The company has more than 80 employees, including a significant number of clinicians. Its software has more than 15 000 users in over 90 countries.
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Data sheet
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Summary sheet
Release date
18 April 2023
Status
Reference
Signed | 04/04/2023
20210254
Project name
Promoter - financial intermediary
SMART REPORTING (IEU LS)
SMART REPORTING GMBH
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 15 million
EUR 31 million
Description
Objectives
The promoter develops artificial intelligence (AI) enabled medical documentation technology to efficiently capture, structure and process clinical data at the source. The investment plan will mostly cover the development of the next generation reporting software.
The project will contribute to the digitalisation of healthcare, thereby improving efficiency and quality level, thus creating new possibilities for the use of healthcare data in clinical trials and drug development.
Additionality and Impact
The purpose of the loan is to provide direct equity-type financing under the Research, Innovation and Digitalization window of InvestEU, benefiting from the EC guarantee, to finance research and development activities of an innovative synoptic and data-driven reporting solution Company that speeds up reporting time, enhances reporting quality and improves the communication in radiology and beyond. The financing of this project addresses the failure in financial markets for RDI-driven European SMEs suffering from systemic shortages of large, non-dilutive financing options for growth investments. Creation of knowledge and support of skilled jobs in Germany will further contribute positively towards the EU's 3% RDI intensity target. Currently, the Company does not have access either to non-dilutive or to long-term debt funding sources in the necessary amount. Due to volatility of European markets which has significantly increased in 2022, access to both equity markets and commercial debt providers has been highly limited for innovative but risky companies such as Smart Reporting.
Structuring the financing as venture debt caters to the investment needs of the Company, with a long tenor and deferred interest minimising cash outflows during the investment period, while most of the EIB remuneration will be driven by the equity kicker.
Environmental aspects
Procurement
The project concerns investments in research and development activities carried out by the promoter and its partners in existing facilities without changing their already authorised scope. The research and development activities of the project do not fall under either Annex I or Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU amended by Directive 2014/52/EU.
The promoter is a private company not operating in the utilities sector and not having the status of a contracting authority. Thus, it is not covered by EU Directives on procurement. The Bank will require that all project contracts are procured in accordance with the applicable EU procurement legislation.
Milestone
Under appraisal
Approved
Signed
27 March 2023
4 April 2023
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Summary sheet
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Data sheet
Documents
Environmental and Social Data Sheet (ESDS) - SMART REPORTING (IEU LS)
Publication Date
20 Apr 2023
Document language
Main Topic
Lending
Document Number
164611148
Document Focus
Environmental Information
Document Type
Project Number
20210254
Sector(s)
Regions
Countries
Publicly available
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News & Stories
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Inside the project
How and Why
Minimising time spent on documentation
Why
- The average doctor spends more than a third of their working hours on documentation
- 40% of European doctors are close to retirement age, so Europe has a looming physician shortage
- Radiologists are particularly in demand. Over 80% of health systems report radiology shortages
How
- Smart Reporting uses digital technology to standardise reporting and minimise time spent on documentation
- The company works with software engineers and clinicians to develop templates that could be updated regularly
- The templates include predetermined fields to input relevant information, as well as clinical background information and most recent research available on the topic
- The software is voice-controlled, so doctors operate it without a single click
Sectors & Countries
Play video
1:05
Story
Templates that save lives
In the early 2010s, Wieland Sommer was a young, enthusiastic radiologist who had just started working in one of Europe’s biggest hospitals, LMU Klinikum in Munich. It didn’t take him long to realise that, instead of focusing on his patients, he was spending most of his time on documentation. “Even in a field like radiology, which traditionally relies heavily on reporting, I felt my time could have been used better,” he says.
Then, Sommer had an idea: use digital technology to standardise reporting and minimise time spent on documentation. He founded the company and worked with software engineers to develop templates that could be updated regularly, so that clinicians always have access to the most relevant information.
Take, for example, a thorax scan. Almost 40% of thorax scans are lung cancer screenings. In that case, a radiologist can simply select the template developed for that screening. The template includes preordained fields to input relevant information, as well as clinical background information and most recent research available on the topic. The radiologist doesn’t have to start their report from scratch.
The company’s system could prove very useful for less specialised doctors in smaller hospitals who will be able to pick a relevant template to assess the patient, allowing them to make more informed decisions and diagnoses.
Story
Artificial intelligence and human doctors
Smart Reporting is also integrating artificial intelligence into its tool. AI measures the size of registered anomalies on a patient’s scan, so when they take their next scan, their doctor can easily compare the results and see if any significant changes occurred since their previous visit. “The software automatically integrates the AI findings into the report, without replacing the doctor,” says Peter Vanovertveld, the company’s co-chief executive.
Making invisible visible
Reports produced with Smart Reporting software consist of data that can be mined for further medical research. Currently, only 3% of the data collected in hospitals can be evaluated for other purposes.
Much as radiology turns the invisible visible, this software detects what is hidden below the surface. For example, trends in population health. “Imagine if this tool had been widespread back in 2019 when the first COVID-19 cases started popping up,” says Vanovertveld. “Hospital management, with access to the platform, could have noticed that something unusual was happening.”
Maybe, we will be able to prevent the next pandemic.
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