The company can help its customers know who is using their devices and how they work
One thing keeps coming up about healthcare data: while data grows exponentially, it is still isolated. Different systems use different EMRs, and even within the same hospital or healthcare system, information cannot easily be exchanged between departments.
This also applies to Medical devices, creating a huge information gap, said Mike Monovoukas, CEO and co-founder of AcuityMD, a platform that enables medicines to share information and which raised $ 7 million in funding on Monday.
“Manufacturers, healthcare providers and payers have different insights into medical devices and their performance, but there is no way to put them all together into a holistic picture,” he said.
On the manufacturing side, they have no long-term insight into how their products improve the quality of life of the patients they serve. What they have is data about each device and where it’s used, but they lose visibility to the patient after it is sold.
“Most medical device companies don’t even know which doctors are using their products,” Monovoukas said.
On the provider side, they are trained in the latest medical technologies and techniques in their residency and fellowship programs, but then have to make every effort to keep up with the increasing pace of innovation. Plus, nNot all doctors have the time or the resources or the interest to do this. While the payers reimburse healthcare providers based on the procedures they perform, they do not know what products were used in those procedures for the patient.
“You are trying to manage the variability in costs and patient outcomes between providers, but you do not have a complete picture of what is causing these differences. Imagine your auto insurer does not know the make and model of the car you drive.” said Monovoukas.
“Closing this information gap is good for the medical device industry and ultimately better for patient outcomes.”
AcuityMD’s solution is to create a data platform for the entire life cycle of medical devices: from sales to surgery to patient outcomes, with the aim of ensuring better quality medical devices and thus more successful medical procedures, high recovery rates and lower medical costs.
“We connect the industry and facilitate information trade between all parties.”
The companys offers its customers who are manufacturers of medical devices, including several Fortune 500 companies, With a curated data platform based on your specific needs and industry, as well as access to a software platform and curated data to unlock new sales opportunities, identify existing product users and, over time, better understand how their products are performing in the marketplace.
AcuityMD uses external data from public data, partnerships with proprietary data aggregators, Medicare claims through CMS research, and integration with data generated by manufacturers.
“Typically, the data these manufacturers have is downloaded and tracked by their sales team in Excel. By bringing all this other data together, they can easily target new opportunities and understand the performance of those using or over time not use.” Don’t use their products, “explained Monovoukas.
The platform can be tailored to any vertical industry including orthopedics, spine, biologics, surgical imaging, endoscopy, and more.
For example, a company that focuses on orthopedics will have a platform with data on relevant orthopedic surgeons, hospitals who use and do not use their devices, and data on medical claims related to their use. This ultimately helps them target relevant surgeons and hospitals who may benefit from their product or who may need updated information and training on the device they are already using.
The $ 7 million round is AcuityMD’s first institutional funding round was led by Benchmark with the participation of Ajax Health. In connection with the financing, it was also announced that Eric Vishria, General Partner at Benchmark, has joined the Board of Directors of AcuityMD.
“Eric has a deep understanding of data and enterprise businesses. His track record speaks for himself as an early investor in companies like Benchling, Amplitude, and Confluent to name a few. He understands the problem we are trying to solve and is someone who is.” behaves like a real partner, is not afraid to walk into the trenches with you through the company building. The insights and skills he brings will help us realize our potential, “said Monovoukas.
AcuityMD will use the resources to expedite the hiring process. The aim is to double the eight-person team by the end of the year, with a focus on product and technology. It will continue to invest in product development, secure numerous new medical device companies and manufacturers, and continue to expand in all medical device industries.
Part of what makes a solution like AcuityMD profitable now is the transition from being charged for services to the healthcare system a value-based system; This includes recent ACA regulations that have initiated a pay shift based on performance and quality.
That means medical device manufacturers will increasingly be held accountable for the results of their products in the years ahead, Monovoukas said. They cannot improve the things they cannot see, so it is important to create this recording system in order to be prepared for this wave to come.
“If we succeed, we will ultimately help medical device companies and help patients at the same time. If we close this information gap, we can help manufacturers put proven devices in the hands of more doctors and give doctors better technology and products schools that can treat their patients. ” and ultimately improve their products based on long-term patient outcomes. Improving these results is the ultimate achievement. “
(Image source: acuitymd.com)