Healthcare Industry News: Pulse Oximetry
News Release - February 2, 2006
Masimo Signs Three-Year, Dual-Source Agreement With Novation for Pulse Oximetry, and New Masimo Rainbow SET(TM) TechnologyNovation the First GPO to Contract for Masimo Rainbow SET Pulse CO-Oximetry
IRVINE, Calif., Feb. 2 (HSMN NewsFeed) -- Masimo today announced that it has signed a three-year, dual-source agreement with Novation, the health care contracting services company of VHA Inc. and the University Health System Consortium (UHC). The agreement covers Masimo SETŪ Pulse Oximetry and Masimo Rainbow SET Pulse CO-Oximetry(TM), including standalone monitoring devices, handhelds and sensors. The competitive bid process involved an extensive clinical review and a technology value analysis by Novation's member-based Pulse Oximetry task force.
Masimo is the inventor of read-through motion and low-perfusion Pulse Oximetry, a technology called Masimo SET, which has been proven more accurate and reliable in the most challenging clinical settings by over 100 independent clinical studies. Building on this technology platform, Masimo has recently introduced Masimo Rainbow SET, a new technology that uses eight wavelengths of light to allow clinicians to capture and monitor an unprecedented array of patient physiological data noninvasively. Rainbow SET capabilities will be available in Masimo monitors and in multi-parameter patient monitors produced by leading manufacturers.
The Rad-57(TM) Pulse CO-Oximeter(TM), the first FDA cleared Rainbow SET product from Masimo, is a handheld device that allows clinicians to detect and monitor carbon monoxide levels in the bloodstream non-invasively. In clinical studies and in the field, Rad-57 is already proving itself effective in detecting carbon monoxide poisoning in seconds, allowing accurate diagnosis and early treatment of a life-threatening problem that is frequently misdiagnosed as flu or migraine. Masimo has announced that it has other new Rainbow SET monitoring capabilities in advanced development and that the ability to noninvasively detect and monitor methemoglobin levels in the blood is pending FDA clearance. A recent Johns Hopkins study found that methemoglobinemia, a potentially lethal condition that starves the tissues of oxygen, is much more common in hospitalized patients than previously realized.
"We are happy to announce this new agreement with Novation," said Joe E. Kiani, Masimo's Chairman and CEO. "Since being added to the Novation contract in 2003, our annualized sales to Novation hospitals has increased by over 5000%, signifying the demand for our technology. Through this agreement, VHA and UHC members have access to superior Masimo SET Pulse Oximetry products and Rainbow SET technology that will allow earlier detection and treatment of an expanding number of potentially life-threatening conditions."
"Novation is committed to providing the best purchasing options to VHA and UHC members," said LeAnn Born, vice president of contract and program services for Novation. "This agreement demonstrates how Novation helps members purchase the latest technologies at lower costs."
Based in Irving Texas Based in Irving, Texas, Novation was established in January 1998 through a combination of the supply programs of VHA and UHC, two national health care alliances. These organizations used Novation contracts to purchase more than $23 billion in supplies in 2004.
Masimo develops innovative monitoring technologies that significantly improve patient care- helping solve "unsolvable" problems. In 1995, the company debuted Read-Through-Motion and Low Perfusion Pulse Oximetry, known as SET, and with it virtually eliminated false alarms and increased Pulse Oximetry's ability to detect life-threatening events. Over 100 clinical studies have confirmed that Masimo SET technology allows clinicians to accurately monitor blood oxygen saturation in critical care situations. In 2005 Masimo introduced Rainbow SET and with it, Pulse CO-Oximetry, which, for the first time, noninvasively monitors the level of carbon monoxide and methemoglobin in the blood, allowing early detection and treatment of potentially life-threatening conditions.
Masimo, founded in 1989, has the mission of "Improving Patient Outcome and Reducing Cost of Care by Taking Noninvasive Monitoring to New Sites and Applications." Additional information about Masimo and its products may be found at www.Masimo.com
Masimo, SET, Signal Extraction Technology and Improving and Reducing Cost of Care by Taking Noninvasive Monitoring to New Sites and Applications are registered trademarks of Masimo Corp. Rainbow and Pulse CO-Oximetry are trademarks of Masimo Labs.
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