Machine learning, artificial intelligence (AI), big data, IoT connectivity, robotics, and virtual reality have impacted every industry, but perhaps their biggest impact is in healthcare. Technological advancements and innovation in healthcare have seen healthcare providers and startups develop innovative solutions to not only improve care and health outcomes but also reduce costs and spending. And with global health spending estimated to reach $10.06 trillion by 2022 due to increasing incidents of diseases, changing patient demographics, and rising life expectancy, the need for value-based care and innovative healthcare delivery models can’t be overstated.
In the past few years, thousands of innovative companies and health tech startups have been founded as entrepreneurs rush to invest billions of dollars in this growing field. It’s also interesting to note that the state of healthcare startup solutions continues to attract the attention of investors around the world. With that in mind, here are five companies harnessing innovative technologies to develop solutions that benefit healthcare providers and patients alike.
Founded in 2012, MolecuLight is a Canadian-based medical imaging company whose product, The company’s wound measurement tool, MolecuLight i: XTM offers optimized wound bed preparation, guides treatment choice, and can help track bioburden through real-time fluorescence imaging. This easy-to-use handheld imaging device that clinicians can use to not only detect and visualize bacteria in wounds but also facilitate precise debridement, thereby getting wounds on the path to healing. It provides real-time results in less than a minute and can be adopted as a standard-of-care in wound management.
Healthcare providers are looking for effective ways to not only provide their clients with the highest quality wound care possible but also support them in long-term care and extended care facilities. Would Care Plus, LLC, a leading mobile wound care provider in the United States recently adopted the MolecuLight i: XTM as part of its standard of care services. The good news is that MolecuLight has taken the lead in providing an innovative solution that improves the success of wound care consultants in healing chronic wounds and reducing the need for amputations.
VillageMD is a Chicago-based health tech startup and a leading provider of value-based primary care services. The company provides state-of-the-art solutions that enable primary care physicians to deliver exceptional patient experience and excellent clinical results while reducing the total cost of care. VillageMD partners with primary care physicians to provide them with the technology, staffing support, advanced analytics tools, and industry relationships they need to deliver better clinical outcomes and high-quality care.
The health tech startup has created a proprietary system, DocOSTM, which supports physicians in making data-driven decisions and ensuring better primary care of their chronic patients. The proprietary system eliminates most of the unnecessary daily administrative tasks physicians have to deal with every day. Chronically ill patients can also access physicians through VillageMD’s state-of-the-art Village Medical clinics and receive high-quality care in their own community.
Benefits from the company’s innovative solutions include patient-centric care and support, unified and normalized patient data for physicians, a team-based approach to primary care, and post-hospitalization services.
Founded in 2011, GoodRx operates a telemedicine platform, a mobile app and website that tracks the prices of prescription drugs and provides coupons for discounts on medications in the United States. The Santa Monica, California-based healthcare company was founded with the aim to help people find the cheapest option for the prescription drugs and medication they’re seeking.
The company’s mission is to make prescription drug prices more transparent.
Self-paying customers can use GoogRx’s mobile app and telemedicine marketplace to compare the prices of different medications before ordering their prescriptions. The company recently acquired HeyDoctor and users can now use its platform to make a telehealth appointment, see a physician, and have their prescription drugs delivered at their doorstep. GoodRx’s website receives about 14 million visitors a month.
PatientPop is a health tech startup helping physicians and healthcare providers promote their practice, manage their online reputation, attract more patients, and modernize their patient experience. With a focus on continuous innovation, the Santa Monica, California-based company enhances and automates each touchpoint throughout the patient’s journey, making sure new and current patients can easily schedule appointments and have a fulfilling patient experience.
PatientPop’s end-to-end practice platform combines technology and innovative marketing strategies to streamline medical practice management and deliver real-time results that enable healthcare providers to grow their practice automatically even as they focus on providing high-quality care services to patients.
Founded in 2014, QuiO aims to empower healthcare providers and patients to collaborate towards better health. The New York-based company combines proprietary medication tracking technology and cellular monitoring devices to help healthcare providers and patients manage health conditions long-term. Consumers can use QuiO’s remote care platform to automatically keep track of their symptoms, biometrics, and medications. As such, healthcare providers are able to continuously monitor, engage, and support them on their treatment regimen between visits.
No mobile app, smartphone, or account is needed. Patients are only required to self-inject their prescribed therapy using the Smartinjector and the device will record the dosage administered and a timestamp of the event. The healthcare provider then receives actionable information and monitors the patients without the complexity and typical disruptions that come with most remote monitoring programs. The result is improved clinical outcomes, better decision-making, exceptional patient experience, and increased revenue for healthcare providers.