SAN FRANCISCO & BERLIN, January 24, 2024 – Caresyntax, the leading vendor of enterprise-scale data-driven surgical intelligence solutions to make surgery safer and smarter, today announced its highlights and achievements of 2023, as the company has continued its strong growth journey.
Dennis Kogan, co-founder, and CEO: “Caresyntax celebrated its 10-year anniversary in 2023 and accelerated our journey of innovation and expansion from our initial flagship OR data integration products to an enterprise surgical intelligence platform that is serving over 30,000 surgical teams. What you see from the achievements this year is a laser focus on continued growth, expanding our global footprint, and leveraging key partnerships to make surgery safer and smarter for patients and their families.”
Bjöern von Siemens, co-founder and CFO: “2023 has been a particularly successful chapter in our decade-long journey, marked by growing our GAAP revenue by 100 percent, showing clear financial and clinical ROI on hospital level and forging impactful value partnerships with our clients. Through these partnerships with industry leaders, we have further expanded the Caresyntax platform offering and enhanced patient care and outcomes in US and European hospitals. I am humbled by the trust of our clients, and proud of our dedicated teams making surgery safer and smarter and will continue to advance surgical care worldwide.”
Accelerated Business Growth
In 2023, Caresyntax accelerated its global growth. Its platform is now being used by over 30,000 surgical teams, in 3,000 operating rooms (ORs) worldwide. In the United States, Caresyntax built on its Value Partnership model with a network of strategic providers focused on cost, volume, and quality improvements driven by the Caresyntax Surgical Intelligence Platform. This group includes top organizations from various segments of healthcare including Universal Health Services (UHS); one of the nation’s largest non-profit Catholic health systems; the University of Iowa Hospitals and Clinics; and emerging pilots with the US Department of Veterans Affairs.
This network has continued to expand with Letters of Intent signed with other premier US institutions to join this growing network into 2024. The impact of this network will be further amplified via the addition of other ecosystem partners including insurers, building on the successful model Caresyntax pioneered in Europe.
Internationally, Caresyntax has seen continued success with a joint go-to-market approach with Relyens, i2medi and Draeger, achieving growth over the last year. The companies developed a new model of “Value Partnerships” with key hospital systems. The Value Partnership model creates a win-win opportunity with high ROI for both industry and hospital partners, engaging with clinical, financial, and operations leaders in hospitals deploying novel technologies.
Caresyntax has established Value Partnerships with some of the largest hospital systems across Europe including Assistance Publique-Hôpitaux de Paris (APHP) in Paris, France; a large hospital group in Northern Germany; the Hospital Universitario Virgen de la Arrixaca in Murcia, Spain; and Villa Betania Clinic in Rome, Italy.
Strategic Collaborations and Key Partnerships
In September, Caresyntax appointed Bruce Ramshaw, MD, renowned systems, and data science pioneer as its Chief Medical Informatics Officer (CMIO) and created a new clinical data as a service (CDaaS) offering founded on Dr. Ramshaw’s deep data science knowledge and industry track-record. As part of this, Dr. Ramshaw will expand the utility of continuous quality improvement methods through the Caresyntax surgical intelligence platform and will apply his proven methodologies to the worldwide network of Caresyntax collaborative hospitals and clinical sites.
ARC
The company announced a partnership with Sheba’s Global Innovation platform ARC (Accelerate, Redesign, Collaborate) to establish and replicate the ARC Surgical Innovation Model using the Caresyntax data-driven surgery platform. Sheba is recognized as one of the world’s leading smart hospitals. Its ARC Innovation Center, based in Tel Aviv, Israel will leverage the Caresyntax data-driven surgical intelligence platform to drive foundational improvements across clinical, operational, and financial measures. The partnership will also work to establish a worldwide collaborative network of prominent hospitals, surgery centers, surgeons, and health organizations to share best practices to inform the continuous development of the ARC Surgical Innovation Model.
Intel
Relyens, the leading European mutual group specializing in insurance and risk management services for health professionals and local authorities, together with Caresyntax and Intel has also won clients for the Connected Surgery program, an artificial intelligence-based surgery platform. The platform will first be installed in the operating rooms of the Assistance Publique-Hôpitaux de Paris (APHP). Caresyntax’s surgery platform is equipped with advanced AI capabilities at the edge, optimized by the Intel OpenVINO™ toolkit, to combine technology and improved quality of care.
AAICO
Caresyntax entered into a strategic collaboration with the Applied AI Company (AAICO), a leading AI technology company, to distribute novel software and artificial intelligence solutions throughout the US, UAE (United Arab Emirates), and Europe. With this strategic engagement, the companies will combine their healthcare datasets and delivery resources to offer bundled software and services solutions to healthcare companies and insurance companies in these markets. Proprietary data and software from both platforms will be used to create novel AI-based applications to improve the entire surgical continuum, including medical billing, patient pathway management, and revenue assurance.
ProAssurance
Caresyntax and ProAssurance Corporation (NYSE: PRA), one of the nation’s leading medical professional liability insurers, partnered to provide innovative Caresyntax surgical intelligence tools to ProAssurance insured surgeons. Using Caresyntax’s transformational surgical intelligence platform, ProAssurance-insured surgeons will integrate video and other real-world evidence from surgeries to provide insight into patient outcomes, operational efficiency, and profitability.
Product and Program Updates
The Caresyntax journey this year has been marked by significant strides in surgical intelligence, where it has not only continued to enhance core offerings but also introduced groundbreaking capabilities. The company remains steadfast on revolutionizing the surgical environment through advanced technologies that foster better patient outcomes and operational efficiencies. Remarkable progress was made in areas such as dynamic surgical scheduling, telepresence, advanced analytics, and AI-driven insights.
Operational Analytics & Insights
In 2023, the company added seven new KPIs (key performance indicators) to offer a total of 32 KPIs to provide deep insights into OR operations and clinical workflows to enhance efficiency and patient care.
- Through comprehensive analytics, hospitals saw an 8 percent increase in case volumes.
- With benchmarking capabilities, health systems saw 93 percent improvement with first case on-time starts.
Schedule Optimization & Capacity Management
In the words of one Chief of Surgery at a health system, “Through collaboration with OR leadership, surgeons, and Caresyntax, we were able to compress the surgical schedule, relax the crunch of afterhours cases, and reduce case turnover times.”
- By proactively alerting surgeons and schedulers of future available block time, Block Utilization increased by 39 percent.
- By bringing transparency to the scheduling process and automating essential documentation, Case Cancellations were reduced by 41 percent.
Connected Surgery
The company introduced Innovative software-based OR integration solution with edge IoT (Internet of Things), telepresence, and audio/video (AV) routing, recording, and AI. This solution was developed in partnership with Intel and allows for remote monitoring and maintenance of edge devices with over-the-air updates. Additionally, Caresyntax launched telestration on Telepresence, which facilitates secure remote surgical collaboration. This solution can provide cost savings of up to 50 percent compared to traditional approaches.
Video-Based Performance Enhancement
The company enhanced video–based capability for improving clinical efficacy and perioperative efficiency with five new Object Procedure-Specific Assessments (OPSAs), including Total Knee Arthroplasty and Hernia Repair. These Objective Procedure-Specific Assessments have been published in several peer-reviewed publications.
- On the clinical efficacy front, Dr. Philip Liverneaux from the University of Strasbourg says, “Video-assisted deliberate practice deserves to be widely used to optimize learning curves and improve risk management in surgery.”
- On the perioperative efficiency side, Dr. John Cromwell from the University of Iowa says, “We have people from all parts of the country – trainees, new nurses, new faculty – and we’re constantly trying to align people on their responsibilities, and what we’re trying to achieve on a daily basis, creating the best outcomes for our patients.”
Surgical Care Pathway
The Surgical Care Pathway module was introduced to optimize the treatment journey for patients undergoing surgical procedures. It leverages multiple data inputs, including EHR (Electronic Healthcare Record), PACS, PREMS and PROMS (patient reported outcomes measures) data to identify personalized care strategies, assess risks, and visualize patient outcomes. This approach ensures each patient receives the most effective treatment plan based on their unique health profile, surgical history, and other relevant factors. New capabilities include advanced literature-based Risks and Outcomes for Total Knee Arthroplasty (TKA); patient-centric analytics with the development of visualizations focused on app-based PROMs; and PREMs enabling a more patient-centered approach to care and recovery.
Clinical Value Analysis
With the addition of Bruce Ramshaw as the Chief Medical Informatics Officer, Caresyntax has added a new, industry–leading capacity to collaborate with the clinical team to interpret data and implement new ideas to improve upon current processes. A Clinical Quality Improvement project for Ventral Hernia Repair identified $1.4M in savings over two years, primarily due to better understanding of biologic supplies.
The Caresyntax platform foundation provides the underpinning of AI, and analytics for all other platform modules. The foundation enhanced offerings for ease of hospital activation through new data ingestion processes. This has included the migration of several clients benefiting from advanced data ingestion capability. Additional new developments include integration with PACS or third-party systems for pre- and post-op image ingestion with a DICOM interface.
Momentum into 2024
Caresyntax is excited to carry forward our velocity, collaboration, and expansion into the new year. 2024 promises to be very exciting as we deliver on our first round of value partnerships and co-development with our clinical and industry partners. As we scale the Caresyntax platform across the globe, we will start to realize the benefits of clinical networking, best practices optimization, and data-driven excellence for the entire healthcare system.
About Caresyntax
Caresyntax is on a mission to make surgery smarter and safer by converging AI-powered software, devices, and clinical services to help customers improve surgical outcomes. Our vendor neutral, enterprise-grade surgical intelligence platform delivers actionable insights to improve patient outcomes by using proprietary software and artificial intelligence (AI) to analyze large volumes of video, audio, images, device data, clinical and operational data in and around the OR. This real-world evidence can be used by the care team live, during a procedure, and accessed by those outside the operating room via the platform’s dedicated telehealth link. After a procedure, the Caresyntax platform provides insights that help surgeons benchmark and improve their care, hospital administrators use surgical resources more efficiently, medical device companies advance better products, and insurance companies understand risk and devise more tailored policies. Headquartered in San Francisco in the US and internationally in Berlin, Caresyntax software is used in more than 3,000 operating rooms worldwide and supports surgical teams in more than three million procedures per year. For more information, visit www.caresyntax.com.
Caresyntax Contact:
info@caresyntax.com
US Media Contact:
Michael Beyer
The Harbinger Group
312-961-2502
mikeb@theharbingergroup.com
International Media Contact:
Gargee Kashyap
Marketing Manager
Gargee.kashyap@caresyntax.com
CDaaS for Medtech