Solving America’s $525 Billion Health Records Crisis
Medicom Technologies is a healthtech company that’s solving one of the most pressing challenges in healthcare today: The difficulty of sharing of patient information between healthcare systems. In addition to slowing down care and costing billions of dollars, it also has the potential to exacerbate a pandemic as is pointed out by this NPR report.
Today, with the implementation of electronic medical record software, every health system holds the data for all their patients on their own servers. In the best case scenario the data is held at a system level, but as often as not it is kept on computers at individual clinics within a system.
Every year, thousands of patient procedures are delayed because records aren’t where they need to be. Only 11% of healthcare providers can locate, access and use outside health information. Between that and the cost to physically transfer these records from one system to the next the annual waste to our health care system is $525 billion and growing.
Medicom doesn’t physically move files from one location to another. Using indexing technology similar to how google helps you find what you’re looking for among the billions of websites, Medicom makes it possible for patients and physicians to access all their electronic medical records easily and conveniently no matter where or by whom they are housed.
Medicom is already in market and proving its worth with Sanford Health and the Veterans Administration among others. According to the VA, Medicom saves them more than $150 million dollars per year in administration costs. This software as a service model is sold on a subscription model and is easily scalable from the 2,000 connections they have today to over 10,000 connections by the end of the year.
This is just the tip of the iceberg. Medicom’s access to all this health data can help public health officials identify health issues and trends earlier and more accurately. And when the data is de-identified and aggregated, It can also be licensed by pharmaceutical and medical device manufacturers to develop new products and treatments more quickly.
These complementary businesses feed each other, so the more systems sign up, the more powerful the data is for licensees.
If you’d like to speak with Medicom’s leadership to learn more about the company and the opportunity it presents, please contact FORCE Family Office CEO, Steven Saltzstein he’d be happy to facilitate an introduction.
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