Kit Check Raises $10.4 Million Series A For Pharmacy Inventory Automation

7-17-2013 10-42-37 PM

Rock Health graduate Kit Check announces a $10.4 million Series A round led by New Leaf Venture Partners. The startup is developing RFID-powered software to help hospital pharmacies inventory crash cart medication kits more quickly and efficiently.

Crash cart medication kits are stored through out the hospital to ensure that clinicians have immediate access to critical lifesaving medications when needed. Inventorying and restocking the kits has become an expensive process for hospitals, costing an average of $2 billion a year in the US annually. Expired medications in crash kits has also grown into a serious problem. Joint Commission cites out-of-date medications as one of the most common citation for non-compliance. An estimated 20 percent of crash kits contain expired medications.

To tackle the problem, Kit Check created RFID scanning stations that automate the inventory process, reducing a 30-minute manual  task to one that takes just three minutes. Hospitals are also reporting that expired medications are being discovered in crash kits at much lower rates once the solution is installed, in some hospitals compliance has improved to less than one percent of kits having expired medications.

Kit Check will use the funds to accelerate growth and build out its sales force and delivery staff.

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