Ohio Venture - OVA Review Newsletter
News from the Ohio Venture Association meeting on June 13, 2014

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Keynote Address:

OVA's Venture of the Year: COMS Interactive

Ed Tromczynski

CEO

With 10,000 Americans a day turning 65 and costs mounting rapidly for acute care for aging populations, managed care to better handle the transition from hospital stays to nursing homes and assisted living facilities has been on the rise. The Riemenschneider family of Northeast Ohio had a successful consulting practice doing just that. But could this become a much larger business by leveraging technology?

"We set out to take what they were doing in a consulting and paper-based environment and move it to the web," by creating a software-as-services model that helps post-acute care facilities reduce costly hospital re-admissions, explained Ed Tromczynski, CEO of COMS Interactive.

The evidence suggests it's been a huge success. The company now serves about 2,000 nursing homes in 42 states, and expects to add another 1,000 this year. Last year it raised $21 million to fund further expansion. "The market is really ripe for us. If you know anything about health care or post-acute care, managed care is big, big deal, and we're right in the middle of it."

COMS—which stands for Clinical Outcome Management System—emerged from three finalists to claim this year's OVA Venture of the Year, succeeding Orthohelix Surgical Designs. Juventas Therapeutics and nChannel were also finalists.

For Tromczynski, this kind of success is becoming a habit. In introducing him, OVA's Jim Weisman called him "one of our region's brightest serial entrepreneurs." Tromczynski said any success he's had flows out of his central management tenet: We is smarter than me. "If you've spent any time with me at all, you know that's my big concept…And the only way that you get to that is a real focus on people."

But he also has another central management philosophy. "Anything I get involved in is revenue-first—revenue-first for us and revenue-first for our customers." COMS sell three-year contracts at roughly $25,000 a year per facility. The software facilitates better communication and coordination between patient, family, nursing staff and facility management. By reducing hospital re-admissions by half, it ties better clinical outcomes to savings on patient care.

"When we find something wrong at the bedside it communicates to everybody. Everybody participates in the care process—medical director, family physician, director of nurses, sometimes the family. We is smarter than me is really the secret sauce for us."

More information:

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