The Orthopedics Industry Overview
Summate Technologies, Inc., an independent, start-up healthcare technology company based in Newburyport, MA is seeking investors to fund pilot/sales activity for its unique, patented consumption documentation system for the healthcare provider surgical theatre. Summate has developed a unique scanning platform (the Odyssey System™), which is the world’s first scanning system that scans ALL surgical consumption at true point of use, both at edge of and inside the sterile field. Use of funds will be to support pilots at Duke and Dartmouth Health and initial sales effort to local healthcare providers and to fund inventory to fill orders.
The Problem
Incredibly, operating rooms in both the hospital and ambulatory surgery center (ASC) environments lack complete point of use product scanning (POU) in the O.R. O.R. products consist of sterile packaged items/implants in packages which are opened and passed into the sterile field from the edge of the field, and implants which are used from within the sterile field. Currently there are no solutions available to scan all items at their actual point of use during surgical cases. This causes a pervasive problem: incomplete/inaccurate manual documentation and manual data entry of product usage during surgery, which cascades into significant financial and quality problems for healthcare institutions such as missed charge capture, lower DRG reimbursements, bloated inventories, surgeon value assessment opacity, inaccurate patient records, and enormous supply chain friction which directly leads to higher costs for surgical products and implants.
The Solution
Summate has developed the Odyssey™, a revolutionary POU tracking solution which leverages patented microchip tagging technology and imaging software on a workflow-friendly platform.
The Odyssey is the first and only total consumption scanning solution for ALL products used during a surgical procedure, at the true point of use, from both inside and at the edge of the sterile field. The Odyssey also delivers product intelligence and VOIP communication to field staff as well. It deploys two types of highly unique scanning technology:
Edge of Field Scanning: Summate has partnered with Symmetric Healthcare Solutions to bring their unique optical character recognition (OCR) /AI full label imaging technology to the O.R. as part of the Summate scanning platform.
Summate software has an API with Symmetric’s AI enabled handheld PC scanning solutions. OCR is a far more robust and accurate scanning solution compared to barcode scanners. Summate has filed for software/workflow I.P. in this area.
In Field Scanning: Summate has developed the first functional, in-field scanning technology that enables orthopedic implant documentation at the true point of use – from inside the sterile field.
Summate has a strong IP position on both the technology and methodologies behind this technology, with 7 patents granted to date.
Patient Documentation: The Odyssey has a built in Zebra digital barcode printer. In addition to electronic data transfer, the system outputs line by line itemization of all surgical usage, with barcode data representing both FDA device ID and manufacturer’s part numbers. This provides a complete record, including lot and serial information, of all items used during surgery. The patient can receive this record, filling a huge gap in medical transparency.
In summary, the O.R, represents 55-60% of hospital supply costs. Summate brings total POU digital documentation and all its associated financial benefits and quality improvements to this critical area of healthcare for the first time.
Competitive Advantages:
- Total Consumption Scanning: Summate offers the first functional, total scanning solution that can scan and track ALL product consumption in surgery.
- OCR Scanning: Summate is the first O.R. platform to offer OCR scanning for often inconsistent O.R. product labels.
- True Point of Use Scanning: Summate’s Odyssey is the first platform that offers surgical product tracking at the point of actual usage: at the edge of and inside the sterile field.
- Flexible Data Workflow: Summate’s Odyssey can output all usage data at the field in barcode format to facilitate an easy product integration path for the Provider. The system is a “drop in” solution that immediately solves healthcare OR supply chain problems.
- Extensive IP: Summate has a broad portfolio of IP on technology and workflows to protect its position as the innovation leader in operating room point of use scanning.
Traction
- University of Vermont Healthcare: Summate has completed a successful pilot for scanning non-sterile implant usage at point of use in live cases with the Orthopedic surgical service using DuPuy Synthes and Stryker orthopedic sets and implants.
- Dartmouth Hitchcock Medical System: Summate will be conducting a pilot at Cheshire Medical Center, a member hospital of the Dartmouth IDN in Q1 of 2023.
- Duke Healthcare: Summate has a signed letter of intent to run a pilot to scan non-sterile implants at point of use, under the direction of David Attarian, MD.
- One Surgical Orthopedics: Summate has digitalized a series of One Surgical Orthopedic implant sets which will be used in 2 ambulatory surgery center pilots, demonstrating full supply chain and billing automation for the first time.
Company Snapshot
Products
TAGPegs*, TAGPins*, TAGTape*, Modality Labels*, TAGDots
Workflow software*
*Patented (6 patents issued) (2 pending)
Uses
Point of Use OR Documentation
Markets
Hospital/ASC
Competition
Barcode scanning technology/none
Advantages
Patented marking and scanning technology
Patented workflows
Exclusive supply agreement for enabling technology (patented)
Company
Delaware Corp.(C)
Founded: 2018
Privately held
No VC, no PE
4 employees/consultants
Funding:
$1.1mm to date
$300k of convertible debt
Please contact Phil Sayles at phil.sayles@summate.net for any questions or more information.