Last year, the company more than doubled its sales with a 14-fold occupancy rate
Despite all of the changes in health care and medicine over the years, the pressures and challenges facing health systems and service providers have largely remained the same. This includes eEnsuring high quality patient care while maintaining a balance of resources such as available beds, nursing staff and operating theaters. You also need to cCoordinate patient discharges, make sure they are Cover adequate nursing staff, maintain effective OR utilization, and ensure they have the correct information about current and upcoming capacities.
All of this happens while still relying on spreadsheets, phone calls, SMS, and even faxes to make critical operational decisions, said Rich Krueger, CEO of Hospital IQ, a company that leverages technology, including artificial intelligence, prescriptive action, workflow automation, and streamlined communications, to help healthcare systems make better decisions about patient access, care, and staff productivity.
“This combination of skills, known as intelligent automation, brings the right information with the right actions to the right person hours, days, and weeks in advance, ensuring that actions and priorities are aligned across the organization. The result is a new level of maximum operational performance that won’t deteriorate over time, “he said.
On Monday, the company announced a $ 25 million Series C financing round led by Baxter Ventures, the venture investment arm of Baxter International, and Health Velocity Capital. The existing investors Pierpoint Capital and Allscripts also participated.
The IQ hospital, founded in 2013. based in Newton, Massachusetts Platform works with hospitals and health systems to support digital transformation by being what Krueger calls “,the main enabler for a culture of improvement. “
The platform can identify the most effective discharges and potential discharge barriers, see pStreamline communication between care teams, identifying staff misalignments and assigning staff based on patient care needs, and optimizing schedule templates based on volume and trends.
As a result, Hospital IQ’s customers have seen thousands of the hours that were repurposed weekly due to the improved communication, while the employees saw an improvement of the key performance indicators by more than 30%. Additionally, hospitals and health systems see hundreds of hours of operating room time released monthly, along with hundreds of additional procedures and an increase in operating room utilization of over 5%
Meanwhile, patients have reduced length of stay by 15% and the number of patients in the emergency room who leave unseen by 50%
“We’re going to provide a better experience that makes everyone’s job easier, which is why our platform is so widespread,” said Krueger.
“Health systems and hospitals of all sizes can benefit from our solutions. Our customers range from multi-site healthcare systems with hundreds of operating theaters and thousands of beds to small regional hospitals with a few operating theaters and fewer than 100 beds. “
Hospital IQ customers include Hospital for Special Surgery, Health First, MercyOne, and university hospitals. In the past year, the company’s sales more than doubled, the customer base grew by 50%, and the platform utilization increased 14-fold as the COVID pandemic made the company’s software more necessary.
“COVID-19 has shown that hospitals need to change their operations to become more proactive, agile and flexible. It highlighted the operational challenges, including the lmimicked insights into all aspects of the operation, “said Krueger.
“Access to and use of predictive AI capabilities to predict population censuses and aggregate demand became critical. With these predictions, executives will be much better prepared to make better human resource decisions, better purchasing decisions for critical supplies and equipment, and more effective capabilities. “Decisions.”
Hospital IQ says it will use the new funds to advance product development as well as expand its team across all business areas, growing it by 50% by the end of this year and doubling it over the next 12 months. especially in the areas of sales and marketing as well as customer service. The company will also use the money to create new partnerships and deepen its existing partnerships with Allscripts and Cerner.
Hospital IQ’s mission is to help Health systems with the challenges they have faced for years and which have only been exacerbated by COVID.
“When we founded the company, our primary goal was to build an operations management platform that could be scaled to support the more than 6,000 hospitals in the US and advanced technologies like machine learning based on AI and lean methods uses it to really improve and maintain operational effectiveness and ultimately improve the bottom line, “said Krueger.
“Based on the real world results our clients have achieved, our platform has proven to be unmatched in its depth, adaptability and ability to deliver quantifiable operational improvements for our clients and their patients. We are excited to scale our operations with industry demand and enable more healthcare systems to optimize their performance while delivering quality care as we advance the digital age of healthcare. “