The Precision Dynamics Corporation announced Tuesday that it has acquired TimeMed Labeling Systems, Inc., a provider of specialty healthcare labels, to develop its patient safety identification solutions.
PDC will now offer hospitals a full range of wristbands and specialty labels that interface directly with laboratory, pharmacy and IT systems to identify and track patients, enhance communications between caregivers and improve the safety of dispensing medications.
These are among the top 10 goals for improving patient safety that were recently outlined by The Joint Commission. With as many as 1 million people injured by errors during hospital treatment each year, patient safety continues to be one of the healthcare industry's top priorities.
"Our vision is to deliver the best patient safety solutions to hospitals and healthcare providers worldwide," said Gary Hutchinson, president and chief executive officer of PDC. "By joining forces with TimeMed, we have significantly broadened our product portfolio and expanded our team of field specialists to help our customers with reducing adverse medical events and improving patient outcomes."
PDC claims to have introduced the first barcode identification wristband used by hospitals and pioneered the radio frequency identification (RFID) wristband. TimeMed, which is headquartered in Burr Ridge, Ill., designs self-adhesive tape and labeling products that control and help prevent the spread of contamination in healthcare settings.
"Our two companies have long and impressive track records in creating innovative and reliable patient safety products," said Jerry Nerad, president of TimeMed. "Together, we offer a powerful combination of knowledge and experience, as well as a robust set of products that will benefit our customers enormously."
Water Street Healthcare Partners, a private equity firm focused exclusively on the healthcare industry and an investor in PDC, was instrumental in bringing the two companies together.
"We believe PDC has a tremendous opportunity to support the industry's goals for improving patient outcomes," said Kevin Swan, a partner with Water Street. "This will only intensify as government and healthcare organizations create and enforce new standards for care."