by Marius Ged, on Mar 6, 2023 1:58:00 PM
Keep up with the latest orthopedics news and insights from the industry’s trusted legal partner, Ged Lawyers. Here is an overview of what happened this month in the orthopedics field.
This Month in MA Orthopedics News
1) Miach Orthopedics Secures Financing to Expand Implant for Treatment of ACL Tears
Miach Orthopedics has announced that it has secured $40 million in the financing round. Out of the $40 million, $30 million came from lead investors and existing investors in the company, including the NFL Players Association. Miach Orthopedics Inc. signed a $10 million debt term sheet with Silicone Valley Bank.
The company intends to close the loan after the series B closing by signing the venture debt term sheet. Sectoral Asset Management and Endeavour are some of the lead investors in the company for the Series B equity, and they will be represented in the Miach board of directors.
Miach Orthopedics has transformed the Anterior Cruciate Ligament tears (ACL) treatment. The company uses the Bridge Enhanced ACL Restoration (BEAR) Implant to reconstruct and restore ACL tears.
President and CEO of Miach Orthopedics, Patrick McBrayer, expressed his gratitude for the additional investment stating that it will help the company expand its presence nationwide and give restoration to patients with ACL tears.
“The ability to attract sizeable investment from leading venture capital firms and banks in a difficult fundraising environment is a testament to the Miach team and the potential of the BEAR Implant to become the standard of care," said Joyce Erony, managing partner of Amzak Health, and chair of Miach’s board of directors.
Industry Updates
1) OSSIO Launches World’s First and Only Non-Permanent Compression Staple
OSSIO, an orthopedic fixation technology company, has launched a new compression staple to better solve midfoot and hindfoot procedures. The OSSIOfiber Compression staples are the company's fifth product family, enabling surgeons to adapt to more enhanced bio-integrative compression. The new compression staple launch is a stride for the company to be a gold standard in orthopedic fixation.
The OSSIOfiber compression staple is also the first reliable solution to the mishaps of permanent metal hardware, resorbable and allograph implants. OSSIO's new compression staples combine unmatched mechanical strength and natural bone healing in a non-permanent implant.
OSSIO uses Intelligent Bone Regeneration Technology to make all its implants, and the OSSIOfiber is no exception. With the robust technology, OSSIOfiber has material more substantial than the cortical bone, making it appropriate for predictable bone in-growth, regeneration, and replacement.
OSSIOfiber will be beneficial to surgeons and orthopedic patients who prefer natural repair over the use of metal plates in orthopedic procedures. At the beginning of the year, OSSIOfiber compression staples also received FDA approval for the fixation of osteotomies, arthrodesis, and hand and foot fracture surgical procedures.
2) 2023 Could Be a Boom Year for Orthopedic Devices
2023 could be a great year for orthopedics as GlobalData predicts possible growth in the surgical robotics space. The global pandemic might have brought a slowdown in procedures, but as there is a bounce back, the market for orthopedic devices may experience an increase of up to $50 billion in 2023.
Orthopedics might also witness more improved clinical outcomes with robotic devices, which have boosts of Artificial Intelligence and machine learning. Tina Deng, the chief medical devices analyst at GlobalData, mentions competition in the robotics market from all major orthopedic device manufacturers.
Additionally, research from GlobalData indicated that the global pandemic led to more procedures in outpatient and ambulatory surgical centers.
From the robotic manufacturing company news, GlobalData may have a correct prediction on 2023 being a boom year. The popular Mako Robotic surgery system by Stryker may have new application launches in 2024. Zimmer Biomet also looks forward to progressive growth in its robotic device manufacture.
Smaller companies are also merging and might bring notable growth in orthopedic device manufacturing. SeaSpine and Orthofix completed their merger at the beginning of the year, and there are plans for Globus Medical and NuVasive to work together.
Growing Your Practice
1) 5 Things Every Smart Operating Room Should Contain
Smart Operating Rooms now have advanced physical equipment with IoT technology, which makes device-to-device communication possible during procedures. With the tech advancement, administrative work has significantly reduced, giving clinicians a better focus on patient treatment and recovery. Here are five things Smart ORs should have to improve patient outcomes:
Livestream Compatibility
Livestream technology might help the medical team in an OR to have a better chance for collaboration and education during procedures. When the procedure is live-streamed, you give a front-seat presentation to key opinion leaders who can contribute virtually to the procedure.
Advanced Workflows
An advanced workflow backed up by sufficient technology can help eliminate the chaos in an OR before, during, and after the procedure.
Automated Administrative Work
A smart OR should have automated administrative work. Automated tools like Point-of-Use supply chain management tools can reduce the inventory work so that clinicians can focus on the success of procedures. Also, instead of having clinicians manually record devices to the EHR, smart ORs should have a Unique Device Identification scanner to reduce the workload.
Enhanced Understanding of Tools
Every surgical team member should have sufficient education on the use of technology in the OR. Pre-op procedures are already complex enough for surgical clinicians; if the technology is too complex to understand, they will be less motivated to adopt and use the devices.
Complementary Tech
Complementary technology can enable harmonious work during procedures in smart ORs. Advanced technology can make it easier for clinicians to access the devices remotely without filling up ORs. Digital case support platforms can enable easy device collaboration making procedure workflow easier.
2) Understanding the PIP Suit Process for MA Medical Providers
Here is a brief on how Ged Lawyers handles your personal injury protection (PIP) claims in Massachusetts:
PIP Litigation
Massachusetts drivers must secure $8000 of "No Fault" personal injury protection coverage, which covers medical treatments in the case of an automobile accident.
Injured patients sign and transfer an Assignment of Benefits (AOB) to provide legal standing for medical providers to demand payment from insurance companies.
Many medical providers need help to follow up with unpaid and underpaid claims. Our firm handles the process of filing, researching, and settling money owed to you.
We Make PIP Claim Recoveries Easy
Orthopedic practices have years of patient files sitting in filing cabinets. Reviewing records manually to locate outstanding or underpaid claims can be incredibly time-consuming.
Ged Lawyers simplifies the lookback process by using intelligent digitization to catalog and review all claims up to six years back. Our system locates and prioritizes outstanding claims, allowing for more monetary recovery for your practice.
You can expect our attorneys to immediately begin the litigation process with insurance companies for insufficiently paid claims. At that point, the insurer risks covering trial costs and attorney’s fees. Most cases will settle pre-trial, resulting in prompt payment to your practice.
Ged Lawyers can relieve you of the burden of going back and forth with insurance companies. Our HIPAA-compliant process ensures your data remains safe while we recover the money you are rightfully owed. Get started today for free - we collect our service fees from the insurance companies, not you.
Contact us today at 561-995-1966 or through our website to learn more about how our firm can help you maximize revenue for your Massachusetts orthopedic practice.
