Lumere has been named an 18th annual Chicago Innovation Award winner on behalf of its Category Optimization solution. Category Optimization ensures medical device purchasing and utilization is based on evidence, ensuring better patient outcomes. The solution currently organizes and classifies more than 40 physician preference item categories across seven service lines such as spinal cord stimulation, cardiac rhythm management devices, surgical mesh and knee implants.
“Many health systems are experiencing financial pressure to cut costs. Total supply chain spend currently represents 30% of all hospital spend, but barriers such as disparate and messy data sources and lack of cost transparency prevent administrators and physicians from effectively managing medical device costs,” said Bonnie Lai, PhD, Vice President of Product Management, Lumere. “We’ve spent the past seven years developing a proprietary data classification system and growing our team of device experts to improve cost, quality and outcomes initiatives.”
Following a rigorous process to narrow 450 nominees to 25 winners, the winners were announced at an event held at Chicago’s Harris Theater on Monday, October 28. Nearly 1,500 business and civic leaders and supporters of innovation gathered to recognize Chicago’s most innovative new products and services brought to market this year.
“Chicago’s innovators continue to demonstrate the breadth of innovation found in the region, cutting across all industries, sectors and sizes,” said Tom Kuczmarski, co-founder of the awards. “2019 winners are pioneers in energy, healthcare, telecommunications, manufacturing, drug development, food, automotive, cyber security, architecture, community and workforce development, education, entertainment and more.”
The winning organizations receive a variety of honors including the opportunity to ring the Nasdaq Bell in New York City, and meetings with the Mayor of Chicago, Governor of Illinois, Cook County President, and leaders from the United Nations.
“As a group, these nominees generated more than $13.9 billion in new revenues from their new products and services, along with the creation of 1,001 patents. The 25 winners represent the best from this very impressive group,” said Luke Tanen, Executive Director of the Chicago Innovation Awards.
The complete list of this year’s Chicago Innovation Award winners can be found at www.chicagoinnovation.com.