Cincinnati Children’s and CincyTech have launched a new health care IT company named QI Healthcare to market quality improvement software developed at Cincinnati Children’s.
CincyTech and Cincinnati Children’s Tomorrow Fund have each invested $200,000 in the company. They also have selected Cincinnati entrepreneur and health-tech executive John Atkinson as chief executive officer.
The new company plans to offer a suite of products to help hospitals improve outcomes and efficiency. It first product will be the Surgical Outcomes Collection System (SOCS), which aggregates data from multiple hospital records systems to analyze cases and identify opportunities to improve care.
SOCS was designed and developed by three people at Cincinnati Children’s: Frederick Ryckman, MD, a pediatric surgeon and senior vice president, Medical Operations; Paul Yelton, senior application developer; and Candice Overly, project administrator, Perioperative Services. The software has been in use at Cincinnati Children’s for more than a year.
“The real power of this software is in the ability to analyze every significant patient case,” Ryckman says. “Before SOCS we spent countless hours manually gathering data. SOCS improves the process through automation and enhanced analytics – and it frees up clinical resources to focus on quality improvement.”
Atkinson’s experience in the health care industry includes senior leadership roles at WebMD, Mede America and SourceMedical. He also co-founded BuzzVoice, a streaming audio news service for smartphones.
Recent federal legislation provides incentives to hospitals to improve quality, creating a business opportunity for products like SOCS.
“Health care spending in the U.S. exceeded $2.6 trillion in 2010, but the country still consistently ranks lower than many other nations in terms of quality care,” says CincyTech senior analyst Justin Thompson.
The $400,000 investment will be used for sales, marketing and product development , company officials say.