George Frey, MD, an orthopedic surgeon and founder of Mighty Oak Medical, recently shared a guiding system he developed to help surgeons precisely place screws in the vertebrae, according to a Denver Post report.
The system is designed to reduce free-hand mistakes. This is critical for patient safety and quality, but also becomes financially important as new payment models, such as bundled payments, don't reimburse for surgical mistakes.
The technology's customized spinal guidelines also eliminate scans during surgery, reducing surgical time and radiation exposure. The system requires one sterilized screw tray instead of five — another cost-saving measure.
Dr. Frey presented his new system at BioWest 2014 conference in Denver. Challenges for biotech firms mentioned in the article include:
• Raising enough money to get their feet off the ground
• Building a team to bring the product to market
• Achieving FDA clearance
• Selling to hospital customers with steep bureaucracy
More articles on orthopedic devices:
Tyber Medical rolls out new headless cannulated trauma screw
NuVasive Spine Foundation raises $370k in single event for charitable efforts
Orchid Orthopedic Solutions receives $300k grant