Press Release

Union Hospital Launches Versus’ Real-Time Locating System (RTLS)

 

(Traverse City, Michigan, February 16, 2010) – Recently named a Hospital of Choice by the American Alliance of Healthcare Providers for its commitment to compassionate, high-quality care, Union Hospital in Terre Haute, IN expanded on this commitment by deploying enterprise asset tracking from Versus Technology, Inc. The Versus highly accurate Asset Management Solution helps Union Hospital to better manage equipment resources, including maintenance, storage and deployment.

 

For nearly 20 years, the Versus real-time locating system (RTLS) has helped similar hospitals solve the all-too-common dilemmas stemming from not being able to find equipment. When equipment isn’t tracked, nurses worry that it may not be available when they need it, so they hide it in a storage closet. Other times, certain pieces of equipment are in near-constant use (making it hard to service the equipment), while another piece sits forgotten in a storage closet.

 

Real-time asset tracking eliminates the need to hoard equipment by making it easy to locate equipment when it is needed. Additionally, knowing equipment utilization rates allows hospitals to study rental, purchasing and equipment allotment needs. By monitoring equipment locations, service schedules (e.g. preventative maintenance and warranty expirations) as well as resource requirements throughout the facility rather than on a unit-by-unit basis, hospitals are able to reduce excess and create equipment sharing models.

 

Cost savings when using the Versus enterprise locating and event automation solution are tremendous and repeatable. In fact, a recent University of Maryland study found that hospitals could save an average of $4 million annually just by making communication more effective. Versus automates communication, including location-based and time-based alerts (e.g. patient is in wrong room or has been waiting too long) and notification of provider/patient interaction, to help hospitals understand not only where patients and resources are, but where they’ve been and need to be—all without walking surveys or phone calls. With automated communication, Versus’ customers are:

 

  • Experiencing zero loss of tagged assets
  • Delivering equipment to patients 96% faster
  • Sustaining PM rates above the 95th percentile
  • Eliminating thousands of dollars in lost equipment charges

 

In this economic environment, where hospitals are being told that they’ll have to cut $2.6 million per year for the next 10 years, it’s important to know that Versus offers a solution to recoup time and money, while increasing communication and productivity and reducing health safety risks.

 

In fact, the Versus solution has already assisted Union Hospital in providing safe patient care by reporting the location of their spot vital machines, many of which were recently recalled. With a simple Versus report, Union Hospital located all recalled units, leaving the service representative for the spot vital machines wishing all hospitals had the Versus asset tracking solution.

 

Paul Timmerman, Versus’ VP notes, “Union understands the value and benefits that result from real-time locating systems and has chosen to begin accumulating time and cost savings in relation to asset tracking. With the Versus solution in place, the hospital can easily extend accurate locating to patients and staff when and where needed.”

 

 

About Union Hospital

Union Hospital was founded in 1892 as a 20-bed facility. Today, the 343-bed hospital is a regional referral center, serving patients in west-central Indiana and east-central Illinois with its Terre Haute location, Union Hospital Clinton, and a large network of physicians and health clinics. Union Hospital is the provider of choice for Wabash Valley residents and consistently receives excellent marks for high quality care and technology. Services of Union Hospital are available to everyone in the Wabash Valley, regardless of ability to pay. The area’s largest not-for-profit medical center, the hospital is committed to providing high quality compassionate care to all.

 

About Versus Technology, Inc.

For nearly 20 years, Versus Technology, Inc. has maintained the leadership position in the development and sale of context-aware real-time location systems (RTLS) used for enterprise patient tracking, bed management and asset tracking to improve patient flow and caregiver/patient communications in hospitals, clinics and long-term care facilities. Versus also develops dual infrared and Active RFID tags and other location tracking hardware to make locating systems more precise, security systems more intelligent, nurse call systems automatic, and hospital asset tracking systems more efficient. Indoor positioning through Versus’ RTLS enhances existing hospital software and patient care systems with real-time, reliable bed-level location information. The patented Versus IR and Active RFID patient and asset tracking system is exclusively endorsed by the American Hospital Association and is a key component of their Patient Flow Platform—which includes a select group of vendors that provide proven solutions to enhance patient flow and improve patient safety. (www.versustech.com; Pink Sheets: VSTI.PK)

 

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This document may contain forward-looking statements relating to future events, such as the development of new products, the commencement of production, or the future financial performance of the Company. These statements fall within the meaning of forward-looking information as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, economic, competitive, governmental, and technological factors affecting the Company’s markets and market growth rates, products and their rate of commercialization, services, prices and adequacy of financing, and other factors. The Company undertakes no obligation to update, amend, or clarify forward-looking statements, whether because of new information, future events, or otherwise.

 

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Media Contact:                                                           Investor/Analyst Contact:

Versus Technology, Inc.                                                Versus Technology, Inc.           

Stephanie Bertschy, Director of Marketing                       Joseph Winowiecki, Chief Financial Officer

877.983.7787                                                                231.946.5868

skb@versustech.com                                                    joew@versustech.com