Innovation velocity with venture capital
Innovation Solutions will showcase solutions from companies innovating healthcare.
Grail is a new-co Healthcare startup taking a moonshot at early detection of cancer. Grail is founded by a team from Google, Illumina amongst others and aims to digitize biology, combine it with big data analysis and machine learning to detect early cancer. In 2016 Grail received a whopping Series A funding for $125 Million from Google, Bill Gates, Jeff Bezos and others.
Coming on the heels of Grail, Modernizing Medicine, a Florida based company that makes EMR and Practice Management solutions received a $231M venture investment in 2017. Modernizing Medicine provides a solution for specialties like Dermatology, Gastro and Plastic surgery that incorporates value based models and delivers user experience on iPADs.
While 2016 saw a general slowdown in investments by venture capital, healthcare companies continued to witness a fair movement in the number of deals that closed.
The changes in the healthcare eco-system coupled with a desire to improve operations as well as clinical outcomes is driving new solutions in a variety of areas: for chronic care management, Clinical communications, operational efficiencies, early detection of disease, adherence, patient monitoring and patient experience.
Machine learning, artificial intelligence, cognitive computing are now being effectively utilized in patient risk management, early detection of disease.
jVion provides a cognitive computing solution with predictive analytics to prevent readmissions, stop errors before they happen, manage chronic situations as well as prevent avoidable ER visits.
QVentus optimizes hospital operations through a creative "virtual air traffic control" solution with AI and machine learning to monitor hospital operations in real time tracking EMR and other sources of information for staffing and scheduling. It oversees ER operations for patient flow, lab results, slow discharges and bed management. The solution similarly helps to smooth OR operations.
Lumiata which received a $10M funding provides a time based prediction with clinical reasoning on the risks associated with a patient taking a composite view of the demographic and clinical profile. Predictive analytics on big data enables the management of risk and prioritize care.
Medtronic in partnership with IBM's Watson has a solution for diabetic patient management and can predict the onset of a hyperglycemic/ hypoglycemic episode 3 hours before its actual occurrence.
Chronic care management is also attracting venture funding. There are several companies with solutions for chronic care.
IntelliH has a chronic care solution for diabetes and CHF with a platform for care coordinators and physicians as well as a frontend app for patients. Embedded analytics enables, engages and empowers care team and patients to monitor and manage their disease. Dbaza, Wellframe, Glooko and Rimidi also provide care management solution for diabetes.
Glytec provides a Diabetes therapy management solution to manage Insulin dosage.
Intermittent care coordination as a result of poor communications inside the hospital impacts patient flow, care as well as length of stay and other outcomes. There are several solutions aimed at providing HIPAA compliant clinical communications.
Dr. First, Tiger Text, Voalte, Cureatr, Patient safe provide means to communicate and propagate alerts and alarms. Vocera extends this with a HIPAA compliant middleware solution that taps into EMR's and other clinical solutions to propagate alarms and alerts with patient context allowing mobile care teams to respond immediately.
Studies have been made on the amount of travel care teams incur inside the hospital on any given day. Robots are now being deployed to eliminate some of this unnecessary travel.
Tug robotics from Aethon dispenses medicines, food, blankets and other supplies inside the hospital. XENEX has a germ zapping robot to disinfect and clean rooms.
Flatiron manages the continuum of care for cancer patients and the oncology EMR workflows.
Medication adherence is a big issue in healthcare more so with value based models.
Capsule takes the pain out of ordering and procuring medicines. Refills can be requested online and the medicines delivered to the patients home.
Care sync provides a care management solution for patients with medication tracking, appointment planners and care information.
ZappRx simplifies the process of specialty drug management and workflows right from filling forms, managing consent and pre authorizations.
IBM's Watson uses a machine learning radiology solution that assists radiologist with reading images.
Heart flow's 3 D Models simulation provides a non invasive approach to analyze coronary arteries and study the impact of blockages.
Arterys provides a cloud based platform to examine images at over 100fps.
Referrals are a big issue in Healthcare causing leakage of revenue. It is estimated that around 40% of referrals get lost in the system. Of the remaining around 60% are misdirected or lack enough context leading to re-referrals or a second consult.
Kyruus provides a solution to match patients with the right providers , pull relevant data from the EMR and book appointments. Arista MD has a solution that allows a referral to be responded by a hospital specialist or an Arista MD specialist.
Aidin manages the care transition process.
Check-ER ,a solution available in France, provides an online platform to check ER wait times at connected ED's , find the best matched ER as well as pre-register.
iCouch uses telehealth with Video for behavioral health and online therapy.
Practice Fusion provides a comprehensive cloud based EMR solution.
Simplee has a solution bringing transparency to the payments for procedures as well as providing a credit management function.
Cohealo has a creative solution that allows healthcare systems share their diagnostic equipments getting a better return on assets.
There are many other innovative companies. This column will dedicate a solution- its implementation and outcomes observed.