Industrial giant GE says it has completed the takeover of API Healthcare it announced it late January.
GE (Fairfield, CT, USA) believes the acquisition of API (Hartford, WI, USA) will help it expand its portfolio of Hospital Operations Management services, which are intended to provide hospitals with real-time access to operational data.
By allow hospitals to better manage the scheduling, flow and availability of staff, patients and assets, real-time monitoring is expected to lead to significant productivity gains.
“The GE and API Healthcare systems are such a good fit and perfectly align with GE’s Industrial internet strategy,” said Mike Swinford, president and chief executive of GE Healthcare Services. “With this acquisition, we are now able to address a significant portion of hospital operating costs – from assets to patient and labor – with a mix of software, real-time data, powerful analytics and professional services.”
GE also claims that long-time customers of both organizations have already seen benefits from the tie-up, citing Ellis Medicine as an example.
The New York hospital had faced millions of dollars in losses after merging with two other hospitals in 2007, and needed better operational systems to turn itself around.
“Data at our fingertips was critical to our ultimate success in delivering efficiencies across the three hospitals – in patient care, in wait times and in patient and staff satisfaction,” said Paul Milton, chief operating officer of Ellis Medicine. “Bringing together the API Healthcare and GE solutions through this acquisition will continue to help Ellis and other hospitals across the industry to maintain complete transparency while creating accountability across the entire organization, at every level.”
Ellis Medicine began using GE’s AgileTrac system in 2010 to track patient flow and assets, including clinical equipment, and attributes more than $1.1 million in savings over a three-year period to the service.
Separately, it has also deployed a workforce management system from API Healthcare, allowing to track staffing data.
That led to a reduction in overtime costs of more than 25%, or $720,000, over a six-month period, says GE.