- Offers Customers Enhanced Risk Management and Compliance Monitoring Solutions -
Fremont, CA, April 21, 2011 - Velos, Inc., the trusted leader in clinical trial management systems for large academic medical centers and research institutions, today announced an initiative to provide solutions for customers in the areas of risk management and compliance monitoring in research, transplant medicine, and biospecimen management. Velos has partnered with Comaiba, Inc., a company focused on regulatory monitoring, risk management, and incident management. Velos and Comaiba will work together to help customers increase efficiency and decrease risk as they interpret, document, and execute to regulatory and clinical policies through their Velos-Comaiba Monitoring and Action solutions.
"We're impressed by Comaiba's solution and their deep domain expertise," said John McIlwain, CEO of Velos. "Now, active planning for and management of risk, and the continuous monitoring and auditing of policy-based compliance will be part of the solution. This increases efficiency even as it decreases organizational risk and exposure. It's exciting to deliver solutions at this next frontier."
Healthcare institutions face financial, criminal and reputational risks for non-compliance with regulatory mandates. These can include infringements of rules related to: patient safety and privacy, research compliance, billing and coding compliance, performance monitoring and quality compliance, among others. Healthcare institutions, pharmaceuticals and biotech companies have paid over $2 billion in fines for non-compliance in recent years, despite significant spending on compliance consulting services. Some infringements have resulted in criminal prosecutions.
Velos analysts and services teams have observed how healthcare organizations are dealing with these challenges in the current operational model-the process is reactive, manual, costly, and fragmented across departments. There is a clear need for proactive and holistic compliance management. The Comaiba solution cuts across enterprise silos and provides enterprise-wide risk and compliance monitoring. The continuous monitoring is based on customer-adapted libraries of government and customer policies that automatically interpret regulatory guidelines in the customer's operational context.
"With this partnership, we expect to deliver significant value to Velos customers," said Ravi Gill, CEO of Comaiba. "We believe that risk and compliance management in healthcare are at an inflection point due to significant changes triggered by the evolution of technology, the complexity of systems, and increasing regulatory oversight. Compliance is no longer just paper-based, after-the-fact, and reactive - with us, it comes alive. It becomes proactive and operational."
The solution provides real-time monitoring and actionable intelligence for clinical teams, research teams, compliance officers, and executive management. This empowers Velos customers to become proactive in their approach to improving quality, meeting compliance standards, and improving governance. Comaiba delivers powerful oversight and ease-of-use to manage the ever-increasing complexity and changes within the regulatory environment.
"At Velos, we believe many of the regulatory and safety problems are preventable, and we are working to make efficient solutions for prevention readily available," said John McIlwain.
About Comaiba Comaiba delivers solutions that provide continuous monitoring and actionable intelligence for clinicians, researchers, compliance officers, and executive management in healthcare. It empowers healthcare institutions to become proactive and confident in their approach to improving quality of care and meeting regulatory and compliance standards. Comaiba is led by a team of healthcare and compliance experts with an extensive track record in developing successful products that serve Fortune 500 companies. Privately held, the company is based in Fremont, California. For more information, visit http://comaiba.com/
Velos eResearch customers receive over 50 percent of the NIH extramural medical research funding to the 100 largest such recipients-the largest such share among clinical trial management system software vendors. The Velos eResearch customer base includes 21 top 25 U.S. medical centers and two thirds of the "Honor Roll" in the U.S. News & World Report 2008 Best Hospitals Survey.
About Velos
Velos is the trusted clinical trial management resource for investigators, sponsors and academic leaders throughout the U.S. Velos eResearch is deployed for clinical research in all parts of the healthcare enterprise and supports a broad diversity of clinical departments and functional needs. System users are freed of redundant data entry and related time delays associated with most clinical research today. Velos integrates the clinical, administrative and financial information needs of research management, with an emphasis on flexibility and work-flow. Founded in 1996, Velos, Inc. is privately held with headquarters in Fremont, California. For more information, visit http://www.velos.com/