Wolters Kluwer Health has acquired Invistics, Corp., a provider of cloud-based software for drug diversion detection and controlled substance compliance.
Invistics will join Wolters Kluwer Clinical Surveillance, Compliance & Data Solutions unit. Invistics’ solution, Flowlytics, uses predictive analytics to detect illicit diversion of both controlled and non-controlled medications in patient care settings such as hospitals and ambulatory surgery centers.
Drug diversion is a growing challenge in the U.S. healthcare system, costing some $70 billion per year. The company said one study estimates 10 percent to 15 percent of health professionals will misuse drugs or alcohol at some point in their career, increasing the risk for drug diversion. Drug diversion occurs when a healthcare worker illegally obtains or uses prescription drugs intended for a patient.
Flowlytics reconciles drug transactions from purchase to patient and uses artificial intelligence to identify patterns of behavior consistent with drug diversion. A five-year National Institutes of Health-funded study found that Flowlytics detected cases of drug diversion faster and with more efficiency than legacy solutions. In addition to detection, the solution also supports diversion investigation, adjudication, and reporting workflows.
“Invistics’ advanced technology solution fits perfectly with our existing offerings, such as Simplifi+and Sentri7, which help customers achieve optimal clinical outcomes and regulatory compliance,” said Karen Kobelski, vice president and general manager for Clinical Surveillance, Compliance & Data Solutions at Wolters Kluwer Health, in a statement. “Our efforts to help health systems deploy effective pharmacy surveillance and compliance programs to reduce patient risk are further enhanced by incorporating the Invistics solution.”
Invistics, founded in 1999, is based in Atlanta. Wolters Kluwer expects the acquisition to deliver a return on invested capital (ROIC) above its weighted average cost of capital (8 percent) within 3 to 5 years and expects the transaction to have an immaterial impact on adjusted earnings.