The healthcare information technology sector is booming with the development of new software applications to manage and track patient data.
The Healthcare Information Technology sector has been growing both steadily and rapidly over the past decade. As powerful new hardware is developed to make diagnosis and management of a host of medical problems quicker and more cost-effective, software companies are entering this space by making patient and provider data easier to measure, enter, manage, and track.
This sector’s focus is rooted in complex data. Companies are using oceans of patient and provider data to make healthcare faster, more efficient, cheaper and smarter. Prompted by provisions in the ACA to require healthcare providers to switch to electronic medical records, companies like CareCloud (datafox.co/carecloud) and Practice Fusion (datafox.co/practice-fusion) are harnessing the power of big data to make your medical records available to you or any doctor you may potentially visit (an annual average of 19 visits per person according to Practice Fusion). Other companies like Glow (datafox.co/glow) use fertility data to give users “full control over your reproductive health,” while FlatironHealth (datafox.co/flatiron-health) is aggregating the world’s oncology data to provide comprehensive and up to date cancer-related information to doctors, patients, and medical and public health researchers.
Check out this video for Practice Fusion’s patient-centered product, “Patient Fusion.” Their software is free, and their team is full of data analysts and engineers. Also check out the longer, more detailed informational videos on their YouTube channel.
The Growth of Healthcare Information Technology
Whether they are aggregating broad categories of medical data or focusing on specific drugs, diseases, or conditions, Healthcare Information Technology startups are making their presence felt in every corner of the healthcare industry. The growth of the industry is expected to continue well into the future, and companies like Practice Fusion have uniquely positioned themselves with an attractive business model based on applying data analytics to even the most minor medical practices. Their free web-based EMR (electronic medical record) tool is available for both patients and providers as an app to provide the most comprehensive and updated medical data available.
The increase in the exchange of medical information via software and web-based tools has generated public discussion about privacy and security. Fortunately, well-run startups have been addressing these concerns at every stage of the development and release of their applications. For instance, to prevent unauthorized access, maintain data accuracy, and ensure the appropriate use of the information they collect, Practice Fusion deploys a wide range of technical, physical and administrative safeguards. These include Secure Socket Layer (SSL) encryption, firewalls, system alerts and other information system security technologies, housing health data in secure facilities that restrict physical and network access and regular evaluation and enhancement of our information technology systems, facilities, and information collection, storage and processing practices. Their practices are consistent with HIPAA guidelines.
Practice Fusion’s meteoric rise in the Healthcare IT space is the stuff of fairy tales. After four solid years of angel funding totaling over $150 million the company is now beginning to make the type of organizational moves typically seen before the release of an IPO. Just last week it was announced that Robert Park would join Practice Fusion as its CFO. Mr. Park has previous experience taking companies public; he is well known for his management of the IPO of online textbook rental company Chegg.com and was previously a VP at McKesson.
Age vs Quality Estimate from the DataFox 'Healthcare Information Technology' watchlist:
We will continue to monitor the Healthcare Information Technology startups sector here at DataFox, and we encourage you to add the public watchlist at the end of this post to receive the most up-to-date news regarding this sector as a whole and Practice Fusion in particular.
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The information contained in this post, while intended to interest investors, does not constitute investing advice or services. Future trends and predictions contained herein are derived from industry news and public information. These “forward looking-statements” are speculative, subject to risks and uncertainties, and are not guaranteed. Actual results may vary. Potential investing decisions should be made by consulting a professional legal, tax, investing or accounting professional, where risks and suitability can be throughly evaluated. DataFox makes no obligation to update or revise any of the statements contained herein.