AssistIQ, an AI company using computer vision to transform how hospitals manage surgical and procedural supply chains, announced it has closed an $11.5 million Series A round led by Battery Ventures, with participation from return investor Tamarind Hill. With growing adoption across academic and community hospitals, AssistIQ’s platform captures every item used in operating and procedural rooms, helping hospitals recover revenue, streamline clinical operations and boost staff satisfaction. Battery Ventures Principal Brandon Gleklen will join the Board of Directors.
Northwell Health, New York State’s largest healthcare provider, is rolling out AssistIQ across all operating rooms at North Shore University Hospital and the Dorothy & Alvin Schwartz Ambulatory Surgery Center in Manhasset, N.Y. As a design partner, Northwell has played a key role in shaping the clinical and supply chain integration of AssistIQ’s flagship product, AIQ Capture. Northwell teams will continue to inform product development while using the platform to optimize charge capture and improve efficiencies.
Earlier this year, Owensboro Health Regional Hospital in Owensboro, Ky., became the first U.S. hospital to integrate AIQ Capture with Epic. This integration reduces manual steps to streamline clinical workflows and enhance usability for frontline teams. It also makes real-time supply and implant capture data accessible within existing hospital systems. AssistIQ has several additional health system Epic integrations planned in the coming months.
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“Our mission is to build trust in data and empower health systems with AI-driven insights that improve margins, drive sustainability and ultimately enhance patient care,” said AssistIQ CEO Lisa Israelovitch. “We’re thrilled by the market’s response to our product and deeply grateful to our health system partners, whose collaboration helps us innovate and deliver solutions that create value across clinical and operational workflows. We’re also excited to welcome Brandon and the Battery team to the AssistIQ journey as we accelerate our growth and expand our impact in the market.”
AssistIQ Brings Automation and Visibility to One of Hospitals’ Costliest Blind Spots
U.S. medical and surgical supply expenses have increased by an average of 6.5% annually since 2017, reaching $57 billion in 2023. Contributing to these rising costs are factors such as unnecessary variability in the use of similar products and the waste of unused surgical items. Hospitals’ return on investment is further diminished by missed charges for billable supplies that are not accurately tracked and associated with patient cases in billing systems, leading to significant revenue leakage.
AssistIQ closes these costly gaps by giving hospitals real-time, automated visibility into what’s actually used for surgeries and other high-cost procedures. Its AI-powered platform replaces outdated barcode scans and paper logs with computer vision that captures every implant and supply item tied to a procedure instantly and accurately. AssistIQ seamlessly integrates into the clinical workflow, driving down surgical costs by automating supply capture and surfacing data and insights that were previously unavailable, and allows clinicians to focus on providing patient care. This enables hospitals to recover missed revenue, reduce costs and standardize how supplies are tracked and used.
The result is a new, trusted layer of data that connects clinical, finance and supply chain teams – unlocking more accurate billing, tighter inventory control and stronger margins. AssistIQ integrates directly with leading EHRs like Epic and GE, as well as major enterprise resource planning (ERP) systems, embedding seamlessly into hospital infrastructure to automate costly manual processes and gain control over their most complex cost centers.
Source: Businesswire