PITTSBURGH, July 20 Despite the worst economic downturn since the Great Depression, TeleTracking Technologies (www.teletracking.com) today was able to announce the best sales quarter in its 20-year history, with an increase of nearly 122 percent in booked contracts to hospital clients over the previous quarter.
In the second quarter of 2010, TeleTracking, the leading producer of software that helps hospitals alleviate overcrowding, licensed more automated patient flow solutions than it licensed in all of 2009. Year-to-year, bookings were up 242% and 214% for the quarter and 6-month period ended June 30, 2010, respectively.
Anthony Sanzo, TeleTracking CEO, said the growth was driven by a tight capital market and the potential for healthcare reform to have negative financial impact on U.S. hospitals.
"Hospital overcrowding hasn't gone away and it may get worse with reform," Sanzo said. "With reform, hospitals are expecting increased demand for services while being required to reduce the cost of providing needed care.
"Hospital executives are turning to better workflow solutions to make their operations more efficient," Sanzo said. "Our automated solutions help them find and eliminate wasted time from the patient flow process so their existing bed capacity can be used more efficiently. Moreover, our real-time asset tracking solutions help hospital personnel reduce inventories of expensive mobile assets and free clinical personnel for patient care responsibilities instead of search and find missions."
TeleTracking, which created the patient flow automation category, has experienced eight straight years of growth since 2001. Since 2003, TeleTracking's revenues have grown at an average rate of 26%. The company currently has approximately 225 employees and is on an aggressive plan to add another 24% by year-end to keep pace with the demand for its solutions. With over 800 hospital clients throughout the United States, Canada and the United Kingdom, TeleTracking Technologies is the clear market leader, and for the past three years, customers have rated TeleTracking No. 1 in its category, according to an annual survey by market researcher KLAS.
TeleTracking Technologies has been the pioneer of automated patient flow technology since 1991. Its innovations include the first bed tracking application, first electronic bedboard and first "dispatcher-less" transport management application. Its software provides prompts, alerts and real-time decision-making feedback that allows hospitals to dramatically reduce patient wait times and deliver quality care in a timely manner. In 2009, TeleTracking acquired RadarFind, an RFID company, to incorporate its sensor network technology into the patient flow process. TeleTracking also provides process redesign services through its Avanti consulting.
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SOURCE TeleTracking Technologies, Inc.