BOSTON--(BUSINESS WIRE)--Caresyntax, the leading vendor-neutral enterprise surgical data and intelligence platform designed to make surgery smarter and safer, announced a strategic collaboration with ProAssurance Corporation (NYSE:PRA), one of the nation's leading medical professional liability insurers, to provide innovative Caresyntax surgical intelligence tools to ProAssurance’s insured surgeons.
Using Caresyntax’s transformational surgical intelligence platform, ProAssurance insured surgeons can integrate video and other real-world evidence from surgeries with data sets to provide insight into patient outcomes, operational efficiency, and profitability. Surgeons can also share data and qualified surgical content on popular consumer-facing platforms such as YouTube Health and other digital channels with patients, referring physicians, hospitals, and insurers through InfluenceOR, a leading-edge app providing digital support for the savvy practice builder to highlight and promote surgical excellence.
Through the collaboration, InfluenceOR will be made available to participating ProAssurance-covered surgeons in select surgical specialties at no additional cost beginning in Q3 2023, with a broader rollout anticipated later in the year. The enhanced capabilities through the surgical intelligence suite can help participating surgeons build a digital brand reputation for quality and create compelling patient education material using video and data.
“We have developed a practice building toolkit for surgeons to grow their practice, by getting recognition and support from insurers due to more efficient, higher quality surgeries,” said Dennis Kogan, Caresyntax Founder and CEO. “We are promoting awareness and differentiation for surgeons who consistently drive excellent patient outcomes and also help enable the capture of economic value added when insurers see reduction in total cost of surgical care.”
“ProAssurance is excited to offer our insureds access to innovative technology from Caresyntax to empower data-driven surgeons. More and more surgeons today are seeking to use data sets to visualize, supplement, and continuously improve technical proficiency and surgical outcomes. This helps them become more efficient in the operating room and grow their practice, and enables them to share best practices with the broader healthcare community,” said Rob Francis, President, ProAssurance Healthcare Professional Liability Insurance.
This innovative collaboration model between insurers, providers, and a tech-enabled surgical intelligence platform is inspired by a similar, novel partnership from Europe that Caresyntax deployed at scale in partnership with Relyens, a leading European mutual insurer and risk manager. The model was successfully scaled across multiple European countries via a unique Risk Management Software as a Service (RMSaaS) offering, which combined insurance and risk management services of Relyens with Caresyntax technology and data-driven surgical pathways playbooks. The model resulted in significant cost of care savings, and today’s new collaboration with ProAssurance seeks to build upon that success in the United States surgical market. Current estimates are that U.S. surgical care composes 50% of overall hospital costs (Agency for Healthcare Research and Quality) and 50% of all Medicare spending (Annals of Surgery).
This collaboration continues the historical trend of inventive alliances that both Caresyntax and ProAssurance have independently sought to drive improved outcomes and surgeon experience. Caresyntax’s innovation philosophy has been based on three pillars of value: 1) Supporting surgeons in optimizing patient outcomes, 2) achieving clear short-term ROI (return on investment) for hospital and other provider organizations, and 3) enabling value-based economics to succeed in the evolving reimbursement landscape. Given the importance of long-term financial sustainability in surgery, Caresyntax has been actively developing innovative collaborations with payors and other healthcare-focused financial services companies in the United States that drive total cost of care improvements. This is congruent with ProAssurance’s history of seeking strategic partnerships with select entities designed around managing controllable expenses and introducing value-added risk management services and offerings to its covered cohorts.
About Caresyntax:
Caresyntax is on a mission to make surgery smarter and safer. Our vendor-neutral, enterprise surgical data platform delivers actionable insights to improve patient outcomes by using proprietary software and AI (Artificial Intelligence) to analyze large volumes of video, audio, images, device data, clinical, and operational data in and around the OR. This real-world evidence can be used by the care team live, during a procedure, and accessed by those outside the operating room via the platform’s dedicated telehealth link. After a procedure, the Caresyntax platform provides insights that help surgeons benchmark and improve their care, hospital administrators use surgical resources more efficiently, medical device companies advance better products, and insurance companies understand risk and devise more tailored policies. Headquartered in Berlin and Boston, Caresyntax software is used in more than 2,800 operating rooms worldwide and supports surgical teams in over three million procedures per year. For more information, visit www.caresyntax.com.
About ProAssurance
ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers’ compensation insurance. ProAssurance Group is rated “A” (Excellent) by AM Best;. ProAssurance and its operating subsidiaries carry a Financial Strength Rating of “A-” (Strong) from Fitch Ratings.
