BOSTON--(BUSINESS WIRE)--I-PASS™ Patient Safety Institute, Inc. (“I-PASS Institute”), a provider of expert training services and software solutions to reduce medical errors and improve patient safety in hospitals, today announced that it has entered into an agreement with a group of private investors which has raised gross proceeds of $1.5 million through the issuance of preferred shares. Additional terms of the offering are not disclosed.
“We are pleased our investors recognize the value of I-PASS Institute as we continue our mission to provide world class training and education to medical professionals to improve patient safety and reduce medical errors and associated overall medical costs,” said I-PASS Institute President and CEO William Floyd.
I-PASS Institute will utilize the new round of funding to execute its long-term growth strategy, to deliver innovative services and software-enabled solutions to improve patient safety as the company expands its market share and continues to develop its technologies.
“Hospitals are always looking for ways to improve patient care, minimize medical errors and reduce costs,” stated Christopher Landrigan, M.D., M.P.H., the Principal Investigator of the original I-PASS Study, and a member of the I-PASS Patient Safety Institute. “With the I-PASS Institute, hospitals can implement the proven I-PASS program in a fraction of the time they would spend doing it themselves, with far fewer resources.”
I-PASS is a package of interventions created to improve communications during patient handoffs. Handoffs occur at all changes of shift and whenever a patient changes location in a hospital. I-PASS is the most validated and effective method for handoffs in the hospital. In a large multicenter study published in 2014 in the New England Journal of Medicine, injuries due to medical errors fell 30 percent following implementation of I-PASS. No other handoff approach has such strong evidence of effectiveness. Over the past seven years, the program has been extensively refined, tested and adapted for use across specialties and disciplines, where it has been well-integrated into workflow patterns.
I-PASS is now being successfully used by more than 50 leading hospitals in the US. Implementing I-PASS requires training and changes in oral and written communication processes that are followed day in and day out in a sustained manner. Implementing I-PASS is a significant task, requiring staff training, changes to written and spoken communication processes, ongoing measurement and longitudinal sustainment efforts. Its successful implementation, however, has been shown to sharply reduce medical errors, a top priority for hospitals that has the potential to save lives and millions of dollars.
About I-PASS Patient Safety Institute, Inc.
The I-PASS Patient Safety Institute, Inc. (I-PASS Institute) provides hospitals with customized training, expert consultation and implementation tools to facilitate adoption of I-PASS and ensure long-term sustainment.
The I-PASS Institute was founded in April 2016, following seven years of research into improving handoffs that was funded by $7 million in federal and foundation grant support. The research was conducted by a study group of researchers, hospitalists and medical education specialists who developed the I-PASS handoff process and studied its impact. In 2014, I-PASS was selected as one of four finalists, out of nearly 500 entrants, in the Harvard Business School – Harvard Medical School Health Acceleration Challenge. The selection into that program led to the creation of the I-PASS Institute, to achieve widespread adoption and sustainment of I-PASS. For more information, visit www.ipassinstitute.com.