Confronting Inadequate, Unsafe Methods of Medication Tracking in U.S. Hospitals—Gordon Krass—IntelliGuard
Finding Genius Podcast
Richard Jacobs
4.4 • 1K Ratings
🗓️ 26 March 2020
⏱️ 26 minutes
🧾️ Download transcript
Summary
Gordon Krass, CEO of IntelliGuard, discusses how the late-stage startup company is making the medication supply chain within U.S. hospitals safer and more efficient.
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new procedures, and advanced imaging technology, the infrastructure that's responsible for running hospitals is outdated, relying far too heavily on paper-based documentation and human interaction.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.
Press play for all the details. For more info, visit https://ig.solutions/.
Transcript
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| 0:25.7 | cancer, stem cells, ketogenic diets, and more. Here come the geniuses. This is the Finding Genius |
| 0:32.1 | podcast that Richard Jacobs. This is the Finding Genius Podcast. |
| 0:33.0 | That is Richard Jacobs. |
| 0:35.0 | Hello, this is Richard Jacobs with the Finding Genius Podcast. |
| 0:41.0 | I have Gordon Kress. |
| 0:42.0 | He's the CEO of a company called Intelligard. |
| 0:45.3 | We're going to be talking about clinical inventory management, intelligence |
| 0:50.5 | solutions, and distribution. We'll get into what that means shortly, but |
| 0:54.8 | Warden, thanks for coming. How you doing? I'm doing fine. Thank you for having me. |
| 0:59.1 | Yeah, tell me if you what briefly. What's the premise of Intelligard you guys do? |
| 1:03.0 | Sure, we're a late stage startup company. |
| 1:06.0 | We use RFID technology software and data analytics to really improve the supply chain of medications within hospital and ultimately make |
| 1:16.1 | for a much safer patient orientation. |
| 1:19.5 | So we're looking at patient safety, we're looking at efficiencies. We're looking for improved outcomes. |
| 1:24.7 | What happens with the medication distribution right now is it that they run out |
| 1:30.2 | because no one's tracking them or do they give the wrong medication to a |
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