PAR Excellence Systems Acquires NotiSphere, Inc.

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CINCINNATI--(BUSINESS WIRE)--Jan 21, 2025--

PAR Excellence Systems Inc. (“PAR”), a leading provider of supply chain integrity and cost management solutions to the healthcare industry, today announced the acquisition of NotiSphere, Inc. (“NotiSphere” or “The Company”), a provider of medical inventory recall notice tracking services to healthcare providers and medical device manufacturers. This acquisition underscores PAR’s commitment to helping healthcare organizations enhance care quality while achieving significant savings in supply and labor costs through automated inventory management solutions.

NotiSphere’s core product enables healthcare providers and device manufacturers to improve patient safety by bringing visibility to a notoriously opaque and complex process while automating operations to realize meaningful cost savings. The Company transforms this process by ensuring only providers who have purchased a recalled product are notified and by providing visibility into the recall tracking process. With NotiSphere, both healthcare providers and device manufacturers can achieve a 95% reduction in time required to receive and accept a recall notice, an 80% reduction in time to respond to manufacturers on recall status, and a 90% reduction in false recall notices.

Each year, more than 400 million medical product units are recalled in the United States, and yet health systems’ current communication systems for product recalls are often outdated and inefficient. Hospitals receive notices for all recalled products, including ones they have not purchased, resulting in delays, increased labor costs and a potential risk to patient safety.

NotiSphere’s recall services complement PAR’s existing portfolio of inventory management solutions. Together, PAR and NotiSphere can deliver comprehensive, end-to-end supply chain integrity and cost management solutions, driving digital transformation across the hospital inventory management market.

“Joining forces with PAR Excellence allows us to accelerate our vision of a smarter, more connected healthcare industry,” said Guillermo Ramas, Founder and CEO of NotiSphere. “This acquisition will empower providers and manufacturers alike, leveraging PAR Excellence’s extensive reach and expertise to drive adoption of our recall management platform at scale.”

“We are thrilled to welcome NotiSphere to the PAR family,” said Thad MacKrell, CEO of PAR. “PAR Excellence is on a mission to bring visibility, efficiency, and automation into healthcare supply chain management. This partnership marks a significant step forward in our mission to empower healthcare organizations with tools that optimize operations and ensure improved allocation of resourcing toward patient care. NotiSphere’s approach to recall management aligns perfectly with our vision for an integrated and efficient healthcare supply chain.”

Mark Welch, Sr. Vice President at Novant Health noted, “At Novant Health, we are committed to leveraging innovative solutions that enhance patient safety and streamline operations. NotiSphere has consistently delivered exceptional value in simplifying medical device recall management, and its integration with PAR Excellence’s robust suite of solutions is an exciting step forward for the healthcare industry. We look forward to seeing how this partnership will set new standards for efficiency and safety in healthcare supply chain management.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to PAR Excellence. Stubbs Alderton & Markiles, LLP served as legal advisor to NotiSphere.

About PAR Excellence

PAR Excellence is a leading, end-to-end provider of automated inventory management systems (“IMS”) solutions to the healthcare industry. Its comprehensive offerings, including cloud-based software, proprietary hardware solutions, and value-added services, enable healthcare systems to reduce costs by improving inventory management practices, decreasing medical errors, capturing labor efficiencies, and reducing administrative overhead. PAR Excellence serves many of the country’s largest and most complex government, non-profit, and private healthcare systems and integrated delivery networks (“IDNs”). PAR Excellence was founded in 1992 and is based in Cincinnati, Ohio.

About NotiSphere

NotiSphere offers an innovative digital platform that directly connects medical device suppliers and healthcare provider organizations, enabling direct communication and management of supply disruptions in real time. NotiSphere's mission is to minimize the impact of healthcare supply chain disruptions due to communication challenges between industry stakeholders. This is accomplished by automating communications, leveraging standards, and designing best practices and processes to promote industry-wide adoption.

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KEYWORD: OHIO UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SOFTWARE NETWORKS GENERAL HEALTH HARDWARE APPS/APPLICATIONS MEDICAL DEVICES TECHNOLOGY HOSPITALS HEALTH TECHNOLOGY PRACTICE MANAGEMENT OTHER TECHNOLOGY HEALTH

SOURCE: PAR Excellence Systems Inc.

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PUB: 01/21/2025 09:30 AM/DISC: 01/21/2025 09:29 AM

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