Hospital software company Genesis Automation is just the medicine for tracking medical processes, writes Trish Dromey.
With the completion of a €20m funding round, Cork-based hospital management software company Genesis Automation is gearing up to achieve major growth in the US market.
Providing a comprehensive integrated inventory management and patient safety system for hospitals, the company has established itself as a market leader in the UK over the last eight years, and in recent months has taken on its first US customer.
“We have signed with Driscoll Children’s Hospital in Texas with which we have developed a new human tissue tracking solution, which tracks human tissue used for transplant as it makes its way through the various stages in hospitals,” said Genesis Automation founder and managing director Noel O’Hanlon.
Recent additions to the Genesis system include a theatre module which ensures that implants, such as artificial hips and knees, are used on the correct side of the body and are not either recalled or out of date.
Mr O’Hanlon says that this helps hospitals prevent avoidable “Never Event” accidents.
With the creation of a comprehensive system which includes both implant and human tissue tracking, he expects to achieve significant sales in the US this year.
Employing a staff of 54, including 35 at its facility in Cork Airport Business Park, the company now has a sales office in the UK and a new headquarters in Florida.
Nominated as a finalist in this year’s Ernst &Young Entrepreneur of the Year in the Emerging category, Mr O’Hanlon aims to continue the company 100% year on year growth rate for the foreseeable future and to establish Genesis as a major player in the US market.
The company grew out of a consignment inventory management project conducted by Cork Lifescience and electronics company, IPT.
Managing director of IPT at the time, Mr O’Hanlon saw an opportunity to set up a new company to develop an inventory management solution for the hospital market in the UK.
Setting up Genesis Automation with some funding raised from family and friends in 2010, he secured €6m in funding in 2016 from IPF Partners, a Luxembourg-based medical investment company.
Earlier this year the company raised a further €20m from a London-based healthcare private equity company.
Having initially started out with a basis consignment inventory management system, Genesis partnered with Plymouth Hosptial in the UK to develop a range of inventory management solutions which are used for a range of functions including automated stock management and the costing of medical procedures in addition to the tracking and tracing of medical devices.
“We now provide a total inventory management system for hospital which manage everything for basic materials and supplies through to high cost implants. No competitors have a system this comprehensive,’’ said Mr O’Hanlon, adding that the system helps hospitals achieve cost savings, reduce waste and improve safety and compliance.
He says that Genesis has now successfully established itself as market leader in the UK for point of care traceability and inventory management solutions for hospitals.
“We have sales to 27 hospitals in the UK and the market there accounts for 95% of our turnover,” he said.
Turning its attention to the vast potential in the US since last year, Genesis has now set up a new headquarters in Florida where it employs a sales staff of 14.
“The opportunities in the US are vast -- it has 6,000 hospitals while the UK has 600,” said Mr O’Hanlon, adding that the signing of Driscoll as a first customer and the collaboration on the new tissue tracking solution has been a major milestone for the company.
The goal for the end of this year is to sign 20 hospitals in the US.
“Within four or five years we expect 90% of our business to be in the US,” said Mr O’Hanlon.
The strategy is to continue with R&D, which is carried out at the Genesis facility in Cork and to make the company’s solution even more comprehensive.
“Plans for this year include developing new modules and recruiting 20 staff — we are now looking for software developers.”