Friday July 26, 2019 0 comments
DENVER -- OptioSurgical, Inc., an analytics software company that helps hospitals and surgery centers reduce medical device costs, announced the close of a $3.3 million funding round led by Next Frontier Capital.
The company said it 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, OptioSurgical co-founder and CEO.
"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 said. The company is currently focused on the $50 billion orthopedic device market. On average, OptioSurgical said it is able to reduce hospital and surgery center surgical costs by 20-40%.
OptioSurgical said it will continue to expand its product offering in 2019 to serve ambulatory surgery centers and hospitals.