DENVER, July 25, 2019 /PRNewswire/ — OptioSurgical, Inc., an analytics software company that helps hospitals and surgery centers reduce medical device costs is pleased to announce the close of a $3.3 million funding round led by Next Frontier Capital. The company plans to allocate this capital towards continued growth of the OptioSurgical platform and expand into other specialties such as spine and cardiovascular.
“The current healthcare reimbursement landscape necessitates easy-to-use solutions that provides actionable ways for providers to reduce costs,” said Ryan Mughal, Co-Founder and CEO of OptioSurgical. “This investment supports our company’s mission to create a more sustainable healthcare system and continue to be a leader in medical device tracking and analytics.”
Founded in 2017, OptioSurgical’s software empowers supply chain and clinicians with key insights to make more intelligent decisions. The platform analyzes devices used, ranks surgeons by procedure, alerts on over-charging or mistaken charges, and automatically predicts savings opportunities. The software is able to take a 9-month RFP process down to a few days. The company is currently focused on the $50 billion orthopedic device market. On average, the company is able to reduce hospital and surgery center surgical costs by 20-40%.
“As a surgeon, I am tasked with providing high quality, cost effective outcomes for my patients. I am more than willing to change behavior, but it is very challenging for physicians to access cost information in an accurate and actionable way,” said Dr. Dave Laverty, Orthopedic Surgeon.
Rob McCarville, Principal at Medical Consulting Group, which develops and manages 70 surgery centers across the country, says, “Prior to OptioSurgical it was very difficult to access case cost information in real-time and engage surgeons on how to be more cost effective. With this software we are able to easily have those conversations and drive down costs.”
OptioSurgical will continue to expand its product offering in 2019 to serve ambulatory surgery centers and hospitals.
For more information about OptioSurgical, Inc., visit optiosurgical.com
About OptioSurgical, Inc.
OptioSurgical is a software and analytics company that tracks medical devices used in surgery and helps providers reduce cost. It does this by leveraging a proprietary software platform with implant constructs across various surgical specialties. The software tracks devices in real-time and automatically populates savings opportunities, mistaken charges, and surgeon cost trends. OptioSurgical customers often see return on investment in the first 90 days.