MIDAS Healthcare Solutions Extends Series A Round With New Investment by MCPC Healthcare Fund

MIDAS Healthcare Solutions
MIDAS logo

CLEVELAND, October 25, 2023 (Newswire.com) - MIDAS Healthcare Solutions, Inc., the leading developer of technology-driven solutions to promote the safe use, storage, return, and disposal of controlled substances and other dangerous medications in hospitals and other healthcare institutions, announced today a $2 million investment from MCPC Healthcare Investment, LLC, the newly formed investment arm of Cleveland-based MCPC. This investment makes MCPC the largest single external shareholder of MIDAS and will allow the MIDAS expansion of its product development efforts in preparation for the 2024 product rollout.

This investment comes as the healthcare industry continues to be plagued by the diversion of opioids and other dangerous medications, enabling caregivers with substance use disorders to endanger themselves, their colleagues, and their patients. Recent data suggest that 1 in 100 healthcare workers diverts drugs in the clinical setting, although industry leaders acknowledge that the actual figure is likely substantially higher.

“As a former hospital pharmacy assistant director, I saw firsthand how healthcare providers can easily divert medications for their own use, which can lead to significant harm to themselves and the patients they serve,” said serial entrepreneur Michael LaFauci, RPh, CEO and founder of MIDAS. “This new investment will allow us to expedite the deployment of the MIDAS VIEW system to eliminate opportunities for diversion while providing a system of accountability. It’s time we protect our healthcare providers and our patients.”

The first product to be marketed by MIDAS, the Verified Institutional Environment for Wasting (V.I.E.W.) is a small dedicated workstation for the safe and responsible handling of excess medication not needed for patient administration. The V.I.E.W. enables a more efficient, verified method of “wasting” excess inventory using several unique features: high-acuity camera and scanning technology, a video queue process that eliminates the immediate need to source an in-person witness to observe the process, and the ability to sequester samples for additional analysis. 

MCPC is an information technology company that helps businesses manage the security risks and logistical challenges inherent in the use of a fleet of technology assets. It is a global endpoint management firm which works with its partners to improve user productivity, enhance data security, mitigate risks, and maximize budgets.

“This collaboration is a win-win for MIDAS and MCPC and will catalyze substantial growth for both companies,” said Mike Trebilcock, MCPC founder and CEO. “We are proud to become a significant investor in MIDAS and look forward to helping deliver this groundbreaking product in early 2024.”

MIDAS will soon begin piloting the V.I.E.W. system at a number of tertiary care adult hospitals and a leading children’s hospital to demonstrate the value of increased medication security, validation and verification of witnessed wasting events, and increased operational efficiencies.

In recognition of this investment, Bryan Scheetz, MCPC’s Director of Healthcare & Enterprise Solutions, will join the MIDAS Board of Directors. Additionally, Mike Trebilcock, MCPC CEO and founder, and Ira Grossman, Chief Technology Officer, will join the MIDAS Advisory Board. The advisory board is composed of leading experts from healthcare, pharmacy, business, government, and health IT. Some of its notable members include Dr. Delos (Toby) Cosgrove (former CEO of the Cleveland Clinic); a former administrator of the Drug Enforcement Administration; the former CEO of the American Nurses Association; the former CEO of the American Pharmacists Association; and the former CEO of Stericycle.  

About MIDAS

Medication Integrity Diversion Accountability System (or MIDAS) creates software and other solutions to address failures in medication security which enable rising levels of medication diversion throughout healthcare. MIDAS’s mission is to promote and enable the safer use, handling, storage, return, and disposal of transdermal patches, injectables, and oral medications in healthcare institutions, pharmacies, and in the home. Its solutions have attracted attention from government leaders, medical organizations, and industry leaders. Learn more by visiting https://midashs.com/.

About MCPC

We’re the Outcome Engineers. MCPC is a global endpoint management company founded in 2002. Our approach inspires not just endpoint defense, but business offense. By protecting your devices, bringing simplicity to endpoint management complexity, and empowering employee performance, we reduce your business risk and increase digital innovation. Our consultative approach creates a true partnership where your endpoints are just the starting point. 

Contact Information:
Jeff Wahl
President and Co-Founder, MIDAS
press@midashs.com


Original Source: MIDAS Healthcare Solutions Extends Series A Round With New Investment by MCPC Healthcare Fund