Healthcare-focused startups are the future of the industry. Across the globe, bright minds from diverse backgrounds are teaming up to build innovative startup companies, where the stakes are higher and the challenges are more oftentimes more complex. Between 2010 and 2014, healthcare tech venture funding deals increased 200 percent, according to TechRepublic. Between 2013 and 2014, funding increased another 125 percent, according to Becker Hospital Review.
While some are backed by angel investors, others are backed by seed investors. Some are home to the products of leading incubators and others have a more grassroots background. No matter the makeup origin, every startup has to find ways to create solutions to healthcare problems that are complex and challenging. Combining clinical, engineering and design expertise, these innovative new companies are on a mission to improve outcomes and carve out a place for themselves within the industry.
Here are 5 healthcare startups you need to be watching.
Kytera is an Israeli startup company founded by veterans of the wireless communications industry who are passionate about using their knowledge and expertise of advanced technologies to make a significant impact on seniors. Their product is an advanced remote monitoring system for seniors who live at home, that automatically detects emergency & distress situations as they happen in real time. The system is based on contextual activity analysis technology and consists of a wristband and easy-to-install sensors.
The technology uses advanced machine learning algorithms and a unique sensing technology to dynamically learn the routine of the senior in the house and reliably detect deviations from the routine and distress situations.
Vivor (pronounced like the word “survivor”) is a startup on a mission to eliminate cost as a barrier to care. Vivor offers financial workflow technology that reduces patient responsibility by maximizing the use of assistance programs. Their PayRx Navigator offers a complete workflow for the oncology financial navigator.
It is designed to replace cumbersome spreadsheets with a purpose-built financial counseling solution. It provides a patient dashboard to see a shareable active list of patients to share with colleagues designed for financial counseling, simple reporting to track patients helped, seeing funding secured from assistance programs, and HIPAA compliance so healthcare systems can keep their patients’ information safe.
The Right Place
Founded by Dr. Alan Abrams and Katherine Chambers, The Right Place was created as a solution to address a particular pain point in the process of how patients are discharged from hospitals to skilled nursing facilities (SNFs). They argue that patient placement is beholden to a clunky process requiring hours of phone calls, faxes and voicemails. In fact, approximately 24 percent of patients end up back in the hospital just to start that process all over again.
Abrams and Chambers created The Right Place to help solve the issue by getting patients out of hospitals quicker, filling empty beds at skilled nursing facilities with the right patient mix. The goal is to lower readmissions rates to hospitals and engage patients in decision making when it comes to their post-acute care options.
The result of 20 years of research conducted at the Eagleman Laboratory for Perception and Action at the Baylor College of Medicine, BrainCheck is a new creative solution designed to help measure brain health. Modern technology allows us to bring cognitive tests traditionally conducted with pencil and paper into the 21st century to offer people everywhere easy, affordable access to their brain health data from wherever they are.
BrainCheck’s goal, according to the official website, is to help you understand what’s happening in your brain. Using BrainCheck allows you to log your cognitive health data and track changes in your performance over time. You can compare your data to the general population’s results and use it to have productive conversations with your physician about your brain health. BrainCheck is meant to empower everyday people with data and empower scientists to innovate.
The software was created by Dr. David Eagleman, a visionary leader in the field of neuroscience who currently teaches at Stanford University and heads the Center for Science and Law. He’s received numerous awards and recognition for his academic research and work. Additionally, he’s a New York Times best-selling author, TED speaker and creator of the PBS series The Brain.
LifeBio is an online system designed to help people publish biographies and journals. Their website describes it as a life story and communication program used in senior care and health care organizations. LifeBio makes it easy for seniors to tell and preserve their life stories. Essentially, LifeBio is a platform of tools designed to help create a beautiful story to be passed down through generations and even has a dedicated support staff.
An online software an entire array of products to help seniors tell their story, LifeBio allows users to create an online, instant biography simply by answering unique questions. Users can choose which questions to answer that coincide with the unique people, times and places that impacted their lives. It’s especially helpful for those who don’t consider themselves to be tech-savvy. The company offers one-on-one phone interviews, typing and editing services to ensure stories are told the way users want.
Healthcare Startups Are the Future of Healthcare
The healthcare landscape is constantly changing, thanks to new approaches and creative ideas, The startups listed in this blog really only scratch the surface of what’s out there right now. From precision medicine to data analytics, entrepreneurs are making big waves in the healthcare industry. In most cases, emerging and leading healthcare startups are taking advantage of the convergence of digital technology and healthcare innovation to create new tools to improve outcomes.
The industry is gaining momentum rapidly. In 2015, digital health startups attracted $5.8 billion in funding and deal activity to the space jumped nearly 20 percent. Large tech companies are taking notice, as we see more and more involvement in healthcare. IMB has a partnership with CVS, Google has partnered with Novartis and Apple has integrated with Epic.
Tech giants are taking advantage of the opportunity to apply their resources in terms of computing power, artificial intelligence and cloud software expertise to address the explosion of healthcare data needing to be processed.
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For more information, check out CB Insight’s post on Digital Health trends.
Read more about trends in healthcare in 2016 with our blogpost “October 2016 Snapshot: Healthcare Recruiting Trends“.