IDEXX Computer Systems and Cubex to Launch a Fully Integrated Inventory Management System
IDEXX Cornerstone users will be able to electronically track, charge for and reorder inventory—as soon it’s used
WESTBROOK, Maine, September 29, 2011—IDEXX Computer Systems announces the launch to beta of an automated inventory management system with Cubex. Available to IDEXX Cornerstone users with Cubex systems, the technology allows practices to electronically track inventory at every step. Unlike other solutions, the new system charges the patient account for inventory as it’s used and reorders stock automatically. This eliminates overstocks, understocks and the need to count inventory by hand, reduces data entry errors and missed charges, and helps practices keep just the right amount of inventory on hand.
“Cornerstone customers expect us to deliver innovations that help them manage their medical and financial information more effectively,” says Tyler Patterson, Director, Cornerstone Product Line. “Tracking inventory can be a challenge and not knowing how much money is literally sitting on the shelf can be a huge headache for practices. That’s why we’re so pleased to be able to integrate Cubex’s inventory management technology with the IDEXX Cornerstone Practice Management System.”
The centerpiece of the new solution is Cubex’s computerized storage cabinet. When a patient is checked into the practice using Cornerstone, patient information goes directly to the Cubex cabinet. The technician then quickly finds the patient in Cubex’s system and removes the requested supplies. Cornerstone then will update the patient record automatically, adjust the inventory on-hand data and add the charge for that item to the patient’s invoice. This closed loop system will track supplies as they’re used which will improve accuracy significantly. The cabinet itself has ample storage space and a built-in refrigerator, plus password- and fingerprint-protected entry to keep inventory secure.
“Cornerstone and Cubex are a great combination for veterinary practices,” says Anton Visser, Cubex President and CEO. “We realize that it's critical for every investment made in a practice to provide an attractive return as quickly as possible. Not only will this one easily pay for itself, but it will continue to help reduce costs and increase bottom-line revenue well into the future.”
Cubex and Cornerstone will be releasing the product to qualifying hospitals in December. See Cubex’s technology in action at the Cornerstone User Conference in Chicago, October 1–4, 2011, or at cubexsystem.com. For more information on the Cornerstone Practice Management System, visit idexx.com/cornerstone.
Cubex is a global provider of health care products and services that help practices measurably reduce the total cost of ownership associated with pharmacy and supplies. The company develops market-leading technologies including Cubex automated dispensing systems, Cubex Rx narcotic management stations, QBud wireless access devices, and the myCubex Web-hosted software and business intelligence application.
More information may be found at cubexsystem.com.
About IDEXX Cornerstone Practice Management System
IDEXX Cornerstone software, in use by over 5,000 practices, is a comprehensive practice management solution from IDEXX Computer Systems. Cornerstone software brings together medical and practice performance information to empower veterinarians and staff members to work smarter. Cornerstone software automates the collection, storage and management of patient and client information in veterinary practices. Through exclusive IDEXX SmartLink technology, Cornerstone provides two-way communication between IDEXX systems inside and outside the practice. With SmartLink technology, Cornerstone software can receive and trend results from IDEXX instruments and reference laboratories. SmartLink technology enables veterinarians to send and receive critical telemedicine consultations and to transfer digital images, as well as diagnostic information. This enhanced networking capability helps ensure the capture of critical information and the capture of all patient charges.
About IDEXX Laboratories
IDEXX Laboratories, Inc. is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and to build more economically successful practices. IDEXX is also a worldwide leader in providing livestock and poultry diagnostic tests and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 4,800 people and offers products to customers in over 100 countries.
Note Regarding Forward-looking Statements
This press release contains statements about the Company's business prospects and estimates of the Company's financial results for future periods that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "may," "anticipates," "intends," "would," "will," "plans," "believes," "estimates," "should," and similar words and expressions. These statements are based on management's expectations of future events as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments. Actual results could differ materially from management's expectations. Factors that could cause or contribute to such differences include the following: the Company's ability to develop, manufacture, introduce and market new products and enhancements to existing products; the impact of a weak economy on demand for the Company's products and services; the effectiveness of the Company's sales and marketing activities; disruptions, shortages or pricing changes that affect the Company's purchases of products and materials from third parties, including from sole source suppliers; the effect of government regulation on the Company's business, including government decisions about whether and when to approve the Company's products and decisions regarding labeling, manufacturing and marketing products; changes or trends in veterinary medicine that affect the rate of use of the Company's products and services by veterinarians; the impact of competition, technological change, and veterinary hospital consolidation on the markets for the Company's products; and the effects of interruptions to the Company's operations due to natural disasters or system failures. A further description of these and other factors can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, and quarterly report on Form 10-Q for the quarter ended June 30, 2011, in the section captioned "Risk Factors."