CarnotMD continues to see growth after successful pilot with health providers.
CarnotMDTM, a company improving productivity in physician practices through their SaaS support system, has announced they are now a portfolio client company at Colorado’s leading technology incubator, Innosphere. CarnotMD centralizes information from clinical, billing and scheduling platforms, and then combines all the applications used by providers into one place. This allows providers to gain quick and meaningful performance insights with a single glance.
“CarnotMD provides consolidated productivity insights for both the individual and the group,” said Alan Curtis, director of health innovations at Innosphere. “No more data manipulation, no more spreadsheet formulas, just actionable data right at the providers’ fingertips.” CarnotMD dashboards on productivity, educational compliance, and patient experience can be accessed at any time, meaning no need to spend large sums of time generating reports through spreadsheet manipulation.
Not only can providers use a dashboard to get a clear overview of their individual performance, but they can also take advantage of the productivity improvement tools such as the educational management feature and peer-to-peer messaging. Productivity trends can be managed both for individuals, and for entire facilities benefiting the administrator. “Now that we’re a part of Innosphere’s business incubation program, we have a greater ability to expand our services across multiple physician specialties,” said Mark Elliott, CEO of CarnotMD, LLC.
CarnotMD provides significant revenue increases for providers because when lost charts are identified, the providers are able to recover the associated missing fees.
CarnotMD has completed one pilot program with a group of approximately 80 providers. The pilot showed an annual ROI of 4% without changing work process for the provider. The increased revenue resulted in a $400,000 first year ROI for the pilot group. The pilot showed increases in revenues from both recapture of lost charges, as well as productivity improvements.
“We demonstrated the impact CarnotMD can have on a practice during the pilot,” said Elliott. “We’ll now work with Innosphere to further refine our offering and secure additional pilot projects within organizations that want to improve their businesses productivity.”
For more information on CarnotMDTM contact Mark Elliott, MD at [email protected] or 720-299-3999. CarnotMD offices are located in Englewood, Colorado.
For more information on Innosphere, or how Innosphere’s program can support your high-impact science or technology startup, please visit innosphereventures.org and apply to be a part of the next cohort of client companies.
CarnotMD has the ability to use disparate healthcare data sources by providing powerful clinical and business insights into the overall performance of a hospital, group practice, or individual provider. The use of a powerful data and information platform can act as a provider feedback tool and practice variation tool. CarnotMD makes performance data transparent to the provider while centralizing applications such as Education and Messaging. The result is improved physician performance, gains in efficiency, and increased revenue for the practice while increasing the quality and satisfaction of care delivered.
Innosphere is a non-profit technology incubator accelerating the success of high-impact science and technology startups. Innosphere has two physical locations in Fort Collins and Denver, Colorado to support entrepreneurs building potential, high-growth companies in the industries of health innovations, life sciences, software, hardware, energy, and advanced materials. Innosphere’s incubation program focuses on ensuring companies are investor ready, connecting them with experienced advisors, and making introductions to corporate partners. Once accepted into the program, companies receive customized development plans and ongoing support to ensure they’re getting the know-how to raise the right kind of capital, and all the resources to grow –– exponentially. innosphereventures.org
Mark Elliott, MD