Mega trends are sweeping through the healthcare space driven by the impact of digital technology. In this conversation, we kick around value-based healthcare, digital therapeutics, etc. and how Medocity is adding value to those use cases.
Sramana Mitra: Let’s start by introducing yourself and Medocity.
Raj Agarwal: I’m the President and CEO of Medocity. We founded Medocity about six years ago.
Sramana Mitra: What does Medocity do?
Raj Agarwal: Medocity is the leading provider of enterprise virtual care technology enabling continuous digital care for patients with chronic and complex conditions. We see a big gap in care when patients are at home or between visits. We try to bring that continuity in care by giving them solutions or tools that act like virtual nurses or coaches that not only help them through their treatment journey but also connect them with their care team in real-time.
Sramana Mitra: You said enterprise virtual care. Can you elaborate on who is the customer?
Raj Agarwal: We cater to three segments – pharmaceutical, payers, and providers.
Sramana Mitra: All three are your customers?
Raj Agarwal: Yes.
Sramana Mitra: Who’s buying?
Raj Agarwal: Except patients, all three pay for their use, depending on who the sponsor is. We have clients from the pharmaceutical industry. We have clients from the payer side and we have clients from the provider side.
Sramana Mitra: Let’s do three use cases of those three entities who pay to explain how your technology works.
Raj Agarwal: For pharmaceuticals, our model is more about giving them a higher level of patient support program or a next-generation patient support program. It’s beyond the pill type of solution where there’s drug plus virtual care. We’re doing a program on patients who would utilize our platform. Hospitals and cancer centers would use it on the other end to monitor them and improve the outcomes. That’s one use case.
Sramana Mitra: Can you be more specific what exactly is going on here? What are you monitoring?
Raj Agarwal: Let me explain to you what we do at Medocity. We have uniquely combined a virtual care platform where we have four pillars. First is the condition management where there’s one specific condition or co-morbidity for a patient. We can help manage their care plans, medications, side effects, and symptoms. Then, we have a monitoring capability, which includes vital signs monitoring.
We support over a few hundred Bluetooth WiFi devices including wearables so that data can be collected through them and then can run through a rule-based algorithm to complement the care. Then, we have a full communication suite, which includes videoconferencing, messaging, and IBM Watson-based calling. We can communicate between patients and care teams and allows care coordination. We could have a longitudinal view of the patient record. If anyone is taking action, the other care team members know.