Cohealo, a Boston-based startup focused on helping hospitals better manage costly medical equipment by applying analytics, has raised $3.1 million, according to a filing with the SEC.
The company, founded in 2011 and led by CEO Mark Slaughter, hopes to raise up to $5.7 million in debt, according the Form D.
Asset productivity is a multi-billion dollar issue with hospitals, according to Cohealo.
Hospitals often invest huge sums into medical equipment, but if often goes under-used and is shoved into storage closets, according to the company. Cohealo is attempting to remedy that by offering cloud-based software and analytics that track and schedule the hardware, thereby helping health systems more efficiently manage and maximize its own resources.
Slaughter used to sell minimally invasive robotic and laproscopic surgical equipment. He noticed that hospitals were either over-equipped or under-equipped, and he suspected much of the non-emergency equipment went unused for a majority of the time.
The Cohealo Share Platform, the company says, is “an internal marketplace” for equipment and scheduling. It aims to help health systems reduce equipment rentals, lower expenditures, increase ROI and revenues and make hospitals more productive in general.
