AboutSynthium is an intelligent, blockchain enabled healthcare technology platform that addresses supply chain participants in the Health Industry.
Supply chain represents 40 to 45 percent of hospital/healthcare system operating cost. Using a calculator developed by the Strategic Marketplace Initiative (SMI), a number of leading healthcare organizations project that supply costs will supersede labor costs as early as 2022. The idea to launch Synthium Health stemmed from observing the inefficiencies currently present in the healthcare industry. Synthium Health’s platform is built to resolve the pain points and elevate the state of healthcare organizations’ supply chain management. The company helps such organizations conduct business with ease by reducing dependencies on intermediaries, optimizing budgets and increasing their bottom lines.
The Synthium Health team has built this platform during the last four years and is continuously enhancing its features. It has over 200 existing customers and the platform is ready for market. There are few interested in synergistic partnerships, and is poised for accelerated growth. Synthium Health also introduced a new solution called the Smart Contract Management Platform (SCMP). By leveraging Block chain technology, this solution can provide both physical and virtual visibility from the Manufacturer through GPO, Distributor and 3PL, all the way to the Point of Care. Optionally, commissions and rewards can be disbursed automatically by using Synthium’s own utility tokens (SHP) via smart contract option. This end-to-end feature will be especially useful for healthcare providers (such as hospitals, surgery centers, physician offices etc.) manufacturers, GPO’s and others.
1. Transactions through the platform
Synthium will charge a nominal transaction fee for facilitating the transaction
2. Membership fee
Membership fee is a nominal for members to be on the platform. This is primarily designed to track inactive members and promote engagements
3. Smart Contract Management Solution
4. Synthium plans to charge a monthly fee for different levels of providers in order to subscribe to the Smart Contract Management Platform (SCMP) to gain visibility.
5. Business Reports
Synthium will provide tailored Business Reports to its members to explore profitable segments and demographics and achieve supply chain efficiencies
6. Advertising on the platform
The ecommerce platform and all future platforms support advertising. Revenue is generated by charging members a fee from suppliers to promote their product on the platform
7. Private label products
Synthium aims to capitalize on industry trends and become launch private label products for healthcare industry
Funds raised to date
Chief Executive Officer
Vijay Reddy, CEO, has more than 25 years of experience in the industry, having played a key role in developing OSI Systems, Inc., a healthcare start-up company comprised of five individuals, into a company generating over $15 million annually in revenue over a period of only seven years. He also built and conceived healthcare applications such as Revenue Modeling System, Charge Master Mapping System and Charge Master Maintenance System for the healthcare industry. Collectively, these applications produced between $8 and $12 million per year in revenue for OSI Systems, Inc. for over eight years. After leaving OSI, Vijay acquired ProClaim Inc. in 2006. In late 2012, he began to assemble a technology team that would address the current and future needs of the healthcare marketplace.
Director of Sales Operations
George Kruythoff, Director of Sales Operations, graduated from Baruch College-CUNY in 1976 with a marketing management degree. George started on his professional path in management and sales development, preparing him to becoming a seasoned sales executive with cross-functional experience and proven success. As a consultant for US and international products manufacturing and distributing companies, he has driven multi-million dollar strategies that have led to the growth of corporate revenue and profits by carefully evaluating existing and developing new product programs directed at new channels and placing new product programs with targeted customers. Over the years, George has climbed the ladder steadily, gaining the ability to work in complex selling environments and achieving value-based solutions with diverse teams in the healthcare, manufacturing, distribution and retail industries.
Chief Financial Officer
Yamini Vedhire, Chief Financial Officer, has more than 18 years of experience handling the financial and operational functions for several companies, including a maid service and a web design company. Currently, she is responsible for handling A/P, A/R, accounting and taxes for Synthium Health. She also manages the operational expenses of a medical billing company and oversees its medical transcription division. Yamini holds an MBA and majored in finance at the University of Delhi, India.
Michael Innes, Business Development, An experienced Supply Chain professional having held a variety of operational, sales and consulting positions within the Healthcare industry, also led the transformation of Supply Chain operations at a variety of Fortune 500 companies by establishing a vision, defining a roadmap and executing a strategy. He has engaged with pharmaceutical, hospital, medical device manufacturers, GPOs, and distributors to support the industry-wide adoption of GS1 data standards for supply chain compliance, patient safety and ‘Big Data’ analytics
Product Development Manager
Satish Jamwal, Product Development Manager, a project management expert with a knack for team leadership, Satish is a valuable technological asset for our team. Working directly with our development staff, he’s responsible for making Synthium the top-quality platform that it is.