Every year, the U.S. healthcare system lose About $1 trillion in waste. A major reason is inefficient operations such as low operating room utilization or discharge planning that starts too late.
To address this, the health system in Neena, Wisconsin ThedaCare It was announced last week that $3 million investment Enter Qventusa company that sells artificial intelligence software to healthcare systems to automate care operations.
A growing number of health systems have been investing Public disclosure of amounts is rare among healthtech companies.
ThedaCare joins other investors in Qventus’ $50 million growth round, the company Announce in February.Some of these investors include Prime Minister, Northwest Partners and THL.
Health System CFO and COO Mark Thompson said ThedaCare chose to invest in Qventus because “the two organizations are aligned in their vision of the future of healthcare” and agreed that deploying care operations automation could address some of the largest operations facing hospitals and financial stress.
Founded in 2012 and headquartered in Mountain View, California, Qventus provides technologies that optimize inpatient settings, perioperative care environments and command center efficiency.
The company’s inpatient technology automates early discharge planning to increase bed capacity, and its perioperative solutions automate operating room scheduling processes to improve OR visits, thereby increasing surgical revenue. Command center technology optimizes patient flow and resource utilization in health systems, enabling them to better manage demand, care progression and post-acute placement.
Thompson said that by implementing the Qventus technology, ThedaCare expects to provide its patients with more timely discharge, greater transparency about the progress of their care, and reduced preparation time for surgery. The technology deployment will also benefit employees, he noted, because they have less manual work to do, such as calling back and forth to make discharge plans.
Through its investment, ThedaCare will partner with Qventus to develop new products and support the company’s expansion of its technology to more hospitals across the country, according to Thompson.
He said the health system decided to forge this partnership with Qventus after weathering the brutal operational challenges posed by the pandemic. For Thompson, ThedaCare, like many other providers, must focus on optimizing clinical and operational resources if they are to succeed.
To measure the success of the partnership with Qventus, the health system will closely track the reduction in length of stay for patients who are medically ready for discharge so that they can safely transition to the next stage of care, such as at home or in a skilled nursing facility .
ThedaCare will also track reductions in wait times for scheduled surgeries and conduct qualitative research on patient and staff satisfaction.
Thompson believes that Qventus’ suite of automation technologies is the best choice for optimizing ThedaCare operations because its platform is suitable for a variety of environments.As the company continues to raise capital and work with suppliers to improve its technology, it may be trying to gain a foothold among its competitors—many of which are EHR vendors offering add-on automation solutions, such as epic, Serna and medical technology.
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