At Med ID we solve medication safety and delivery errors and convenience through artificial intelligence, robotics, and computer vision.Medication-related errors occur frequently in hospitals; not all result in actual harm, but those that do are costly. One recent study conducted at two prestigious teaching hospitals found that almost two percent of admissions experienced a preventable adverse drug event, resulting in average increased hospital costs of $4,700 per admission or about $2.8 million annually for a 700-bed teaching hospital.Hospital patients represent only a fraction of the total population at risk of experiencing a medication-related error. In 1998, nearly 2.5 billion prescriptions were dispensed by U.S. pharmacies at a cost of about $92 billion. Numerous studies document errors in prescribing medications, dispensing by pharmacists, and unintentional nonadherence on the part of the patient. Medication errors have the potential to increase as a major contributor to avoidable morbidity and mortality as new medications are introduced for a wider range of indicationsRef https://www.ncbi.nlm.nih.gov/books/NBK225187/

Website: med-id.com.au

Employees: 5 - 9

HQ: N/A

Location: East Melbourne, VIC, AU

Revenue: Not Available

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Med-ID Pty. Ltd. is a company that specializes in developing innovative solutions to solve medication safety and delivery errors in hospitals and clinics. Based in East Melbourne, Australia, the company utilizes artificial intelligence, robotics, and computer vision to improve the accuracy and efficiency of medication administration. With the aim of reducing preventable adverse drug events and increasing patient safety, Med-ID's technology has the potential to revolutionize the way medications are managed and delivered in healthcare settings. The company's founders, Michael Beck and Paul Gooden, bring a wealth of experience in healthcare and technology to the table. Their dedication to improving medication safety has led to the development of cutting-edge solutions that address the common issues of medication errors, nonadherence, and inconvenience. By leveraging the latest advancements in technology, Med-ID is poised to make a significant impact in the healthcare industry, both in Australia and beyond.

At Med ID, we use technology like artificial intelligence, robotics, and computer vision to make sure medication is safe and convenient. Medication mistakes happen often in hospitals, and they can be expensive. A study found that almost 2% of patients in two big hospitals had a problem with their medication, which cost an extra $4,700 per patient. This means that a 700-bed hospital could spend $2.8 million per year. But hospital patients are not the only ones who can make mistakes with medication. In 1998, pharmacies filled 2.5 billion prescriptions, costing $92 billion. Many studies show that mistakes can happen when doctors prescribe medicine, pharmacists fill prescriptions, or patients take their medicine wrong. As new medicines come out, mistakes could become a bigger problem and cause more harm.