Based on its recent analysis of the healthcare real-time locating system (RTLS) market, Frost & Sullivan recognizes Versus Technology, Inc. with the 2009 North American Frost & Sullivan Technology Leadership of the Year Award for demonstrating technological superiority through its enterprise locating solution. This distinctive and intuitive technology combines infrared (IR) and active radio frequency identification (RFID) to identify the accurate location of staff, patients, and equipment and to passively automate clinical and patient workflows, ensuring patient safety in hospitals.
Dedicated to clinical RTLS for nearly two decades, Versus has established itself as the leader in real-time automation of process to positively transform workflow efficiencies at over 500 facilities worldwide. "The company's technology guarantees workflow optimization - a primary requirement in maximizing the operational efficiency of any healthcare organization," says Frost & Sullivan Research Analyst Raman Monga. "Its cost-effective solution has found widespread acceptance in emergency rooms, operating rooms, acute care beds, clinics, asset management, long-term care, infection control, companion solutions, and nurse call."
The Versus system has the significant advantage of functioning as a stand-alone system as well as integrating easily with nurse call, security, asset management, operating room, and emergency department information systems.
Versus' technology comprises badges and tags that emit IR and RF signals that are received by corresponding sensors. Once the accurate location data is collected, an enterprise software platform processes the passively collected location data along with clinical data from other clinical information systems (e.g. EMRs) to record events and automate patient and clinical workflows.
"The Versus system increases overall organizational efficiency by reducing waiting times, loss of equipment, and manual data entry while significantly improving patient throughput and compliance with government regulations," notes Monga. "It enables end-users to know where patients and assets are at any time on a single monitor, receive immediate alerts about patient activities, automatically assign care providers to patients, and instantly identify room availability status using color coding techniques."
This system not only saves time in locating patients, staff and hospital equipment, but also reduces equipment costs by eliminating expensive search-and-find methods, lowers rental rates, and corresponding replacement costs. It also enhances security by allowing both patients and staff to call for assistance from any given location and to be found quickly and easily.
It fosters a safe environment by aiding easy tracing of patients with infectious diseases. It further fosters a secure environment by making sure that only authorized personnel have access to confidential patient data.
Unlike other markets, the economic slowdown has had a positive impact on the RTLS market. With hospitals increasingly going green, the system has gained greater acceptance in dietary and environmental services sectors. Renewed financial pressure on healthcare delivery organizations and imminent increase in patient volumes coming with the baby boomers has end-users looking to make optimum use of the existing physical environment and human resources to improve organizational efficiency.
Versus has endeavored to improve end-user experience by launching the Versus Enterprise Dashboard, which adds real-time data streaming to the Versus solution. The Dashboard's customizable interface aids easy monitoring of key performance indicators (KPIs), helping users to quickly adjust to the ever-changing healthcare environment.
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in technology leadership within its industry. The recipient company has demonstrated technology leadership by excelling in all stages of the technology life cycle - incubation, adaptation, take-up, and maturity - to ensure a continuous flow of improvements. By innovating and developing leading-edge concepts, the company has pioneered the application of RTLS technology to transform healthcare delivery. Versus also earned the Frost & Sullivan Market Leadership Award for RTLS in Healthcare when it was previously awarded in 1999 and again in 2006.
Frost & Sullivan's Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Versus Technology, Inc.
Versus Technology, Inc. (versustech.com) is the leader in the development and sale of context-aware real-time location systems (RTLS) used for enterprise patient tracking, bed management and asset tracking to improve patient flow and caregiver/patient communications in hospitals, clinics, and long-term care facilities. Versus also develops dual infrared (IR) and Active RFID tags and other location tracking hardware to make locating systems more precise, security systems more intelligent, nurse call systems automatic, and hospital asset tracking systems more efficient. Indoor positioning through Versus' RTLS enhances existing hospital software and patient care systems with real-time, reliable bed-level location information. The patented Versus IR and Active RFID patient and asset tracking system is exclusively endorsed by the American Hospital Association and is a key component of their Patient Flow Platform—which includes a select group of vendors that provide proven solutions to enhance patient flow and improve patient safety. (Pink Sheets: VSTI.PK)
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents.