AssistIQ, an AI company utilizing 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.
Value proposition: With increasing 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.
AssistIQ provides hospitals with real-tim and automated visibility into what’s actually used for surgeries and other high-cost procedures. And its AI-basedplatform replaces outdated barcode scans and paper logs with computer vision that captures every implant and supply item tied to a procedure instantly and accurately.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 also 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.
Now in use across major academic and regional hospital systems in the U.S. and Canada, with several additional deployments underway, AssistIQ delivers measurable outcomes, including:
— Charge capture rates of 98%+
— Actionable insights suggesting supply savings of up to 25%
— Significant reductions in clinical and billing documentation time
Northwell Health: 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, NY. And 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.
Owensboro Health Regional Hospital: Earlier this year, Owensboro Health Regional Hospital in Owensboro, KY became the first U.S. hospital to integrate AIQ Capture with Epic. And 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.
New board member: Battery Ventures Principal Brandon Gleklen will join the Board of Directors.
KEY QUOTES:
“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. 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 CEO Lisa Israelovitch
“Innovation is woven into the very fabric of Northwell Health. Our goal is to globally monitor the usage and movement of high-end clinical products across all procedural areas in the health system. This collaboration combines AssistIQ’s technology with Northwell Health’s large-scale operating environment to provide scalable value to the health system.”
Phyllis McCready, Senior Vice President and Chief Procurement Officer, Northwell Health
“We’re choosing technology that works for our staff. AssistIQ has helped us reduce paperwork, close documentation gaps and create more efficient surgeries. It allows our clinicians to focus on providing patient care, while uncovering insights that were once invisible to our teams.”
Beth Steele, Chief Operating Officer, Owensboro Health
“We’re thrilled to partner with Lisa and the AssistIQ team as they leverage cutting-edge computer vision and AI to streamline clinical and operational workflows in healthcare. Battery has long invested at the intersection of healthcare and AI, focusing on solutions that deliver results. AssistIQ empowers clinicians to spend less time on documentation and more on patient care, while helping hospitals reduce waste and enhance margins. We’re excited to support their mission.”
Brandon Gleklen, Principal, Battery Ventures
