OptioSurgical Raises $3.3 Million in New Funding

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OptioSurgical, an analytics software company announced it has raised new funding to continue helping hospitals and surgical centers reduce medical device costs.

The med-tech startup raised $3.3 million in funding from Next Frontier Capital. It plans to use this new funding to continue growth of its platform and expand to other specialties such as spine and cardiovascular.

“The current healthcare reimbursement landscape necessitates easy-to-use solutions that provides actionable ways for providers to reduce costs,” said Ryan Mughal, Co-Founder and CEO of OptioSurgical, in a statement.  “This investment supports our company’s mission to create a more sustainable healthcare system and continue to be a leader in medical device tracking and analytics.”

OptioSurgical’s platform analyzes medical devices used in surgical procedures, ranks surgeons, alerts users of over-charging or mistaken charges, and automatically predicts savings opportunities. According to the two year old company, the platform can take a nine month RFP process down to a few days. On average, the company is able to reduce medical costs by 20-40%.