Girish Navani has built a $300M+ private company in Healthcare IT that would be valued at over $3B if he were to take it public. We first covered the company in our Entrepreneur Journeys series [Built To Enjoy] in 2010. We continue the discussion here.
Sramana Mitra: Let’s pick up from where we left off about four years ago. Of course, you’re one of the key players in the healthcare IT ecosystem and started way before most of players in the current landscape. Catch me up on what’s going on and how you’ve progressed. I want to set the context of what I love about your philosophy of building the company. You’ve kept it private. When we talked in 2010, you already had thousands and thousands of customers and had substantial revenue. >>>
Sramana Mitra: How do you see that playing out? Are you saying that physicians around the world start sharing case studies on how they have treated certain cases and what results they have gotten in some sort of a central exchange? Then the system does analysis and recommends specific instances. Is that what you’re saying?
Charlie Lougheed: Yes. Data within Explorys has two forms. One form is completely de-identified. What that de-identified form allows organizations to do is see patterns that are similar to theirs, expressed across a very large population. You have this statistical relevance. On top of that, one of the things that we provide is a technology platform that substrate and process a massive amount of data >>>
Charlie Lougheed: There’s a mix of different vendors in the space. There are those that are pure play technology vendors—the IBMs and the Oracles of the world that often purchase technology and then configure and deploy it to run, oftentimes, behind the firewalls within these organizations. Another component from the competitor standpoint is actually some of the payers themselves. They form or acquire technology companies so that they can offer these services to the providers—usually in a cloud form, which is somewhat similar to what we do.
Charlie Lougheed: As these healthcare organizations look to those who pay for the care, which are either the private insurers or Medicare, you see a move towards value-based care. Rather than paying for all the associated services with that patient’s admission into the hospital, you instead get a flat rate for that patient to take care of them. Anything above that, they may be able to share an additional share of savings.
To do that, you have to be able to do three things. The first thing is understand what the population looks like, where the risk is in that population, and what parts of that risk can you do something about. Once you have that, the second thing that we provide is >>>
Charlie Lougheed: We formed Explorys in 2009 when we met Dr. Anil Jain, a physician at the Cleveland clinic. Anil was not just a clinician, but he was also responsible for their e-research initiatives around leveraging electronic data and EMR. Some of the things that he and his team had invented really inspired us to form this company, take it to the cloud, and roll it out nationally. That was more or less the journey. It was an exciting process.
Sramana Mitra: Tell us a little bit more about what specifically Explorys does and how does that situate you in the industry. What is the ecosystem that you’re playing in and how do you position yourself in that spectrum? >>>
In our review of various Big Data players working on vertical apps, this time, we bring you a Healthcare IT story.
Sramana Mitra: Let’s start with some introductions. Please talk a little bit about yourself as well as Explorys.
Charlie Lougheed: Explorys is my third company. I was in my mid-teens when I started my first one. I was always driven to technology and entrepreneurship. I have this strange hybrid of experience in that I’ve spent a good amount of my career in large corporations as well. I’ve spent a good amount of time in the financial services sector, primarily around extending their online channel. I was responsible for both the technology as well as the business side. It was an interesting exposure. To some >>>
By guest author and 1M/1M member Luis Montes
There has been much promise and hype by home health (HH) EMR companies around the use of physician portals. In fact, almost all existing EMR systems offer some sort of physician portal application. Physician Portals have been deemed to be the future of inter-provider communication and patient health information (PHI) exchange. Portals are supposed to offer substantial improvements over conventional methods of PHI exchange currently used today among health care providers >>>
Sramana Mitra: What scale is the company at now?
Rob Langdon: It’s approaching nine figures.
Sramana Mitra: Sounds like it’s becoming an enterprise software and healthcare IT company at this point. Is there anything else that is interesting in the story that you would like to discuss? Paper played such an important role. That’s actually very counterintuitive for people who mostly work in technology. Sometimes, the simple solution stares at you in the face and you just ignore it.