Boston-based Opmed.ai, a company developing AI solutions for healthcare operations, has secured $15 million in Series A funding. The round was co-led by NFX and Grove Ventures, with Secret Chord Ventures, the Impact investor Sir Ronald Cohen, and Unbox Ventures also participating.
This investment will allow Opmed.ai to expand its platform designed to optimise scheduling and resource allocation in Operating Rooms (ORs) amidst a growing healthcare labour shortage.
Earlier this year, we also reported about one female-led healthcare startup called Sorella, which closed €5M funding to open 3 new clinics.
What problem is Opmed.ai solving
The healthcare industry faces a projected shortage of 3.2 million workers by 2026. Hospitals are also grappling with rising labour costs, with expenses exceeding 20% in the last year alone. Operating rooms are a critical revenue source for hospitals, but inefficient scheduling practices can hinder their profitability. Traditionally, OR scheduling relies on spreadsheets or manual solutions, leading to inefficiencies.
Opmed.ai’s platform uses AI to optimise healthcare operations, starting with ORs. Their AI engine analyses billions of potential scenarios and considers industry-specific factors to generate alternative scheduling options. This can significantly improve resource allocation and address the financial implications of unused OR time. Opmed.ai claims their solution generates an additional $1 million in revenue per OR annually, along with a $500,000 annual cost reduction.
How will the funds be used
This funding round will enable Opmed.ai to scale its technology and meet the growing demand from hospitals across the US. “Our mission is to support hospitals grappling with staff shortages and other critical issues by providing them a less labour-intensive, more effective way to perform at their best,” stated Dr. Mor Brokman Meltzer, Co-Founder & CEO of Opmed.ai.
The startup explains it’s implementation process
Despite the complexity of OR scheduling, Opmed.ai highlights a quick implementation process of two to four weeks. The platform factors in various elements such as underestimations, anaesthesia time, turnover time, and staff preferences to generate optimised schedules. These schedules can be easily implemented by hospital staff with just a few clicks. Opmed.ai also allows for longer-term planning, potentially increasing OR utilisation by 10% and creating additional cost savings and revenue opportunities. Hospitals can typically expect a return on investment within 3-4 months.
What we think about the startup
Renana Ashkenazi, General Partner at Grove Ventures, emphasises the clear and substantial return on investment offered by the technology. Gigi Levy-Weiss, a founding partner at NFX, highlights Opmed.ai’s ability to address staffing shortages and improve the OR experience for both doctors and patients.
Opmed.ai sees this funding as more than just a financial milestone, but a validation of their vision to revolutionise healthcare operations with AI. The company remains committed to providing solutions that address current challenges and pave the way for a more efficient future in healthcare delivery.
Opmed.ai’s platform is already deployed in leading hospitals and healthcare systems in the US and Israel, with collaborations underway with prominent organisations like the Mayo Clinic.
Opmed.ai’s AI-powered solution offers a potential path to address inefficiencies in OR scheduling and resource allocation. If successful, this technology could contribute to improved financial performance for hospitals while mitigating the impact of the healthcare labour shortage.
