Cohealo, a healthcare services and information technology firm, has raised a $750,000 seed round led by Romulus Capital, with the participation of several angels. The company previously raised a $400,000 round last year, bringing total funding to $1.15 million. They will use the funding for product development and customer expansion.
Founded in early 2012 by Mark Slaughter, Cohealo's Chief Executive Officer, Cohealo enables hospitals to share underutilized equipment and instrumentation between locations through a SaaS technology and logistics infrastructure. Cohealo shifts purchasing & consumption habits from the individual facility to the health system resulting in millions of dollars of cost savings and new revenue opportunities. Cohealo has facilitated hundreds of surgeries while in pilot mode over the past year. Currently, Cohealo's services are deployed in over 40 hospitals in four states and expect to triple that number by early 2014. Slaughter says,"Hospital leadership and doctors want real-time information and access to their life-saving medical technology. Our platform connects the moving parts and creates visibility in coordinating procedures across all of their locations and staff."
Cohealo is an Uber-like platform that connects medical devices not being used in a hospital system to doctors at sister-locations who need them. It's about getting the right technology, to the right place, at the right time. Prior to Cohealo's service, surgeons would only have access to the medical device inventory that was physically within their hospital's walls. Now with Cohealo's platform and logistics network, they can get access to a device from anywhere within a multi-hospital system's network. Cohealo gives health systems the opportunity to leverage their collective strength across many hospital locations to deliver more cost-effective and accessible care.