PDC will now offer hospitals a full range of wristbands and speciality labels that interface directly with their laboratory, pharmacy and information technology systems to accurately identify and track patients, enhance communications between caregivers, and improve the safety of dispensing medications. These all are among the top ten goals for improving patient safety that recently were outlined by The Joint Commission. With as many as one million people injured from errors during hospital treatment each year, patient safety continues to be one of the health care industry's top priorities.
"Our vision is to deliver the best patient safety solutions to hospitals and health care providers worldwide", stated Gary Hutchinson, president and chief executive officer, 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. Together, we offer the industry's most comprehensive identification solutions that interface directly with hospitals' information technology systems to track and support patient care from admission through discharge."
Together, PDC and TimeMed have more than 100 years of experience developing and producing identification and labeling products for the health care industry. PDC introduced the first bar code identification wristband used by most hospitals today. It also pioneered the radio frequency identification (RFID) wristband. TimeMed, which is headquartered in Burr Ridge, Illinois, was founded after it designed the first self-adhesive tape and labeling products that control and help prevent the spread of contamination in health care settings.
"Our two companies have long and impressive track records in creating innovative and reliable patient safety products", stated 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."
Kevin Swan, a partner with Water Street, commented: "Acquiring TimeMed marks another important step in our plan to build PDC into a leading patient safety company. We believe PDC has a tremendous opportunity to support the industry's goals for improving patient outcomes. This will only intensify as government and health care organisations create and enforce new standards for care. We will continue to pursue additional acquisition opportunities that will leverage PDC's strong foundation and establish it as the industry leader for a broad range of patient safety solutions."
Founded in 1955, TimeMed Labeling Systems Inc. is an industry expert in quality labeling products and services for the health care industry. Its products improve patient safety and medical accuracy and support supply chain management. TimeMed originated hospital labeling with Time Tape, which expanded to include a variety of label products in the 1960's, EDP labeling in the 1970's and 80's, and a full line of thermal labeling systems in the 1990's. TimeMed also introduced twin web laser products for the millennium.
Water Street Healthcare Partners is a private equity firm focused exclusively on health care. With more than $1 billion of capital under management, Water Street is one of the most active investors in the health care industry. The firm has a strong track record of building market-leadership companies across key growth sectors in health care. It has partnered with some of the world's leading health care companies on its investments, including: Gentiva Health Services Inc., Johnson & Johnson, Medtronic and Smith & Nephew. Water Street's team is comprised of industry executives and private equity professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago.
Founded in 1956, PDC is a global expert and pacesetter in the development of wristband systems for health care, leisure and entertainment, and law enforcement. Focused in patient safety, the company introduced the first single-piece patient wristband, the first patient bar code ID wristband, patented Smart Band Radio Frequency Identification (RFID) wristband system, and award winning PDC Smart Kiosk. PDC is committed to 100 percent quality in service, design, and manufacturing and has ISO-9001: 2000 and ISO-13485: 2003 certification. More company news can be found in the VMW September 2008 article P3 Medical Ltd. wins contract to provide Precision Dynamics wristbands to NHS hospitals.