Navigating the healthcare system isn’t for the faint of heart, especially when trying to get ahold of patient records. If you’ve moved multiple times or changed providers, you may have multiple records with essential medical information spread across different states — for example, what medications you were on last year or prior conditions.
By using Blockchain technology to ensure they stay HIPAA-compliant, Patientory merges all of your medical records in one place — helping your doctor provide you with a better diagnosis based on a complete and accurate history. Healthcare that’s more personalized leads to better patient satisfaction and a healthier lifestyle. The Atlanta Startup Battle veterans are currently on private beta and already have partnerships with StartUp Health and Kaiser Permanente.
Hypepotamus talks to Patientory CEO Chrissa McFarlane about their next round of funding, their revenue model, and how patients and doctors alike can benefit from the product.
How did you get the idea for Patientory?
I’ve been in healthcare practically since high school. Throughout my career, I’ve helped various non-profit and directed non-profit initiatives at a hospital. From my experience, I saw a gap with the patients and a lot of it is due to a lack of access to their medical information. I decided to start Patientory. Upon incorporating the business, I got accepted to an accelerator out in Colorado. Colorado’s big initiative in health IT has grown tremendously in the last three years.
This accelerator had announced a partnership with Kaiser Permanente that November before I got accepted in January. So I was one of the first companies to go through that which continues to validate the business and work with their physicians and really getting the feedback needed to build a sustainable business.
How can Patientory benefit healthcare providers and patients alike?
Right now we are targeted around selling to healthcare organizations — hospitals, their third party vendors and top insurance companies — to secure patient health information. We’re a health management software for doctors to help them easily communicate across platforms with their patients and their caregivers and grant them access to their health information.
The patients definitely benefit from it by interacting with caregivers and their doctors as well as health content like daily tips that they receive every day to help them make healthy decisions.
How do primary caretakers and hospitals store information on Patientory and is it HIPAA compliant?
Here’s where the Blockchain [technology] comes in. Blockchain is a distributive ledger with a growing list of ordered records called blocks. Using this technology, we are encrypting medical patient information in hospitals and insurance companies so that it is not centralized data, it is distributed, so it meets those HIPPA guidelines.
The process of that is we really go in our software and encrypt their data that’s stored in their centralized network in the cloud or just a centralized server where all patient information is stored. With the Blockchain technology, our software encrypts that information. Once that’s done from our platform, which is basically tied to the electronic medical records, they’re able to request different patients’ information. Then our AI analyzes it and helps them curate a care plan made specifically for their patient.
You’re looking forward to your next round. What’s your current funding situation?
We’re currently looking to close our initial seed round — we’re currently in talks with investors. We’re also starting to talk to Series A investors. We’re also looking for partnerships. We have partnerships with StartUp Health, who has theworld’s largest portfolio of digital health companies looking to improve the health and wellbeing of everyone. We’re also partnered with Kaiser Permanente, which is really helping us to validate and commercialize our product.
What’s your revenue model and how do you stand out?
We’ve looked at employing social media revenue models out there like LinkedIn which uses the B2C2B model. That’s what we’ve applied to our company — you have a customer base and we look to charge them a premium storage based on how much information they store, but at the same time that real value is coming from the service we provide to these healthcare entities in terms of fulfilling their patient health information and integrate it across different platforms.
