[04/03/08]
RadarFind, a health care information technology company offering a Real Time Location System (RTLS) for tracking medical equipment and patients, is swiftly gaining momentum since their initial product launch in May 2007, signing with six hospitals over the past nine months.
The RadarFind RTLS, developed by health care professionals for hospitals, is an asset tracking system designed to help hospital staff more quickly locate critical patient care equipment.
RadarFind is also the only RTLS to provide valuable, accurate information about a device's status (in use, available, or needs cleaning) and location history, which can assist a hospital's infection control and surveillance. RadarFind tracks location and status throughout the entire hospital, differentiating itself from competitors whose solutions often focus on a particular section, such as an emergency room.
After serving as a test site in 2006, Wayne Memorial Hospital in Goldsboro , N.C. was the first hospital in the nation to fully implement the RadarFind RTLS in May 2007. Over the next nine months, RadarFind signed contracts with an additional five hospitals:
Halifax Regional Medical Center in Roanoke Rapids, N.C.
Our Lady of Lourdes Medical Center (Catholic Health East) in Camden , N.J.
Southeastern Regional Medical Center in Lumberton , N.C.
The Women's Hospital (Moses Cone Health System) in Greensboro , N.C.
WakeMed Cary Hospital (WakeMed Health & Hospitals) in Cary , N.C.
WakeMed Cary Hospital will be implementing the RadarFind system while also serving as a research and development partner for the RadarFind engineers to further advance the company's industry leading technology platform.
RadarFind offers affordable installation when compared with other systems, without the hidden costs and operational disruption associated with additional wiring. Readers that communicate with asset tags simply plug into existing hospital-grade electrical outlets.
The ability to find equipment quickly enables doctors and nurses to spend more time with patients and improves patient care. By more effectively managing their inventory of equipment, hospitals also realize a rapid return on investment. For example, less than a year after installing the beta-test version of the RadarFind system, Wayne Memorial Hospital, a 316-bed facility, was able to reduce equipment purchases by more than $300,000--the approximate purchase cost of the system.
Demand Grows Nationwide for RTLS in Health Care
A recent study by the research firm IDTechEx, "RFID in Healthcare 2006-2016," confirms what is increasingly clear: the demand for RFID systems in healthcare, notably RTLS, is poised for significant growth. According to the study, the RFID market in 2006 was $90 million, but will grow to $2.1 billion by 2016. The growth will be primarily attributed to an increased adoption of RTLSs in hospitals and more items being tagged and tracked.
"Hospitals across the country are recognizing RadarFind as the solution to help them better care for patients, make the best use of their staff and help address the constant financial pressures they face," said RadarFind Chief Executive Officer Terry Kane, M.D. "We are proud of our first year and are already responding to greater awareness and interest from additional hospitals and hospital systems."
Originally based in Research Triangle Park when founded in 2003, RadarFind moved to new headquarters at the Gateway Center in Morrisville , N.C. in January 2008. The 6,500 square foot offices enabled RadarFind to create a new engineering lab and provide expanded space for their growing team. RadarFind presently has 25 employees in North Carolina and Pennsylvania .
"Hospitals are increasingly turning to RFID as an effective time and money saving solution," said Louis Bianchin, senior analyst for Venture Development Corporation. "The RadarFind Real Time Location System has a demonstrated ROI, a hospital-focused design that integrates seamlessly with the existing hospital's infrastructure, and is a simple and elegant solution which could be of value to most hospitals.
About RadarFind Corporation
RadarFind Corporation, a health care technology company, offers a unique, patented Real Time Location System that uses a platform technology for tracking medical equipment and patients. Specifically designed for hospitals by health care professionals, the RadarFind RTLS system seamlessly integrates with existing hospital infrastructure and operations, while functioning independently of a hospital's critical WiFi network. RadarFind is headquartered in the greater Raleigh-Durham , N.C. area. For more information please call (919) 228-2100 or visit www.radarfind.com.
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