By the end of 2017, digital health hit almost $6 billion in venture funding. The toe-dipping phase is officially over, folks. Thanks to the combined effect in the past decade of tech acceleration and a federal push to incentivize the adoption of healthcare innovation, we’ve seen some amazing progress made, especially in healthcare IT and the transfer of EMRs and EHRs. In that vein, we’d like to highlight a few products and services that are helping transform the digital health landscape by streamlining data sharing.
Security and Compliance in Healthcare IT
Despite cross-industry concern over efficacy, Big Data is still a very big deal in healthcare. As the transition towards population health continues, healthcare providers must devise analytics strategies across their networks that will generate actionable information. But all of this begins with reliable and compliant data storage.
ClearDATA, a healthcare-dedicated cloud service provider, offers a HIPPA-compliant cloud infrastructure that allows a provider network of any size to integrate data security and regulatory compliance measures across all of its facilities.
From a security standpoint, ClearDATA’s platform makes it possible for a provider network to communicate safely with multiple clouds (web apps, SaaS, etc.). From a compliance standpoint, the platform presents a monitoring dashboard that allows the user to immediately identify any potential regulatory issues.
Since 2011, ClearDATA has raised $54.4 million, showing that, regardless of the political landscape, digital healthcare will continue to accelerate.
Innovation through Healthcare APIs
Where ClearDATA connects all of a single provider network’s facilities, Sansoro Health enables that provider to safely communicate electronic medical record (EMR) data when integrating third-party software.
What sets the Minneapolis-based startup apart from other middleware is its ability to connect EMRs with developer software within a matter of days, where most middleware requires months. Sansoro Health’s flagship product, Emissary, delivers EMR data in real-time through web-based services that create a unified data model.
Emissary is essentially a pass-through that utilizes a provider’s existing EMR infrastructure, rather than duplicating the provider’s EMR databases like other middleware.
After its recent Series A, Sansoro Health has raised a total of $6.4 million since its 2014 inception. Investors are certainly still throwing money at the interoperability problem.
Delivering Insurance Coverage More Efficiently
And now the problem of prior authorization, the requirement by some insurance companies to pre-approve a particular procedure, service, or medication before agreeing to pay. In theory, the idea is to deter doctors from prescribing costly treatments when cheaper alternatives will suffice. In practice, as one study shows, prior authorization can take up an average of 20 hours labor per week per clinic.
PriorAuthNow, an Ohio-based startup, provides streamlined communication between EHR systems and insurance carriers. The platform is equipped with an internal routing engine that determines where to send and receive prior authorizations, as well as a dashboard that allows providers to easily access these approvals in order to process claims.
The startup’s software also aggregates approval/denial data that will help providers submit all of the necessary information the first time, avoiding back-and-forth with payers. This data also segments approval and denial rates by payer, provider, and staff.
In its first three years, PriorAuthNow has raised $5.4 million, helping it make the push to get patients the treatment they need without delay.
How Will This Work for Your Institution?
As one of the nation’s emerging innovation and entrepreneurial centers, we at tekMountain strive to do our part in fostering the digital evolution of healthcare in America. Through a vast network of partnerships and mentors, we connect big thinkers with big thinkers and institutions with ideas. Have some questions about integrating new healthcare IT software within your company’s infrastructure? Contact tekMountain today to learn more about the options available to you.