Safer surgery saves lives – Swedish health-tech player takes the lead for improved quality of care
NEW COMPANY AT SCIETY. Long waiting time for surgery, deficiencies in patient safety, and high costs for care related to surgery. Healthcare faces significant challenges in Sweden and internationally while the demands for quality-improving measures are increasing. A Swedish health-tech player with an IT solution implementing structure and systematics in surgical care is now raising capital with Sciety.
According to the WHO, complications after surgery have become a leading cause of death and disability worldwide. When the report “To err is human” was released in 2000, it attracted much attention. The demand for improved patient safety echoed all over the world. The report showed that medical malpractice caused 98,000 deaths in the United States every year. According to a study from 2016 (Johns Hopkins University School of Medicine), the number has unfortunately not decreased but, on the contrary, has risen to 250,000. Mistakes in healthcare are the third most common cause of death in the United States.
Around 300 million surgeries are performed worldwide every year, and one in four patients suffers from complications. About half of these, 37 million, could be avoided.
“Despite increased knowledge and major improvements in surgical routines, unnecessary complications often occur. Surgery is one of the most complex areas in medicine, and surgical safety is a global issue. Therefore, we are grateful to invest in a perfectly positioned company to address this problem in an international market,” says Andreas Lindblom, CEO of Sciety.
Safer surgery saves lives and money
Just as public health interventions and education projects have dramatically improved maternal and infant survival, similar efforts can improve surgical safety and quality of care.
In recent years international guidelines, ERAS®, Enhanced Recovery After Surgery, built on best practice and research, have been implemented in global surgery. Several studies show that compliance with the guidelines benefits both patients and caregivers. Fewer complications, faster recovery, and better quality of life for the patient and saved lives, fewer days in the hospital, and reduced costs for caregivers. For example, postoperative complications can be reduced by 30 percent, and the cost can be decreased by up to 55,000 per patient.
“Surgical aftercare is one of the hospital’s largest expense items. And costs are increasing – they have almost doubled over the last ten years. So care providers have a clear financial incentive to reduce complications to save costs,” says Andreas Lindblom.
There is a definite need and proven results for ERAS® standardized guidelines and systematic approaches to optimize the health care process related to surgical procedures. But it has proved challenging to implement them in everyday clinical life without system support that coordinates and updates the care staff. In addition, the teams often work in isolated processes without an overview of the patient’s care journey, making it difficult to conduct systematic and continuous improvement.
An interactive solution
The current company offers an interactive tool, a software solution, that helps healthcare professionals apply ERAS® established surgical procedure guidelines. All data that affects the patient is registered and coordinated throughout the care chain, from diagnosis and initial conversations before surgery to aftercare, home care, and follow-up.
“This company already has an international clientele and is on the threshold of a commercial breakthrough, making this an extra exciting investment,” concludes Andreas Lindblom.
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Sciety is the leading life science and health tech investment syndicate in the Nordics. By combining experience in life science and finance, we select promising companies in the industry. We invest our funds in all companies that pass our selection process and offer the investment syndicate to co-invest on the same terms. The syndicate comprises venture capital firms, family offices, and business angels. Our mission is to help life science innovations to reach their full potential.