Q&A with Jeffrey Wahl of MIDAS Healthcare Solutions
President & Co-Founder
Principal Series:
MIDAS stands for Medication Integrity Diversion Accountability System. We chose that name to reflect the important functions of the products and systems we create. MIDAS is developing a data-driving ecosystem to fill gaping vulnerabilities in the safe and responsible handling of controlled substances (including Opioids, anesthetics, and others) and harmful medications in hospitals and other healthcare institutions (ambulatory surgery centers, long term care facilities, skilled nursing facilities). In addition, we are developing a unique system which both allows and motivates consumers to return unused prescription medications which not only reduces the pool of unfinished medications in circulation but provides mission-critical data to the patient’s physicians and other prescribers.
All MIDAS products and systems will substantially reduce medication diversion, a major component of the Opioid Crisis which also jeopardizes the safety and well-being of patients.
MIDAS is the cure for Healthcare’s Hidden Epidemics: diversion of prescription opioids and other dangerous medications in hospitals and misuse of unfinished medications in the home.
January 26thth, 2021 • 2:15pm-3:15pm EST
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The Bipartisan Congressional Opioid Task Force called MIDAS the “expert on drug abuse and prevention” after inviting the company to testify on our “technology to prevent addiction and promote patient safety”.
MIDAS has solutions for healthcare’s hidden epidemics: medication diversion in hospitals and misuse of the 400,000,000 bottles of unfinished prescriptions in our homes.
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What is MIDAS's customer base?
Hospital systems: tighter, rational controls over controlled substances and other dangerous medications; reduces diversion by healthcare providers; promotes patient safety and reduces risk; saves millions of dollars of costs
Physicians and other prescribers: real-time utilization data enables more precise prescribing for the current patient and subsequent patients
Pharmaceutical distributors: chain of custody technology to track and trace shipments of medications to hospitals and pharmacies
Pharmaceutical manufacturers: real-time drug utilization data can spot adverse events and other serious post-market trends
Retail pharmacies: increased customer traffic and loyalty through deployment of intelligent medication return systems
Health insurers and self-insured plans: reduces overall cost of health insurance by preventing substance use disorder, addiction, and their medical consequences
How large is the market for MIDAS's products, systems, and data?
The domestic market includes:
6,000 hospitals (patient floors, operating rooms, ER’s, ICU’s, pharmacy)
7,000 ambulatory surgery centers
15,000 other healthcare facilities
88,000 pharmacies (clinic, retail, in-store, chains and independents)
MIDAS also anticipates an international deployment of its products and systems
What are MIDAS's current funding status and target investor audience?
MIDAS raised $1,000,000 in a seed round in 2018. Proceeds from that round funded product development and the creation of a robust patent and trademark portfolio.
In its current “A” investment round which was launched in Fall 2019, MIDAS seeks additional investment of $7,500,000 at a share price of $1.25. To date, the company has secured $1,600,000 in this round.
Most seed round investors purchased additional shares in the current round. Additional investors in this round include prominent physicians from major academic medical centers, healthcare thought leaders, experts in global cybersecurity, the former vice-chairman of a top international accounting / consulting firm, nurses, pharmacists, a New York Times bestselling author, noted experts in healthcare transformation, family office investors, and the founder / CEO of a $10 billion global private equity firm.
The company is looking to fully subscribe this round to complete the engineering on all of the products in its current pipeline, support the initial round of pilot systems to be deployed in mid-2021, and to add to its existing intellectual property portfolio.
MIDAS currently is in due diligence with and under serious consideration by several major healthcare venture capital firms, a private equity firm with $12 billion AUM, several healthcare and real estate family offices, the venture arm of a national healthcare provider association, hospital and health system venture groups, and the venture groups from major players in the hospital technology space.
Jeffrey Wahl of MIDAS Healthcare Solutions
Jeff is a recognized authority on medical risk mitigation, patient safety, improving outcomes, and the use of technology in healthcare. His is a frequent lecturer and teacher on topics including health communications, medical risk management, patient safety, drug diversion and handling, ethics, and other topics. His audiences include medical schools; major medical centers; law schools; bioethics programs; and regional, national and international medical conferences. He has taught classes and lectured with prominent health and policy leaders including the former CEO of the American Nurses Association and the Associate Director of Science Policy at NIH. He has a particular interest in operating room and anesthesia safety, regularly teaches anesthesiology staff at prominent hospitals, and is a two-time co-author of a chapter on the legal aspects of pediatric anesthesiology in the leading text on the subject.
Jeff chaired the medical advisory board of a Silicon Valley healthcare technology company, Invivodata (acquired by ERT) which developed patient-focused touchscreen data capture solutions for FDA drug and device clinical trials. He is a panelist in all Milken Institute sessions on opioids and drug abuse issues. In his 35+ years as a medical risk management attorney, he has worked with expert physicians from the top 20 hospitals on complex medical and surgical issues. He is a graduate of Case Western Reserve University School of Law (where he was a law review editor) and Franklin & Marshall College. Contact Jeff: