Denver's OptioSurgical, an analytics software company helping hospitals and surgery centers reduce medical device costs, announced the close of a $3.3 million funding round that will help it expand into other specialties.
Founded in 2017, OptioSurgical's software delivers insights to empower clinicians to make more intelligent decisions when it comes to surgery. The platform analyzes surgical devices used, ranks surgeons by procedure, gives alerts on over-charging or mistaken charges and automatically predicts savings opportunities.
"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, in a statement. "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."
Bozeman-based venture firm Next Frontier Capital led the round. Next Frontier seeks to lead or co-lead investments in Montana and Rocky Mountain technology companies, between $2 million and $4 million.
With this funding round, OptioSurgical will continue to build out its platform and plans to expand into other specialties, such as spine and cardiovascular surgeries.
On average, the company is able to reduce hospital and surgery center surgical costs by 20 to 40 percent, OptioSurgical said in a release.
Rob McCarville, principal at Medical Consulting Group, which develops and manages 70 surgery centers across the country, lauded OptioSurgical's impact.
"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," he said in a release. "With this software we are able to easily have those conversations and drive down costs."
