Endosound Announces New Advisory Board Member: Scott Fraser—Founding Partner of Fraser Healthcare, LLC

Mr. Fraser is Founding Partner of Fraser Healthcare, LLC a consulting practice focused on growth strategy for leading med-tech, pharmaceutical and private equity firms.  Scott’s twenty-five years of successful commercialization of new technology and healthcare services uniquely position him to guide clients with growth strategies, new healthcare delivery models and market development opportunities.

Prior to Fraser Healthcare, Scott was President of Physicians Endoscopy (a Kelso Private Equity company).  Fraser successfully led the company’s growth plans through development of a successful business plan and MSO transaction to form a new practice management division of the company.

Prior to Physicians Endoscopy, Mr. Fraser was part of the founding executive team at EndoChoice Inc. (NYSE: GI).  He served as Vice President of Marketing from 2008 – 2012 and Global Vice President of Commercialization from 2012 – 2017. EndoChoice was a medical technology and service company that was recognized five consecutive years by Inc. Magazine as one of the fastest growing companies in America. EndoChoice was a Sequoia Capital backed start-up that completed a successful IPO in June 2015 before being acquired by Boston Scientific Corporation in 2016.

Before the founding of EndoChoice, Fraser served as Director of Marketing at Given Imaging (NASDAQ: GIVN). During his tenure, the company successfully launched the revolutionary PillCam Video Capsule.

Fraser’s healthcare career started at Boston Scientific Corporation where he served in expanding leadership roles in sales, marketing and market development during a rapid growth phase of the company.

Fraser is a board member of Pinnacle GI Partners, an HIG backed private equity sponsored gastroenterology platform group and holds a B.Sc. in management from Villanova University and has an MBA from Boston University.

Routine GI Endoscopy Already Popular in ASCs, Will EUS Be Next?

The first Ambulatory Surgery Center (ASC) in the U.S. opened in 1970, offering an opportunity for patients to have access to the quality care they needed, without the wait time and cost often associated with hospitals.

Fast forward 50 years and the global COVID-19 pandemic fueled an already growing trend of patient preference for the convenience of ASCs. Today, more than 30 million surgeries and procedures are performed at more than 5,800 ASCs nationwide every year.

Large investments from MedTech industry giants may help fuel the still growing trend for out of hospital care. A recent partnership of GE Healthcare and Medtronic announced in April promises “cost-effective advanced technology” support for the growing suite of ASCs across the country.

The question remains how ASCs will be able to adapt to the increased demand for outpatient care when it comes to more advanced procedures – especially those performed by physicians with specialized training and requiring costly equipment, typically only found in hospitals.

GI Care in the ASC

In gastroenterology, there has been a huge uptick to procedures in ASCs, especially for routine endoscopy. Since ASCs typically offer a more convenient location, time-saving, and cost-saving alternative, they can be especially attractive to patients needing a routine colonoscopy.

The ASC Association lists endoscopy as one the primary specialties certain ASCs may offer (about 32 percent). Definitive Healthcare reported colonoscopies topped the list of reported procedures charged at ASCs in 2018 – approximately $3.2 billion in submitted claims.

Since average costs for colonoscopies can range from around $3,000 to as high as $19,000, it’s not surprising patients are choosing ASCs over the hospital for routine care.

As another example, a review of South Carolina colonoscopy rates and locations found that while the number of procedures stayed constant between 2001 and 2017, there was an 125 percent increase in colonoscopies performed in urban ASCs in that timespan.

EUS Outside of the Hospital

As the number of ASC sites grows and advanced medical technology becomes more readily available, there have been signs that more specialized gastroenterological endoscopy procedures may become more popular at the ASC as well.

Endoscopic ultrasound (EUS) is a minimally invasive procedure used to diagnose disease in the digestive and respiratory tracts. An alternative to surgery, EUS tools allow physicians to take images and samples for biopsies with specialized endoscopes. EUS is typically performed in the hospital endoscopy unit with patients under general anesthesia.

Given the expense of EUS technology and specialization required from physicians, transitioning procedures to an ASC could prove burdensome, with few doctors able to perform the procedures at these locations. A 2016 study from Dr. Shaffer R. S. Mok, et al, out of the MD Anderson Cancer Center in Jersey shows the feasibility and safety of EUS in the ASC, and the idea has gained more traction in recent years.

Continued innovation of EUS technology could be one of the ways to help move procedures to the ASC from the hospital, at great benefit to patients.

Endosound awarded AGA Shark Tank winner 2022

Endosound is the Winner of the 2022 Shark Tank Competition at the AGA Center for GI Innovation and Technology

May 5th, 2022.  In April in San Francisco, CA, home to inventors, innovators, and investors, the 2022 AGA Center for GI Innovation and Technology (CGIT) Summit got underway.  There was a lot of great interaction among medical providers, investors and industry and one of the highlights was the Shark Tank style competition among start-up companies in the GI space.

Twenty companies applied for 6 spots to compete live in San Francisco and Endosound was selected among the 6 finalists.  Competitors each presented a 5-minute elevator pitch to a panel of GIs and investors, followed by 5-10 minutes of questions. Our founder, Steven Steinberg, MD, did a fabulous job pin-pointing the important details the panelists were seeking.

Without further delay,…

We won!

https://www.linkedin.com/company/endosound/posts/?feedView=all&viewAsMember=true

This win further validates that our technology is ready to disrupt the EUS market. Along with the award recognition, we will also receive guidance from the AGA CGIT committee, providing access to additional funding and partnering opportunities.  We could not be more excited!

As the 2022 AGA CGIT Shark Tank winner, we will represent the AGA CGIT in the Shark Tank competition at Digestive Disease Week (DDW) on May 21st, 2022, in San Diego, CA.  Once again Dr. Steinberg will be there to demonstrate our disruptive product and business plan.

Stay tuned for more information as we get closer to realizing our goals and more collaboration between the professional societies, strategic partners, and the GI community.