What You Should Know:
– Caresyntax, a Boston-based enterprise-level digital surgery platform delivering actionable insights to make surgery smarter and safer, today announced that it has closed a significantly oversubscribed $100 million Series C funding round led by PFM Health Sciences LP, which also included participation from Optum Ventures, Intel Capital, Lauxera Capital Partners, Vesalius Biocapital Partners, Arno Capital, Rezayat Investments, as well as current investors IPF Partners, Relyens, and Surgical.AI.
– With this funding, Caresyntax is prepared to accelerate expansion into key markets, further research and development of its AI analytics, continue to build out its platforms, and accelerate hiring. The investment follows a year in which the company saw 250-percent growth, supported more than 30,000 surgeons, and improved care for more than 2 million patients.
Vendor-Neutral, Enterprise Scale Surgical Data Platform
– The Operating Room is the financial heart of the hospital and the biggest driver of surgical risk. Surgery accounts for 50% of total hospital revenue but leads to 70% of cause specific deaths. Within a changing reimbursement landscape (1), impending surgical shortage (2), and uncertainty around public health and safety (3), hospitals, vendors and insurers are moving towards digital solutions that can make surgery smarter and safer. At present, a wealth of information can be acquired for each patient in the operating room, but this information is siloed and leads to variability in surgical performance and patient outcomes.
Founded in 2013, Caresyntax’s digital surgery platform uses proprietary software and artificial intelligence (AI) to analyze large volumes of real-world data in and around the operating room (OR) to deliver insights that can be used immediately by the care team and longer-term by a variety of critical stakeholders, including surgeons to assess and improve care. Caresyntax also offers virtual, real-time access to outside experts, such as medical school instructors or medical device representatives, through its digital platform.
“Operating rooms need to perform as effectively and efficiently as possible, and this is especially true now to make up for the surgical backlog driven by the pandemic,” said Dennis Kogan, Caresyntax founder and CEO. “With better technology to safely automate surgical pathways while generating decision-grade real-world evidence, we will improve health care decision-making, mitigate surgical risks, and advance high-value medical technology.”
Recent M&A Activity
At the close of 2019, Caresyntax announced the acquisition of Syus, a leader in operating room operations and cost analytics. This acquisition extended Caresyntax’s hospital footprint and further enhanced the company’s capabilities to improve business outcomes for hospitals via real-world data.
Recent Partnerships Across The World
Since the acquisition, Caresyntax has improved patient safety and care quality by partnering with leading institutions, including University of Iowa Health Care to evaluate and standardize pathways in the OR and the University of Massachusetts Medical School to modernize virtual training and identify safety indicators for clinical settings. In April 2021, Caresyntax was selected by the American Board of Surgery to provide a platform for its pilot program incorporating video-based assessments into their board certification process.
The company’s growth in the United States has been accompanied by successes abroad. Relyens, one of the largest medical malpractice reinsurers in Europe, relies on Caresyntax to help manage surgical risk utilizing its platform for video and other real-world data based assessments linked to patient outcomes. The University Hospital of Strasbourg has used Caresyntax software applications to document orthopedic training, which has led to better scores, an optimized learning curve, and improved risk management. And Sheba Medical Center, the largest medical center in the Middle East, has a research partnership with Caresyntax measuring oncological surgical data across more than 300 variables to develop algorithms that will predict surgical outcomes and enable a higher quality of care.