An iPad To Change Electronic Medical Records

 

DESCRIPTION

The check-in process is one of the most cumbersome parts of the medical care experience for both patients and administrators. A health information technology company has developed programming that utilizes the prevalence of iPads to engage patients while also cutting administrative costs and streamlining the patient experience. More efficient check-in procedures consolidate data for better processing while patients are able to use the iPads to learn more about specific health topics, complete surveys, and provide feedback in order to facilitate better administration of the healthcare facility.

 

PROBLEM ADDRESSED

The rising cost of healthcare administration due to redundant paperwork, outdated information and other related problems. This company has built a program that integrates easily with existing Electronic Medical Records programs as well as any administrative software. The patient engagement begins at check-in and the patients can use the program throughout their visit, thereby increasing patient satisfaction and allowing for better health outcomes. The software can also collect payment and provide patient education, along with several other progressive features. The software can generate $3 to $5 of revenue per patient instead of adding to administrative costs.

 

MARKET

The Company has traction with three major hospital systems utilizing their software and has two additional projects in the pipeline. By the end of 2014, at least 100 more practices will also be signed up. The only major competitor utilizes advertising from pharmaceutical companies as their revenue stream, which is somewhat of a turnoff to many practices and providers, and does not place the same emphasis on patient-engagement that this product does.

 

TECHNOLOGY

This software integrates existing clinical and administrative electronic record programs with engaging healthcare applications and initiatives in order to create revenue from each patient’s usage. By engaging the patient through a more interactive and specialized check-in procedure, the experiece of the patient as well as office workflow, are both improved.

 

UPSIDE OPPORTUNITY

The revenue is initially based upon subscriptions from practices and providers, and later revenue will come from product line extensions via the patient database. The founders have already obtained the initial investment of $500 thousand and additional funds totaling $600 thousand primarily from two major insurance companies have been raised, resulting in a $2 million revenue run rate. By the end of 2016, the projected revenue will be $50 million. 

 

 

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