Big Data: Cohealo

Group 13

By Dilara Misel, Janosch Jassim, Revazi Chikviladze, Alexandr Korolchuk

cohealo5Introduction

Every year, hospitals in the US spend around 150$ billions on medical equipment with an average usage of only 42%.

Cohealo, a technology company founded in 2012 by Mark Slaughter, Michael Slocombe and Brett Reed, made it their mission to increase such utilisation rates and to avoid unnecessary and extremely expensive purchases and rentals.

But how does this concept work?

The concept

Cohealo has cloud-based software, combining analytics and logistics that lets hospitals exchange and share their non-emergency medical equipment. When in need of a machinery, the hospitals can look up which hospital nearby is not in need of the specific equipment at the moment and pick it up from them. So it has a method similar to Uber or Airbnb. Big Data is being used in order to share medical resources and costs. To do so, a software with an easy interface drawing on real-time data and usage analytics was created. Hospitals can register their equipment and get access to a broad centralized data base on a single technology platform on which they provide the assets to anyone who needs it. Cohealo offers a big network of hospitals that have access to more equipment than they actually have in stock.

Who are the people who had the idea?

Cohealo was founded 2012 in Boston, Massachusetts mainly by Mark Slaughter with the help of Michael Slocombe and Brett Reed. Mark Slaughter graduated from the University of Miami Business School in 2012 and has since then received several awards including: Forbes 30 under 30 Healthcare (January 2015) or Fast Company World’s Top 10 Most Innovative Companies in Healthcare (January 2015).

 

For everyone who is interested in getting to know the founder of Cohealo and what he has to say about his idea, can watch this interesting interview with Mark Slaughter:

What the system provides

  • High quality care which is available and convenient for all patients (they do not have to drive to several hospitals in order to have a successful therapy).
  • Minimize equipment related therapy delays and cancellations.
  • It offers analytics to gain operational insight and more efficiently deploy assets.
  • On-demand access to every asset in your system.
  • Alerts when new technology was added to the system.
  • Run usage reports and view predictive analysis.

cohealo2

On the right side you can see the customer needs before the invention of Cohealo. The left side depicts advantages and disadvantages of the product. With the help of this image you can determine whether and in what way the product is suitable to the customer needs that were already existing before. The right side shows that before Cohealo, hospitals had problems with over- and under-utilisation of their clinical assets, and therefore had unnecessary high expenses or were not able to perform certain activities due to the lack of appropriate machineries. Moreover, there was no uniform system before which gave an overview of the availability of medical devices. Through Cohealo, a cloud based software was being created, offering a central system that provides an overview for each hospital about how to invest into new devices and also which already owned devices are utilized efficiently. With this,  the decision making process has become more facilitated. Furthermore, the software offers the opportunity to build up a huge network of hospitals to exchange their medical machineries with logistics already being cared about by Cohealo, so the use of those devices can be created more efficiently and costs can be shared.

To sum it all up, Cohealo offers access to clinical assets, the ability of centralized decision-making, a real-time data and usage analytics and the transport of clinical assets.

cohealo1

The Partners

Apart from their main partners being hospitals and logistics companies, the following are the most important financial supporters of the start-up company:

Romulus Capital

“Romulus has been an incredible partner to our growth in many ways – we could not have gotten started or won the Applebee’s deal without their support. They’re a very entrepreneurial group”. – Raj Suri, Cohealo Manager

In 2005, the Romulus foundation provided 2 millions of dollars to support Cohealo financially. Romulus made a great contribution by helping the start-up company to distribute their data to local hospitals as an experiment how it will go. After a first success, Romulus has offered an equal partnership with Cohealo with the agreement of regular funding Cohealo company with the opportunity that Cohealo is going to develop the strategies how to spread the Medicine Big Data to foreign countries.

Krillion Ventures

New investor Miami-based Krillion Ventures led the recently completed $9 million Series A financing that also included a number of notable individual investors. The financing was composed of both equity and convertible-note financing and builds upon seed investment from Romulus Capital. The proceeds will be used primarily for adding intellectual capital as the company looks to bring on additional engineers, sales executives and support staff, and further develop the Cohealo Platform.

 

SWOT-Analysis

cohealo4

References

Ehrenberg, M. (2016). The future of integrated facility management: A convergence of business trends is driving dynamic transformation and a new paradigm for integrated facility management in 2016. Corporate Real Estate Journal, 5(3), 238-247(10).

http://www.bloomberg.com/news/articles/2014-01-23/how-much-do-medical-devices-cost-doctors-have-no-idea

www.cohealo.com

http://romuluscap.com/

http://bostinno.streetwise.co/2016/09/07/cohealo-shared-medical-equipment-gets-funding-from-romulus/

 640 × 280 – krillionventures.com 

 1842 × 1407 – cohealo.com 

 986 × 599 – hitconsultant.net 

 1431 × 1007 – cohealo.com 

 565 × 298 – cohealo.com 

 700 × 466 – miamiherald.typepad.com 

 

 

 

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One thought on “Big Data: Cohealo

  1. One aspect that has not been deeply addressed is the transportation of the medical equipment. It is important that time, costs and potential damages to the machinery are taken into account.

    1) First of all, transporting medical equipment from one hospital to another, even if they are located nearby, will probably implicate a lengthy process of preparing the equipment to be packaged, placed in the transport vehicle, unpacked and installed in its new destination, and then repeating the same process when the partner hospital is done using the machinery.

    2) In addition to the considerable investment in time to transport the equipment, the resources needed to do so appropriately are not minimal. Manual labor must be hired specifically for this task: the individuals in charge of handling the medical equipment, packing, unpacking and installing it, most likely need to have certain qualifications, as hospital machinery are sensitive, high-tech and expensive. In addition, suitable vehicles with the appropriate storage capacities must be purchased, as I would personally think that medical equipment cannot be carried in a regular pick-up truck.

    3) Even if all the necessary and costly precautions are taken to safely transport of the machinery, there is still a chance that the equipment will suffer damage, either during transport or installation processes. This might end up being riskier and more expensive than planned.

    Perhaps an idea to consider would be to utilize this same cloud-computing software to refer patients to nearby hospitals that own the medical equipment needed for their treatment. This would eliminate the issues of time-consuming and expensive transportation, as well as the potential damages to the equipment.

    Like

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