‘Our software isn’t just about saving hospitals time and money, it’s about improving the patient experience.’
Irish software firm, Genesis VMI, says it saves the NHS millions of pounds each year and wants to do the same for hospitals in the U.S. and Ireland.
Genesis managing director Noel O’Hanlon says while Ireland is a market the firm would like to enter, his main target is the States. The company has already opened two offices in the U.S. – in Tampa and Hermosa Beach – and it is due to open another one in Dallas next year.
The software that Genesis provides allows hospitals (and its suppliers) to monitor hospital stock in real time, thus allowing hospitals to carry less stock.
“Our system also works very well if there are product recalls,” says O’Hanlon. “In the event of a recall the process is automated. The hospital knows exactly when and where any of the products were used and is able to act with accuracy.”
The company is currently working with 17 hospitals in the UK and is targeted to add another 25 this year. Plymouth Hospital – which helped develop the system with Genesis – has estimated an annual saving of £1 million from a previous spend of £4.9 million.
The difficult Irish market
Despite securing (and growing) a customer base in the UK, Genesis says it’s proving difficult to enter the Irish market.
“The Irish health service tends to have fragmented decision-making, so it’s a bit more difficult here, but, as I say, we’re confident it will eventually come on board,” says O’Hanlon.
“If it was used here, I think the Irish healthcare system could save up to €50 million per year.”
Genesis has annual revenues of €1.2 million. Revenue for 2017 is projected to be over €10 million.
“Genesis is a big Irish success story,” says O’Hanlon. “We’ve had excellent support from Enterprise Ireland and our goal is to target the 6,000 hospitals in the U.S.”
“Healthcare costs are going up all the time and pressure is coming on services,” says O’Hanlon.
“We’ve come up with a solution – one that saves money but adds to patient safety and staff efficiency. Our software isn’t just about saving hospitals time and money, it’s about improving patients’ lives.”