The acquisition will expand caresyntax’s surgical analytics platform capabilities, geographic footprint and data assets
caresyntax, a pioneer in surgical automation, quality analytics and AI, announced today that it has acquired Syus, a leader in operating room (OR) operations and cost analytics. This acquisition extends caresyntax’s global footprint to more than 7,000 operating rooms, including over 1,100 in the United States, and further enhances the company’s capabilities in AI and the use of real-world evidence with the addition of data from over 9 million surgical cases.
Syus delivers easy-to-use, actionable insights for health systems, medical device vendors and anesthesia groups, as they look for ways to better leverage their OR data and improve overall decision making, efficiency and performance. By combining data from disparate sources, such as electronic health records (EHR), supply chain, HR and other IT systems, in a single and powerful online analytics tool, Syus’ Periop Insight enables clinicians, OR managers, and administrators to access important data, view key performance metrics, and support operational decisions from anywhere, anytime and on any device. Currently present in over 100 hospitals and health systems across the U.S., Syus has helped its partners improve communication, documentation and data transparency; reduce supply costs, delays, idle time and late cases; better manage staffing levels and contract labor; optimize block schedules; and otherwise improve overall operating room efficiency and utilization. Syus’ health system and hospital partners include Catholic Health Initiatives, Universal Health Services, Inova, Saint Thomas Health, Health First, Methodist Le Bonheur Healthcare, OU Medical Center, Gillette Children’s, and select HCA and LifePoint hospitals, along with many others.
caresyntax is working to make mission-critical health care settings such as surgery, interventional radiology and obstetrics smarter and safer. The company’s proprietary solutions leverage IoT, analytics and AI technologies to automate clinical and operational decision support for surgical teams, and support all outcome contributors in the delivery and management of risk-bearing contracts. By integrating data from medical devices, electronic health records, and other sources inside the OR into a unified data platform, caresyntax helps caregivers better identify and manage risk, increase workflow efficiency, reduce surgical variability and improve operational or clinical outcomes at the point of care. By acquiring Syus, caresyntax will substantially expand its product offering for health systems, medical device vendors and insurers, as well as extend its geographic footprint. In addition, Syus will enhance caresyntax’s research and development in AI and Machine Learning for advanced algorithm creation.
“Syus is a natural strategic fit for caresyntax as we are both harnessing advanced data analytics to improve outcomes and efficiencies across the surgical ecosystem,” said Dennis Kogan, Co-Founder and Chief Executive Officer of caresyntax. “The combination of Syus’ powerful operational efficiency and cost analytics with our surgical safety and interoperability platform will greatly expand our ability to deliver deeper, more comprehensive insights across a variety of surgical, financial and risk-management use cases. Additionally, this acquisition will allow us to more rapidly expand our footprint in the U.S. We are excited to partner with Syus and look forward to working with their talented and passionate team.”
“We are thrilled to combine with caresyntax and work with its team of experienced healthcare executives,” said Kevin O’Hara, Chief Executive Officer of Syus. “While hospitals have vast amounts of surgical data, they often lack the tools to analyze that data to inform OR processes. Together with caresyntax, we will be able to leverage our combined real-world data and innovative technologies to directly support care delivery for hospitals and health systems throughout the surgical continuum, creating new standards in surgical quality and efficiency.”
The benefits of caresyntax’s platform extend well beyond the operating room. For medical device and robotics vendors, the real-world data captured by caresyntax applications can be fed back to a provider’s learning systems to inform device improvements and design, and enable better tracking and reporting on device performance. For insurers, caresyntax solutions support data-driven underwriting decisions and risk-adjusted premium pricing, mitigate risk during the perioperative workflow, enable better and more cost-effective claim investigation and facilitate the use of value-based contracts through trusted, neutral data systems and effective KPI measurements.
caresyntax recently announced the close of $45.6 million in new financing from Whiz Partners, a Takeda-backed Drug Discovery Gateway Investment Limited Partnership (“DDG Fund”), Plug and Play, Barco Healthcare, Mitsubishi Corporation, Relyens, IPF Partners and caresyntax founders, for a total financing of $77.5 million. The new capital will be used to accelerate caresyntax’s next phase of growth domestically and internationally, and support further development and deployment of surgical intelligence and automation technologies that benefit stakeholders across the surgical ecosystem. Additionally, in the last year, caresyntax has launched key partnerships focused on accelerating research and development of its products and expanding its global reach, including with MC Healthcare, a subsidiary company of Mitsubishi Corporation, Barco Healthcare, Insel Gruppe AG and the University of Wisconsin – Madison. Some partners enable caresyntax to collect clinical and usage data that will improve its software applications to enhance clinical performance, control surgical variation and directly support care delivery across a variety of surgical use cases. caresyntax works with some of the top healthcare providers, insurers and medical device vendors around the globe, including the University of California San Diego, the University of Strasbourg, Hill-Rom and Medtronic.
Source: Company Press Release