The company’s sole investor was Pandion Optimization Alliance, a purchasing organization of the group
Even before COVID, digital health adoption was on the rise, but the pandemic has resulted in a massive surge in adoption of services like telemedicine and remote patient monitoring in a very short space of time. The global digital health market is projected to grow by over 37 percent in 2021 to $ 508.8 billion by 2027.
However, there is still no unified health market where everyone in the ecosystem, including health systems, payers, biopharmaceuticals, and entrepreneurs, can not only find out which digital health tools work best, but actually connect with vendors to get them quickly take over.
For this reason, Dr. Manny Fombu launched the Marché Health digital health market, a company that on Tuesday announced a $ 1 million round of funding from strategic investor Pandion Optimization Alliance, a group purchasing organization.
“We have all of these digital solutions out there and the biggest problem everyone is talking about is scaling. ‘We can’t scale.” Good ideas are developed and then die because you have to find the right model or whatever it is. At the same time, clinicians aren’t that familiar with it either. They don’t know what this digital health means and they turn to me and say, “Do you know where to take a digital health course? Do you know where I can learn more about digital health? Is there a digital health certification? Is there a digital health class for rare diseases? “So there is a lot of ignorance in this area and the places people get other information are on LinkedIn or Twitter,” said Fombu.
It should be Marché act not only as a marketplace where buyers and sellers can be connected, but also as a community where Healthcare professionals can come together to learn about these solutions and find out which solution is best or not.
“Literally, my vision and passion will be to have partners who will educate the community to say, ‘We have a common goal and interest, not just to talk about our problems, but to work together to actually solve them. ‘ At the same time, you can also shop on a platform that is based on objective data to make decisions about which solutions you need best. “
For example a The hospital may be looking for a remote monitoring solution for patients after chest surgery as they will need to perform post-operative management and wound management after they leave. If the clinician is looking for a digital solution, they will likely have four different vendors turning to them and they will have no idea which is the best. In this scenario, they are displayed on the Marché platform and indicate the name of this company. Plus, not only will they see information about that company, but companies that are similar to what they are looking for.
“We have data on how much money they raised, the management team, geographic location. Are they only in your state or are they nationwide, are they global? What is their HIPAA certification? Do they have third-party validation?” Do they have clinical studies? Are there other colleagues who have used these where you have a feedback community review to make an objective decision? ”Said Fombu.
Marché not only helps you to identify the right provider for you, but can also help you Reach out to that vendor and cut the time it takes for them to complete a potential sale. This is in contrast to other markets where You have to click and then send an inquiry or make an appointment to schedule a time to talk to the provider two days later.
“We found there were a lot of clinicians out there, including me. If it takes a sales rep to email me two days, I’ve forgotten why I was on the site in the first place. We know what questions from these vendors We actually get them to automatically upload this information and give the buyer instant access to that information so they can answer these questions faster. That is, if they want to speak to the seller, we’ve pushed this process forward of that Legal team has already seen the data and we’re actually speeding up this procurement process to make sure it’s on board. “
There are currently 5,000 hospitals on the Marché platform and 4,000 of the largest digital health companies in the United States. to have Pandion, which works as an investor with more than 4,100 hospitals and healthcare systems, will help the company facilitate transactions between these systems and providers. And while there is a potential source of income to facilitate these provider-clinician financial transactions, Fombu makes it clear that he’s much more interested in monetizing the data the company can collect.
“I’m interested in the records. I’m interested in the data to understand what people want. That’s why I like the community aspect. I want to see what people are looking for. I want to get records, how to create them. ” Correct decision profiles for clinicians and hospitals as well as pharmaceutical companies and vendors. I want everyone on both sides to know each other. I want a two-sided market where the buyer knows the seller very well and the seller knows the buyer pretty well too. knowing that they could find the right solution at the right time. This is my interest. So in the long run I’m a data game, “he said.
The company plans to use its new funds to expand the team, which currently consists of nine people. Fombu expects the number to be 12 by the end of the year. It will also help support Marché Health with the next phase To have completely created the profiles of the individual clinicians and hospitals as well as the pharmaceutical companies and payers.
“We want to build that, but our focus is on building a trustworthy, solid community. We’re in no rush to scale per se, our investors are in no rush. There’s no pressure to make money, it’s about that Build the right one. ” Product and the right partnerships so we can scale, “he said.
“There are times when we are unable to hold face-to-face meetings or conferences because of COVID. People need a place where they can meet and make that decision. We’re more focused on making a useful product that the community wants as opposed to the rest of the material. “
The ultimate goal, he said, is to be the world’s largest marketplace for digital health, and to have data on each and every business compare that to visiting Hotels.com and finding any hotel you want. With Marche, Fombu wants every company to make the right decision while shortening their sales cycle.
“Five years from now, my success will be that the time to actually sell a solution doesn’t take a year as a vendor. The revenue cycles are miserable. That’s what kills the industry if it takes 12.” 14 months to make a decision. It doesn’t have to take 14 months to make a decision because the budget has already been used up, “he said.
Marché also supports a more global healthcare ecosystem where you can influence space even if you are not based in one of the most important technology hubs in the US such as New York, San Francisco or Boston.
“We’re trying to democratize healthcare and break those boundaries. I think innovation can come from anywhere in the world, and you don’t have to be in one market to affect another. The same kind of, for example Solutions that work in Ghana or Nigeria or India could be a solution that works in Baltimore or rural areas in the US, “he said.
“We want to open up the space and show solutions that fit your budget and actually work and show value, and who you might want to work with. We’re trying to use data to open up all that transparency. We’re not just trying to be a marketplace like I said, where you just go shopping. We want to be a marketplace community to get people to talk to each other and be the place you go digital. “