The company’s platform provides surgeons with insights so they can improve patient outcomes
The amount of data that is currently flowing into the healthcare system has increased by almost 900 percent from 2016 to 2019, so there is no lack of knowledge on how to ensure the best possible care for patients. However, this does not apply to the operating room Surgery accounts for more than half of all hospital revenues and nearly three-quarters of all cause-related deaths in the United States.
That is why Dennis Kogan founded the platform for digital surgery Caresyntax. The Company Delivers actionable insights that use software and AI to analyze video, audio, image, device data, clinical and operational data in and around the OR to improve patient outcomes.
“While data analysis has taken up almost every aspect of our lives, from business to social media to sports, the operating room is considered to be one of the only black boxes of data that has not yet been discovered. Lack of access to that data and inability to get it Gaining actionable insights increases the likelihood of surgical errors, “he told me.
On Wednesday, the Boston-based company announced that it has completed an oversubscribed $ 100 million Series C financing round from PFM Health Sciences LP, with participation from Optum Ventures, Intel Capital, Lauxera Capital Partners, Vesalius Biocapital III, Arno Capital and Rezayat Investments. as well as current investors IPF Partners, the Relyens Group and Surgical.AI.
With this last round, the company has now increased A total of $ 177.5 million.
The real-world evidence gathered by Caresyntax can be used live by the care team during a procedure and accessed by people outside the operating room via the platform’s telemedicine connection. Post-procedure, the Caresyntax platform provides insights to help surgeons assess and improve their care, hospital administrators to use surgical resources more efficiently, medical device manufacturers to develop better products, and insurance companies to understand risks and develop tailored policies.
The Caresyntax software is currently used in more than 4,000 operating rooms worldwide and supports surgical teams in over two million procedures per year. One of his clients, Saint Thomas Hospital in Tennessee, saw FTEs decrease by $ 500,000, cases decrease 40% after hours, and first case punctuality increased by 20% after using Caresyntax. Another of its customers, the NCH Healthcare System, saw anesthesia subsidies decrease by $ 2 million annually, personnel costs were reduced by $ 1 million annually, and case volume increased by 10%.
Caresyntax’s international customers include Relyens, one of the largest medical malpractice reinsurers in Europe, relying on the platform to manage surgical risk using its platform for video and other real-world data-based assessments related to patient outcomes. It also works with the Strasbourg University Hospital, which has used Caresyntax’s software applications to document orthopedic training, which has resulted in better outcomes, an optimized learning curve and improved risk management.
The company was recently selected by the American Board of Surgery to provide a platform for its pilot program that incorporates video-based assessments into the board’s certification process. Through the pilot program that will start in June 2021 and end by the end of the calendar year, At least 100 surgeons upload videos of the operations they are performing and those videos are reviewed by other surgeons. This allows colleagues to provide feedback during the peer review process.
“Caresyntax was selected for its ability to generate surgeon assessment reports that include video snapshots, coaching comments and a list of results. Reviewed surgeons can click on their video and review it directly from the report,” said Kogan.
“In addition, Caresyntax provides real-time notification to both the surgeon who performed a procedure and the surgeon who is reviewing it as soon as the procedure video is ready for assessment.”
Caresyntax saw significant growth over the past year, including a 250% increase in new order value, which Kogan credits mainly due to the conditions created by the COVID-19 pandemic.
In response to the pandemic that made it difficult for surgeons, medical technology reps and medical students to access the operating room, let alone the data it produced, Caresyntax released a new solution for its platform that allowed hospitals to maintain their surgical case load. The new solution added virtual access to the operating room, giving surgeons the ability to call other surgeons, medical technology professionals or medical students at the touch of a button.
As a result, hospitals using the Caresyntax platform were only able to reduce operation volume by 8% from March to June 2020, compared to the 35% the average hospital experienced during that period, according to research by McKinsey & Company.
“While there has always been a need for data insights in the operating room, the COVID-19 pandemic has shown how important it will be to hospital recovery. In fact, hospitals lost more than $ 200 billion in just a few years from the first five Months of the pandemic, “Kogan told me.
“Any successful path forward requires a technology platform that generates actionable insights from the operating room and enables hospitals to evaluate and improve care and use surgical resources more efficiently.”
In the future, the company plans to use its new funds to further research and develop its AI analytics, expand its platform and expand its settings. The money will be used to accelerate Caresyntax’s expansion into new markets.
“”Our mission is to use technology to make surgery smarter, safer and, ultimately, easier. For us, success means having Caresyntax products in every hospital to enable surgeons and other staff to solve the most acute problems in surgery, “said Kogan.