By Robert Reiss, Contributor to Forbes  | August 29, 2016

I was recently at a board meeting at Griffin Hospital and our CEO was telling us about a new product that could transform perhaps the most ubiquitous healthcare practice – drawing blood. The concept from a company called Velano Vascular repurposes the IV most hospital patients already have in their arms so blood can be drawn without having their veins repeatedly stuck by needles. It aims to eliminate the associated negatives of traditional blood drawing: the pain and anxiety, injuries, excessive time and cost. It seemed like such a revolutionary solution to a broad issue – sort of like in 1892 when Keds invented sneakers – and I was curious to understand if this was truly an historic moment where the age old process of drawing blood could once and for all be revolutionized.

It reminded me of one of my first CEO interviews back in 2007 with Jay Walker, the Founder of Priceline when he described the driving force behind one of his over 700 patents, “The key to successful innovation is having a better solution for something that’s used everywhere and every day.”

So I decided to experience this innovation firsthand and a few weeks later I intentionally became a patient and experienced this new needleless way to draw numerous samples of blood. I was amazed, the nurses were able to draw blood easily, and to do so as many times as they wanted without ever having to stick a needle in me again.

I was next introduced to the founder of Velano Vascular, Eric Stone, who I now admiringly call the Steve Jobs of drawing blood, and below are a few insights from our conversation:

Robert Reiss: How much blood is currently being drawn and what are the problems with the current system?

Eric Stone: Blood draws are not fun – and they are overlooked and underappreciated…except by patients. They are likely the most common invasive medical procedure, with an estimated half a billion in U.S. hospitals alone conducted every year, and two to three times this number across all hospitals worldwide annually. Recognizing that the U.S. represents nearly 40 million inpatient admissions annually, with an average length of stay of 5 days, and a conservative estimate of 2 blood draws per patient per day, we are easily conducting hundreds of millions of inpatient draws each year quite readily. This does not even take into account other non-hospital settings where patients require regular blood draws, such as long-term care facilities, skilled nursing homes and more – all locations where patients may have a peripheral IV (PIV) catheter indwelling (a requirement for our innovation to be relevant). For a procedure that informs nearly 70% of all clinical decisions, it is remarkable that the last major innovation was the abandonment of bloodletting centuries ago.

Whether you’re the parent of a sick child or the son or daughter of an elderly parent, repeat hospitalizations and frequent blood draws hit home for just about everyone. It’s scary, it hurts, and it’s critical that we begin to pay attention and stop taking the steely reserve of our patients for granted. Herein lies the rub. People scared of needles (trypanophobia) avoid necessary tests and treatment, needles injure healthcare workers more than 2 million times a year in accidents that can lead to serious infection, and the list of dysfunction goes on.

The way we draw blood today has real emotional, clinical and financial consequences. We can, and we must, do better. We can start by paying attention.

Reiss: What specifically is different about the Velano Vascular  product?

Stone: Velano’s FDA-approved PIVO™ is a disposable, needle free device that connects to a patient’s existing IV catheter, enabling blood draws during their entire hospital stay without requiring subsequent needle sticks.

It turns out that IVs are great at putting fluids into the body but unreliable at pulling them out – that’s why patients receive so many needle sticks while in the hospital. PIVO turns the routine IV into a reliable conduit for drawing high quality blood samples. This is an elegant solution to a centuries-old problem. Now, patients no longer need to feel like a “pin cushions” or experience abrupt awakenings between 2:00 am and 6:00 am for the nighttime needle stick – when 40% of blood draws occur.

The company was founded based on a simple idea back in 2012, and subsequently PIVO has been used in clinical pilots and trials at a number of leading U.S. hospitals since receiving regulatory clearance in early 2015. It has won a number of awards, including the Frost & Sullivan New Product Innovation Award for Vascular Access in 2016 and the Sheikh Zayed Institute for Pediatric Surgical Innovation competition at Children’s National Health in Washington, DC.

Reiss: What are the strengths and weaknesses of your methodology on quality outcomes?

Stone: Velano is most often measured by the clinical quality of blood samples drawn and its impact on both practitioner and patient experience.

In thousands of patients, the quality of our blood samples has been definitive and easy to measure, both through clinical studies and “real world,” commercial use. Blood drawn from PIVO has similarly low hemolysis rates (blood cell shearing or tearing that can relegate a patient to a re-draw and delays in essential care) to needle draws. Clinical study efforts and pilots with some of the country’s leading healthcare institutions such as University Hospitals Cleveland, Intermountain Healthcare, The University of Pennsylvania Hospital and Harvard’s Brigham and Women’s Hospital reflect clinically appropriate laboratory results – confirming that blood drawn with our compassionate technology can become a standard of care for clinical decision-making.

Practitioner and patient experience is harder to quantify, but our surveys and testimonials to-date are resoundingly positive. In fact, patients who receive PIVO draws are requesting PIVO when transferred to floors in the hospital that are not participating in our pilots or upon readmission to the hospital. They are actually asking for the product – it is remarkable.

The onus is on Velano to continue improving our quality measurements to undeniably prove this innovation is truly a win-win-win, as we seek to elevate the quality of care and outcomes for patients, practitioners and hospitals alike.

Reiss: What is the financial model for a user and what is the economic impact nationally?

Stone: The cost of a blood draw is not just the $1 or less spent for a needle. Instead, it is the many billions of dollars a year spent on wasted materials, rejected blood samples, patient and practitioner risks, delayed results, labor costs, central line escalations, and more resulting from this less-than-desirable and madly inefficient procedure.

Some of the financial downsides of traditional blood draw standards are somewhat obscure, however we’ve helped our hospital partners understand the current impact by simply asking sincere questions, seeking to learn, and paying a modicum of attention to the topic. Think about the blood draw on an elderly or obese or diabetic patient that can take as long as an hour of a nurse’s time and 2-3 needles to find a vein and collect an adequate sample. Consider that even one single case of an employee blood borne pathogen transmission from a needle stick can cost millions of dollars in exposure for a hospital.

For PIVO, we understand that in an environment of increasing health industry price transparency and pressures, when our entire healthcare system is experiencing economic upheaval, and cost neutrality is required for rolling out true innovation in hospitals.

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