The AI optimization platform developer Opmed.AI has raised $15 million in Series A funding from NFX, Grove Ventures, Unbox Ventures, the Impact Investor Sir Ronald Cohen and others.
Opmed.AI focuses on using the latest AI technology to optimize healthcare operations, starting with operating rooms (ORs). The company’s optimization engine generates alternative schedules that enhance resource allocation automatically by running billions of permutations in seconds and customizing its predictions to industry-specific characteristics. The technique might have a huge impact because empty ORs cost $1,000 for every unused hour and each idle minute has a potential revenue of $50 to $150.
Prof. Baruch Barzel, Avi Paz and Dr. Mor Brokman Meltzer co-founded Opmed.AI. About 30 people work for the company, of which 20 are based in Israel and the remaining 10 are in the US. Leading healthcare facilities in Israel and the United States have already used Opmed.AI, and it is working with top health systems, including Mayo Clinic.
The Opmed.AI platform can be implemented in as little as two to four weeks, even though operating rooms and healthcare environments in general are complicated environments. Once put into practice, it adjusts for gaps, anesthetic time, turnover time and other factors, in addition to detecting overestimations and underestimations. It then produces ideal backup plans that an expert in scheduling may select and apply, accounting for personnel, tools, preferences, extras and other variables.
Additionally, planners can create longer-term allocation plans with the platform in order to provide cascading savings and revenue in addition to a 10% increase in operating room use. According to the organization’s representative, the ROI for hospitals usually takes three to four months.
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