Healthcare IT: Making Good Progress

4/2/13Follow @sramana

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access and share sensitive information with one another anywhere in the world. Aggregate spend tracking system MediSpend is primarily used by pharmaceutical and medical device companies. It was first launched as an SaaS platform in January 2011, and has since been integrated with the Physicians Professional Network. This final MMIS release is a free online portal offering a number of collaboration and compliance reporting tools.

Perhaps the strongest affirmation of company value is the continued alignment of industry expectation with MMIS solutions. The recently-approved Sunshine Act, effective February 1 of this year, allows consumers and interested parties access to a comprehensive database of transactions made by medical device companies to physicians. While intended to increase transparency between physicians and pharmaceutical firms, an MMIS survey on the subject reveals that over 50 percent of physician respondents were unaware of the act’s terms.

The survey, released February 4, further showed that a majority of physicians receive various industry benefits in the workplace in the form of food or samples, and approximately half participate in industry-sponsored programs. If covered by any federal healthcare program, these payments and gifts now require reporting. A shocking 43percent of physicians admit that these regulations will affect their ongoing relationship to the industry. MMIS makes compliance smoother, and has crossed the $1 million mark in annual revenue.

Modernizing Medicine

Despite the complications encountered through the Sunshine Act’s new provisions, healthcare tech continues to progress. Florida-based Modernizing Medicine is introducing disruptive technology to change the way information is created and consumed.

Modernizing Medicine’s iPad app is a specialty-specific, touch-based adaptive learning system. The solution is applicable to specialty disciplines, such as dermatology and orthopedics, which are diagnosed primarily through description of a visible area.

President and CEO Daniel Cane aspired to be an entrepreneur from a young age, and went on to co-found two separate companies, the first while attending Cornell University for his undergraduate degree. His interest in healthcare developed in 2009, when he realized that the foundational technology present in other verticals simply did not exist in the domain. In Modernizing Medicine, Daniel has brought the power of cloud and mobile technologies to dramatically improve the diagnostic process. The company makes over $20 million in revenue.

Patient-Help

Healthcare IT entrepreneurs are active in other parts of the world as well. Bangalore-based Adarsh Patil, a 1M/1M member, offers a solution for the Medical Tourism industry. His venture, Patient-Help, provides leads of patients looking for specialized surgery and other kinds of treatment in areas like neurology.

As the medical profession continues to evolve, both patients and physicians find themselves adopting new workflows. Entrepreneurs are facilitating this evolution, and over this decade, will dramatically alter the industry.

I look forward to it!

Sramana Mitra is the founder of One Million by One Million (1M/1M), a global virtual incubator that aims to help one million entrepreneurs globally to reach $1 million in revenue and beyond. She is a Silicon Valley entrepreneur and strategy consultant, she writes the blog Sramana Mitra On Strategy, and is author of the Entrepreneur Journeys book series and Vision India 2020. From 2008 to 2010, Mitra was a columnist for Forbes. As an entrepreneur CEO, she ran three companies: DAIS, Intarka, and Uuma. Sramana has a master’s degree in electrical engineering and computer science from the Massachusetts Institute of Technology. Follow @sramana

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