures item usage for patient billing while significantly reducing cost as well as cash tied-up in inventory.
"We just went live on TECSYS' SMS and this system will enable Parkview to capture patient chargeable items that were, for the most, expensed before. For Parkview, the potential gross revenue for expensed items per year could exceed $17 million. In the past many of these items were simply not captured and shared with the finance area. With TECSYS' SMS we will turn these expenses into revenue. Furthermore it has enabled us to reduce manual work by 50% and has empowered us to minimize obsolescence with anticipated savings of $8 million annually; these are very substantial, particularly for a financially strained industry," stated Donna Van Vlerah, Vice President, Supply Chain at Parkview Health.
An industry first, TECSYS' SMS, brings optimum ease-of-use to a clinical setting; it uses touch-screen technology to facilitate ease of access to information with the least amount of intervention. It dramatically cuts cost, relieves clinicians from the drudgery of inventory management chores and enables them to access supplies quickly and easily from anywhere in a hospital network. Product and usage information are captured via barcode and stored in the TECSYS system, enabling purchasing organizations to track usage, re-order to minimums and plan the demand accordingly, virtually eliminating all stock outs.
"Today's hospitals face daily challenges of volatile customer demand, diverse patient care processes, a complex payment structure, a cumbersome and expensive supply chain infrastructure spanning geographically dispersed facilities. In a point-of-use setting, where it matters the most, manual processes are significantly compromising clinical initiatives every day; wasting valuable clinician's time as well as substantial dollars in expired products and in unofficial and unaccounted for supplies across hospital floors. We have envisioned a clinical staff-friendly supply chain solution that empowers them to deliver quality care, with the least amount of intervention and at the lowest possible cost. TECSYS' SMS is a quantum leap forward that meets these challenges head-on and enables hospitals and clinics to become significantly more efficient at point-of-use, freeing up clinical staff to focus on patient care. That is what we mean by innovation at point-of-use," commented Robert Colosino, Vice President, Marketing & Business Development, TECSYS Inc.
For more information about TECSYS' SMS, click here.
VIDEO: A Day in the Life of Parkview North Hospital
About TECSYS and Healthcare
For over fifteen years, TECSYS has been providing distribution and warehouse management solutions to the healthcare industry; these include Fortune 100 manufacturers and distributors, as well as a number of IDNs (Integrated Delivery Networks) and third-party logistics providers in Canada and the United States.
The Company's product suite for healthcare effectively streamlines business processes that cut across functional areas and consolidates fragmented operations, often replacing multiple legacy systems. As a totally integrated solution suite, TECSYS' supply chain execution solutions for healthcare speed up the flow of business activity across the enterprise, consolidates information, manages inventory, drives dramatic cost savings, and delivers superior customer service.
TECSYS is a leading supply chain management software provider that delivers powerful enterprise distribution, warehouse and transportation logistics software solutions. The company's customers include over 600 mid-size and Fortune 1000 corporations in healthcare, heavy equipment, third-party logistics, and general wholesale high-volume distribution industries. TECSYS' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.
TECSYS' integrated suite of supply chain execution applications are warehouse-centric and its warehouse management software is complemented by distribution management software, transportation management software and business intelligence solutions that enable customers to seamlessly execute order-to-cash and purchase-to-pay processes without barriers.
The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that TECSYS Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of TECSYS Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with TECSYS Inc.'s business can be found in the MD&A section of the Company's annual report and annual information form for the fiscal year ended April 30th, 2013. These documents have been filed with the Canadian securities commissions and are available on this Web site and on SEDAR.
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