The company works with law firms, vendors, insurance companies, pharmaceuticals, medical devices, and others
When it comes to our medical records, most of us probably just think that doctors who access them understand a patient’s medical history in order to provide them with the best possible care. The truth, however, is that many industries use medical records for business outside of nursing, including legal, insurance, and clinical studies. The problem is that health information remains systematically dispersed, isolated, and sometimes still paper based. Accessing, aggregating, sharing, and using health information can be very difficult.
Medchart is a company dedicated to removing the barriers that stand in the way of easily sharing this important health information.
Its origins date back to 2013 when the father-in-law of James Bateman, the company’s co-founder and CEO, fell ill with a chronic illness. His mother-in-law had to gather the necessary information to share across the care system, including multiple hospitals and providers. At the same time, his co-founder, Derrick Chow, had a similar experience with his aunt traveling overseas in need of emergency surgery. Derrick and his family spent many weeks trying to get medical records from Canada to China.
“I remember thinking that this process naturally leads to data access should be easier. But can be it? Not just for patients, but also for organizations that request and distribute medical records, “Bateman said.
“No one in a medical facility said ‘no’ on the way to get their data. While this was a tedious process, it demonstrated the power of consent and patient-authorized data that removes barriers to patient access.”
In response to these incidents, Bateman and Chow created Medchart as a single place where health data can be transmitted, understood, and used. And now the company has raised $ 17 million in the Crosslink Capital and Golden Ventures-led Seed and Series A funding round, with additional funding from Vast Ventures, Union Ventures, iGan Partners, Stanford Law School and Nas, one original financier.
Along with the funding, it was also announced that Matt Bigge, a partner in Crosslink Capital, has joined Medchart’s board of directors.
“Matt brings a deep understanding of corporate IT, infrastructure, and security, as well as decades of experience building leading companies in these markets. Matt will provide business decision-making expertise. While working with others on the board, he will be accountable on IT. ” Strategy, direction and goals of the company. Matt will also be helping with our recruiting and future fundraising drives, “Bateman said.
Founded in 2015, Medchart’s platform shortens the time to data collection and eliminates the need to find and access medical histories. It also improves time to insight by aggregating data and turning it into useful information to help solve customer problems.
“One of the key challenges in making patient health data work for businesses that are in the community, but not necessarily a core part of a nursing paradigm, is to make data available in a way that is useful to the receiving party,” said Bateman.
“Traditionally, it took a lot of tedious manual labor to obtain patient authorization and search paper documents to find information that was not necessarily structured consistently.”
Currently, more than 200 companies and law firms across North America are using the Medchart platform for a variety of different use cases. For example, law firms can use the platform if they are pursuing a mass killing or class action strategy that results in the injury of thousands of people due to a defective medical device such as an artificial hip used in replacement surgery. M.Law firms rely on Medchart to qualify AI and ML-powered applicants for those who have suffered life-changing injuries, including nearly 40% of all US applicants in the ongoing Purdue opioid litigation.
The company also works with healthcare providers who require them to respond quickly and easily to patient-authorized requests for information sharing for untreated purposes under the recent federal ruling of the 21st Century Cures Act.
Other clients include insurance companies who need medical evidence to assess insurability and risk, which will affect the premiums, term and other terms of the policy, as well as researchers, including those at universities, academic medical centers, research institutes and in the Private sector. such as pharmaceuticals, medical devices, contract research organizations, and patient support programs. For example, clinical trial investigators need access to patient-authorized information obtained from all kinds of different medical encounters, such as visits to a general practitioner.
Using Medchart, customers have achieved 71% labor and time savings in health information sharing, an 89% improvement in health information processing, and 99% AI qualification accuracy for business outcomes.
“If we build new information systems based on aggregated data, it will be fully applicable to policy decisions to collect real-world evidence for their phase three and four clinical trials. This will help these teams understand the overall understanding.” Indicators of pre-existing conditions and the results of drugs under development, “Bateman said.
“This area can really make a difference in life. Or for an insurance company to collect the right data for someone who’s been in an accident, so that person can get better faster.”
The company says it will use the new funds to accelerate product innovation and hire new talent. tThe company currently has 150 employees and will expand the product, AI / ML and engineering team to focus on new product development and health data connectivity.
“We did a good job of seamlessly integrating the user experience into decision-making processes. We’re making significant investments in AI and machine learning to not only provide customers with the health data they need, but also to contextualize the data to provide deeper insights that they can use to differentiate businesses, “Bateman said.
The Company will also expand its product offerings in new industries including insurance, pharmaceuticals and life sciences to help them keep up with market shifts and regulatory considerations, which he said is the company’s long-term value Companies can query the data much more easily to answer different questions depending on the business needs without having to analyze the data each time.
Medchart’s ultimate goal is to enable the use of patient authorization to unlock health information for new and innovative applications. Their success relies on improving people’s lives by making it easier for them to share information with those they trust.
“An enormous digital transformation is taking place in healthcare and in all companies. We support decades-old digitization processes with the patient at the center. And we unlock patient authorization, which is the key to success. Medchart is growing fast Medchart solves real problems for Business and Consumers. “
(Image source: medchart.com)