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A serial entrepreneur and investor in the healthcare technology space, Mike has over 20 years of experience founding and growing healthcare technology companies. He is currently a co-founder of Copient Health, a startup in the Operating Room optimization space. He serves as a mentor for aspiring entrepreneurs at Georgia Tech’s Advanced Technology Development Center (ATDC) and at the Atlanta Tech Village. Mike and his wife Tracy have three daughters and are both avid cyclists.
We know that hospitals rely on operating rooms to deliver the majority of their revenues and margin and that OR time sitting idle represents a significant opportunity cost. As such, hospitals use tools like Copient Health to optimize the use of valuable OR time. Do ASCs share a similar dynamic? Might an ASC benefit from a tool to optimize the use of OR time?
For most hospitals, operating rooms contribute more to funding the mission than any other service. They typically represent the majority of a hospital's revenue and its biggest source of profit. As such, how can you make the best use of this scarce resource?
With the financial pressures most hospitals have recently experienced, you’ve likely considered different approaches to increase case volume and operational efficiency in your OR. In that consideration, you’ve probably encountered a variety of claims related to either cost savings or increased revenue from internal project teams, consultants, and software vendors. These success metrics can be misleading in different ways:
It's a recurring theme we hear at nearly every hospital. Surgeons distrust - or actively refute the accuracy of - reported utilization statistics. Do they have good reason for this doubt? Regardless, hospitals continue to rely heavily on utilization statistics when making decisions about allocating block time. Is this a sensible thing for hospitals to do? What are the implications?
You may have heard of the Prisoner's Dilemma before. In case you haven't, here's a brief summary: It describes a scenario where individual decision-makers have an incentive to make decisions that aren't in the best interest of the group. The typical example involves two criminal partners recently arrested and interrogated separately. The interrogator is trying to get each prisoner to testify against the other, with the prospect of going free for the testimony. If both criminals remain silent, the police have no evidence and can't prosecute them - both go free. If one testifies, they go free while the other goes to jail. If both agree to testify, they both go to jail.
When you're trying to make convenient OR time available to providers who need it, there are a number of problems you'll face, typically in the following categories:
Franklin Dexter, MD, Ph.D., is probably the most prolific researcher on the subject of operating room efficiency. His work at the University of Iowa has covered quite a broad spectrum of the clinical and financial issues facing a hospital’s management of its ORs.
