MIDAS and IQ Inc. Partner to Develop Software to Protect Patients by Preventing Medication Diversion by Healthcare Providers

CLEVELAND, October 18, 2022 (Newswire.com) - MIDAS Healthcare Solutions Inc., the leading developer of technology-driven solutions to promote the safe use, handling, storage, return, and disposal of controlled substances and other dangerous medications in hospitals and other healthcare facilities, announced today a $1.19 million investment from IQ Inc., an award-winning software development firm that creates innovative people-focused solutions across a variety of services and industries, including healthcare. 

This partnership comes at a critical time when the healthcare industry is plagued by the diversion of opioids and other dangerous medications, enabling caregivers with substance use disorders to endanger themselves, their colleagues, and their patients. Often called "Healthcare's Hidden Epidemic," this multi-billion-dollar problem occurs in hospitals, surgery centers, and other locations where medications are dispensed and administered. Some reports estimate there are nearly 4,000 instances of opioid diversion each day.

MIDAS and IQ are collaborating to complete the development of the MIDAS V.I.E.W. (Verified Institutional Environment for Wasting) system to address multiple significant vulnerabilities in the handling, record keeping, and destruction of excess medications in hospitals, surgery centers, pharmacies, and other healthcare facilities. This first-of-its-kind software-based visual accountability system will eliminate human error, prevent controlled substance mishandling and misappropriation, and avoid unreasonable reliance on the "honor system" for medication handling. 

"Most hospitals have some sort of drug diversion program in place, but they lack the necessary technology to ensure the destruction of these medications before they are abused," stated Michael Lafauci, MIDAS CEO and Founder. "Patient safety is our top priority and the MIDAS V.I.E.W. system will eliminate unnecessary risks in healthcare."  

"Medication mismanagement creates work process inefficiencies, financial and human risks, and needless other consequences which healthcare institutions seek to avoid," said Jeffrey R. Wahl, J.D., MIDAS President and Co-Founder. "As a risk management attorney and lecturer, I have seen the devastating consequences to patients, their caregivers, and hospitals when lax controls over controlled substances continue unabated. We are so pleased with the industry's interest in our unique technology, reflecting a gap in available diversion prevention solutions." 

The MIDAS V.I.E.W. system will launch pilots in as many as five major healthcare institutions nationwide in mid-2023. Each pilot will be conducted with technical support of the two largest manufacturers of pharmaceutical automated dispensing cabinets, Becton Dickinson (Pyxis) and Omnicell, Inc., demonstrating a seamless integration between the dispensing of pharmaceuticals and wasting excess (divertible) quantities. A staged commercial rollout will begin shortly thereafter.

As part of this investment and partnership, IQ CEO Barbara VanKirk will become a member of MIDAS's Board of Directors, joining Michael LaFauci (MIDAS CEO and Founder), Jeffrey R. Wahl (MIDAS President and Co-Founder), Robert N. Campbell III (formerly Deloitte), and Dr. Andrea Barthwell (formerly American Society of Addiction Medicine). 

"When we first met with the MIDAS team, we knew the combination of their industry experience and our team's focus on people-focused solutions would create something truly impactful for the country's struggling healthcare system," stated Barbara VanKirk, IQ President and CEO. "We're excited to be part of MIDAS's vision for improving how healthcare handles and eliminates controlled substances to reduce risk and improve patient outcomes."

The MIDAS advisory board is composed of the healthcare industry's leading experts from pharmacy, business, government, and healthIT. Among its members are the former CEOs of The Cleveland Clinic, The American Nurses Association, the American Pharmacists Association, a former Administrator of the Drug Enforcement Administration (DEA), the former President of the American Society of Addiction Medicine (ASAM), executives of the International Health Facility Diversion Association (IHFDA), and the Chair of President's Opioid Task Force.

About MIDAS

Medication Integrity Diversion Accountability System (or MIDAS) creates software and other solutions to address failures in medication security which enable rising levels of medication diversion throughout healthcare. MIDAS's mission is to promote and enable the safer use, handling, storage, return, and disposal of transdermal patches, injectables, and oral medications in healthcare institutions, pharmacies, and in the home. Its solutions have attracted attention from government leaders, medical organizations, and industry leaders. Learn more by visiting https://midashs.com/.

About IQ

Founded in 1994, IQ Inc. is a woman-owned business which has become a leader in providing custom software solutions within various industries, including medical, healthcare, transportation, manufacturing and robotics. Over the last three decades, we've proven our expertise in end-to-end software development, software testing, consulting, data analytics, innovative technologies, and recruiting to help our partners grow. That unwavering commitment to outstanding results has helped us earn the title as one of Pittsburgh's Fastest-Growing Companies (2020) and one of the city's Best Places to Work. Learn more at www.iq-inc.com. Follow us: Twitter, Instagram, Facebook, LinkedIn, and YouTube.

Source: MIDAS Healthcare Solutions, Inc.