Midas Healthcare Solutions, Inc., a Cleveland, OH-based developer of technology-driven solutions to promote the safe use, storage, return, and disposal of controlled substances and other dangerous medications in hospitals and other healthcare institutions, raised $2m in funding.
MCPC Healthcare Investment, LLC, the newly formed investment arm of Cleveland-based MCPC*, made the investment.
The company intends to use the funds for expansion of its product development efforts in preparation for the 2024 product rollout.
This investment comes as the healthcare industry continues to be plagued by the diversion of opioids and other dangerous medications, enabling caregivers with substance use disorders to endanger themselves, their colleagues, and their patients. Recent data suggest that 1 in 100 healthcare workers diverts drugs in the clinical setting, although industry leaders acknowledge that the actual figure is likely substantially higher.
Led by Michael LaFauci, RPh, CEO and founder, Midas firstly will market the Verified Institutional Environment for Wasting (V.I.E.W.), a small dedicated workstation for the safe and responsible handling of excess medication not needed for patient administration. The V.I.E.W. enables a verified method of “wasting” excess inventory using several features: high-acuity camera and scanning technology, a video queue process that eliminates the immediate need to source an in-person witness to observe the process, and the ability to sequester samples for additional analysis.
The company will soon begin piloting the V.I.E.W. system at a number of tertiary care adult hospitals and a leading children’s hospital to demonstrate the value of increased medication security, validation and verification of witnessed wasting events, and increased operational efficiencies.
Bryan Scheetz, MCPC’s Director of Healthcare & Enterprise Solutions, will join the MIDAS Board of Directors. Additionally, Mike Trebilcock, MCPC CEO and founder, and Ira Grossman, Chief Technology Officer, will join the MIDAS Advisory Board. The advisory board is composed of leading experts from healthcare, pharmacy, business, government, and health IT. Some of its notable members include Dr. Delos (Toby) Cosgrove (former CEO of the Cleveland Clinic); a former administrator of the Drug Enforcement Administration; the former CEO of the American Nurses Association; the former CEO of the American Pharmacists Association; and the former CEO of Stericycle.
*Led by Mike Trebilcock, founder and CEO, MCPC is an information technology company that helps businesses manage the security risks and logistical challenges inherent in the use of a fleet of technology assets. It is a global endpoint management firm which works with its partners to improve user productivity, enhance data security, mitigate risks, and maximize budgets.
FinSMEs
26/10/2023