Concepts for the Hospital Contract

The Service

SophisticMED provides a cost reduction service to the hospital by reducing Delirium episodes in elderly patients.

The fee is 30% of the cost-saving due to average hospitalization duration reduction and readmission reduction. The payment will be only after the actual cost reduction (win-win strategy).
Alternatively, a fixed fee of $3000 per "bed" per month can be pre-agreed.

The Hospital does not need to increase its staff, buy new equipment or conduct special training.

Methodology

SophisticMED’s team will bring its own cloud-connected computers and input devices to the hospital, to collect patient data. If needed, SophisticMED’s team will bring noninvasive (FDA approved) sensors (such as ECG & saturation sensors). The team will use SophisticMED’s proprietary algorithms and knowledgebase.

The hospital’s medical staff will approve all SophisticMED’s information gathering techniques in advance. SophisticMED’s team shall not have any medical authority and shall not present themselves as physicians to the patient and/or to the medical staff.

The entire authority and responsibility for the patient remain with the hospital and its staff.

Every patient that matches predefined criteria will be asked to participate in a Delirium trial. The patient will agree to give his medical data to SophisticMED’s team and agree to engage with the team during his hospital stay.

SophisticMED’s team will assess the patient’s cognitive status and gather additional information several times and share its insight with the hospital’s medical staff.

The hospital’s medical staff will share information regarding patients that agreed to participate in SophisticMED’s trial and encourage the cooperation with SophisticMED’s team.

SophisticMED’s service to the hospital will start at one department (up to 100 hospitalized patients) and will grow to other departments on mutual agreement.

The first department will be the one with the current highest Delirium detection.

The hospital will guide SophisticMED’s team on the appropriate protection procedures and will provide uniforms, gloves, masks, etc.

SophisticMED has its own intellectual property. The collected data during the service (also define as Delirium trial) will be incorporated to SophisticMED IP.

Term & Condition

Cost reduction due to average hospitalized duration will be calculated every month relative to the corresponding month in the year before the start of SophisticMED’s service in that department.

Cost reduction due to readmission reduction for the patients that expired their readmission period will be calculated. The readmission percentage and the average readmission cost from the corresponding month, in the year before the start of SophisticMED’s service in that department, will be used for the cost reduction calculation.

The hospital may terminate SophisticMED’s service for some or all departments with 1-month notice

The hospital shall support SophisticMED’s publication related to the results of the service performance in the hospital.