Revolutionizing Hospital Supply Chains: The AssistIQ Breakthrough
May 30, 2025, 3:32 am
In the intricate world of healthcare, every second counts. Every dollar matters. Hospitals are under constant pressure to deliver quality care while managing rising costs. Enter AssistIQ, a Montreal-based company that is shaking up the status quo. With a fresh infusion of $11.5 million in Series A funding, AssistIQ is poised to transform how hospitals manage their surgical and procedural supply chains.
The funding round, led by Battery Ventures, marks a significant milestone for AssistIQ. This investment is not just about capital; it’s about trust and partnership. Brandon Gleklen from Battery Ventures will join the board, bringing valuable insights to the table. Together, they aim to tackle a pressing issue: the inefficiencies in hospital supply management.
In the U.S., medical and surgical supply expenses have ballooned to a staggering $57 billion in 2023. This figure represents a 6.5% annual increase since 2017. Why? A mix of unnecessary variability in product usage and the waste of unused surgical items. Hospitals are losing money through missed charges for billable supplies. These gaps in tracking lead to significant revenue leakage.
Imagine a ship sailing with holes in its hull. No matter how fast it moves, it will sink if the leaks aren’t fixed. Hospitals face a similar fate without effective supply chain management. AssistIQ aims to patch those holes.
AssistIQ’s flagship product, AIQ Capture, is a game-changer. It employs AI-powered computer vision to provide real-time visibility into supply usage during surgeries. Gone are the days of outdated barcode scanning and manual logs. Instead, AIQ Capture captures every implant and supply item instantly and accurately. This technology integrates seamlessly into existing clinical workflows, making it a natural fit for healthcare providers.
The benefits are clear. By automating supply capture, AssistIQ not only drives down surgical costs but also allows clinicians to focus on what they do best: caring for patients. The platform connects with leading Electronic Health Records (EHRs) like Epic and GE, embedding itself into hospital infrastructure. This integration streamlines operations and enhances efficiency.
AssistIQ is not just a theoretical solution. It’s already making waves in the real world. Northwell Health, New York State’s largest healthcare provider, is rolling out AIQ Capture across all operating rooms at North Shore University Hospital. This partnership is crucial. Northwell’s insights are shaping the product’s development, ensuring it meets the needs of healthcare professionals.
Owensboro Health Regional Hospital in Kentucky has also taken the plunge. It became the first U.S. hospital to integrate AIQ Capture with Epic. This integration reduces manual steps, streamlining workflows and enhancing usability for frontline teams. The results speak for themselves: charge capture rates of 98% or higher and actionable insights suggesting supply savings of up to 25%.
AssistIQ’s mission is clear: build trust in data and empower health systems with AI-driven insights. The goal is to improve margins, drive sustainability, and ultimately enhance patient care. The healthcare landscape is evolving, and AssistIQ is at the forefront of this transformation.
As hospitals grapple with rising costs and increasing demands, the need for innovative solutions has never been greater. AssistIQ is not just a tool; it’s a lifeline. By providing hospitals with the means to track and manage supplies effectively, it helps them recover lost revenue and reduce operational costs.
The healthcare industry is like a vast ocean, filled with challenges and opportunities. AssistIQ is a beacon of hope, guiding hospitals toward a more efficient future. With its cutting-edge technology and strategic partnerships, it is set to redefine how supply chains operate in healthcare.
As the company accelerates its growth, the impact of its innovations will ripple through the industry. Hospitals will not only save money but also improve patient care. In a world where every detail matters, AssistIQ is ensuring that no supply goes untracked and no dollar goes unclaimed.
The journey has just begun, but the destination is clear: a more efficient, sustainable, and patient-focused healthcare system. The tides are turning, and AssistIQ is leading the charge.
The funding round, led by Battery Ventures, marks a significant milestone for AssistIQ. This investment is not just about capital; it’s about trust and partnership. Brandon Gleklen from Battery Ventures will join the board, bringing valuable insights to the table. Together, they aim to tackle a pressing issue: the inefficiencies in hospital supply management.
The Cost of Inefficiency
In the U.S., medical and surgical supply expenses have ballooned to a staggering $57 billion in 2023. This figure represents a 6.5% annual increase since 2017. Why? A mix of unnecessary variability in product usage and the waste of unused surgical items. Hospitals are losing money through missed charges for billable supplies. These gaps in tracking lead to significant revenue leakage.
Imagine a ship sailing with holes in its hull. No matter how fast it moves, it will sink if the leaks aren’t fixed. Hospitals face a similar fate without effective supply chain management. AssistIQ aims to patch those holes.
AI-Powered Solutions
AssistIQ’s flagship product, AIQ Capture, is a game-changer. It employs AI-powered computer vision to provide real-time visibility into supply usage during surgeries. Gone are the days of outdated barcode scanning and manual logs. Instead, AIQ Capture captures every implant and supply item instantly and accurately. This technology integrates seamlessly into existing clinical workflows, making it a natural fit for healthcare providers.
The benefits are clear. By automating supply capture, AssistIQ not only drives down surgical costs but also allows clinicians to focus on what they do best: caring for patients. The platform connects with leading Electronic Health Records (EHRs) like Epic and GE, embedding itself into hospital infrastructure. This integration streamlines operations and enhances efficiency.
Partnerships and Real-World Impact
AssistIQ is not just a theoretical solution. It’s already making waves in the real world. Northwell Health, New York State’s largest healthcare provider, is rolling out AIQ Capture across all operating rooms at North Shore University Hospital. This partnership is crucial. Northwell’s insights are shaping the product’s development, ensuring it meets the needs of healthcare professionals.
Owensboro Health Regional Hospital in Kentucky has also taken the plunge. It became the first U.S. hospital to integrate AIQ Capture with Epic. This integration reduces manual steps, streamlining workflows and enhancing usability for frontline teams. The results speak for themselves: charge capture rates of 98% or higher and actionable insights suggesting supply savings of up to 25%.
A Vision for the Future
AssistIQ’s mission is clear: build trust in data and empower health systems with AI-driven insights. The goal is to improve margins, drive sustainability, and ultimately enhance patient care. The healthcare landscape is evolving, and AssistIQ is at the forefront of this transformation.
As hospitals grapple with rising costs and increasing demands, the need for innovative solutions has never been greater. AssistIQ is not just a tool; it’s a lifeline. By providing hospitals with the means to track and manage supplies effectively, it helps them recover lost revenue and reduce operational costs.
Conclusion: A New Era in Healthcare
The healthcare industry is like a vast ocean, filled with challenges and opportunities. AssistIQ is a beacon of hope, guiding hospitals toward a more efficient future. With its cutting-edge technology and strategic partnerships, it is set to redefine how supply chains operate in healthcare.
As the company accelerates its growth, the impact of its innovations will ripple through the industry. Hospitals will not only save money but also improve patient care. In a world where every detail matters, AssistIQ is ensuring that no supply goes untracked and no dollar goes unclaimed.
The journey has just begun, but the destination is clear: a more efficient, sustainable, and patient-focused healthcare system. The tides are turning, and AssistIQ is leading the charge.