Wolters Kluwer acquires U.S. AI-enabled drug diversion detection software
07 Giugno 2023 - 6:07PM
Wolters Kluwer acquires U.S. AI-enabled drug diversion detection
software
Wolters Kluwer acquires U.S. AI-enabled
drug diversion detection software
Technology leader seeks to help tackle growing
drug diversion challenge in the U.S.
Waltham, MA – June
7, 2023 – Wolters Kluwer Health
today announced it has signed and completed the acquisition of
Invistics Corporation (Invistics), a U.S.-based provider of
cloud-based, AI-enabled software for drug diversion detection and
controlled substance compliance. Invistics will join the company’s
Clinical Surveillance, Compliance & Data Solutions unit, part
of Clinical Solutions.
Invistics’ solution, Flowlytics, uses predictive analytics to
detect illicit diversion of both controlled and non-controlled
medications in patient care settings such as hospitals and
ambulatory surgery centers. Drug diversion is a growing challenge
in the U.S. healthcare system, costing some $70 billion per year.
One study estimates 10% to 15% of health professionals will misuse
drugs or alcohol at some point in their career, increasing the risk
for drug diversion.¹ Drug diversion occurs when a healthcare worker
illegally obtains or uses prescription drugs intended for a
patient.
Flowlytics reconciles drug transactions from purchase to patient
and uses AI to rapidly and accurately identify patterns of behavior
consistent with drug diversion. A five-year National Institutes of
Health-funded study found that Flowlytics detected cases of drug
diversion faster and with more efficiency than legacy solutions.²
In addition to detection, the solution also supports diversion
investigation, adjudication, and reporting workflows. “Invistics’
advanced technology solution fits perfectly with our existing
offerings, such as Simplifi+® and Sentri7®, which help customers
achieve optimal clinical outcomes and regulatory compliance,”
commented Karen Kobelski, Vice President and General Manager
for Clinical Surveillance, Compliance & Data Solutions at
Wolters Kluwer Health. “Our efforts to help health systems
deploy effective pharmacy surveillance and compliance programs to
reduce patient risk are further enhanced by incorporating the
Invistics solution.”“Invistics is recognized as a leader in
innovative approaches for drug diversion detection and controlled
substance compliance. We are excited to join Wolters Kluwer
Health—our shared commitment to patient safety makes this a natural
home for Invistics,” commented Tom Knight, Founder and Chief
Executive Officer, Invistics.Invistics, founded in 1999, is based
in Atlanta, GA. Wolters Kluwer expects the acquisition to deliver a
return on invested capital (ROIC) above its weighted average cost
of capital (8%) within 3-5 years and expects the transaction to
have an immaterial impact on adjusted earnings.
¹ Baldisseri MR. Impaired healthcare professional. Crit Care
Med. 2007 Feb;35(2 Suppl):S106-16. doi:
10.1097/01.CCM.0000252918.87746.96. PMID: 17242598.
https://pubmed.ncbi.nlm.nih.gov/17242598/ ² Tom Knight, MS,
MS and others, Detecting drug diversion in health-system data
using machine learning and advanced analytics, American
Journal of Health-System Pharmacy, Volume 79, Issue 16, 15 August
2022, Pages 1345–1354,
https://pubmed.ncbi.nlm.nih.gov/35136913/
###
About Wolters Kluwer Wolters Kluwer (EURONEXT:
WKL) is a global leader in information, software, and services for
professionals in healthcare, tax and accounting, financial and
corporate compliance, legal and regulatory, and corporate
performance and ESG. We help our customers make critical decisions
every day by providing expert solutions that combine deep domain
knowledge with specialized technology and services.
Wolters Kluwer reported 2022 annual revenues of €5.5 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 20,000
people worldwide. The company is headquartered in Alphen aan den
Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and
are included in the AEX and Euronext 100 indices. Wolters Kluwer
has a sponsored Level 1 American Depositary Receipt (ADR) program.
The ADRs are traded on the over-the-counter market in the U.S.
(WTKWY).
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detection software
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