Sramana Mitra: My next question is going to be about what trends are you seeing. How are your customers using data? Obviously you have a very rich dataset in your ecosystem.
What are some unique and interesting visionary ways that data is being used and interesting applications of it being developed on top of that data?>>>
An in-depth conversation on the stage of data in the medical world.
Sramana Mitra: Let’s start by introducing our audience to yourself as well as Life Image.
Matthew Michela: I’m the President and CEO of Life Image. Life Image is a medical evidence-based technology platform that services a wide variety of healthcare entities and partners inside the healthcare ecosystem on a global scale. We’re a relatively mature company of about 11 years.>>>
Sramana Mitra: What are the open problems in your industry that new entrepreneurs could be starting companies around?
Ted Chan: Telehealth is a very big opportunity for making healthcare more seamless, more efficient, and more cost effective. There’s a trend. A lot of consumer health companies have been getting mega-funding. They’re getting a lot of pushback in the medical community because, for instance, women can get their birth control pills through telehealth or the partner we work with in the teletherapy space. >>>
Sramana Mitra: How would you tackle the issue in any given community? Let’s say you’re a patient in any given community. Given your insurance and its coverage, there aren’t that many options. How do you deal with that in terms of provider choice?
Ted Chan: What we’re trying to do is give a patient a view of all of the providers that are available to them. One of the things that we are really on the leading edge of, especially from the perspective of healthcare directories, is that we’re huge proponents and supporters of telehealth. I’d say at this point, it’s part of our core mission to educate patients on telehealth options that are available.
Especially in rural areas, you tend to be able to get primary care. You tend to be able to get emergency care. But any specialist care is hard to come by. One of the things I’m really proud of is, we’ve been driving a lot of teletherapy appointments. That’s where somebody sees a mental health counselor in a Skype-like interface. >>>
Sramana Mitra: How is it that you have 18 out of the top 25 pharma? Given what you describe, it seems to me like you should be having 25 out of the 25.
Tareq Sherif: I agree with you. But it’s a business.
Sramana Mitra: What is the explanation though?
Tareq Sherif: The explanation is, it always takes time. On these core systems, pharma is very slow to move when they’re on an existing technology. >>>
Sramana Mitra: Help me parse what you said about TripAdvisor. TripAdvisor is actually become a booking site. Isn’t that how they make most of their money? I haven’t been following their business model shift lately.
Ted Chan: They look at it as a marketplace. When they show a sponsored listing, they are really showing it on what provider or what hotel or flight they think will monetize best for them. That’s the bid.
Sramana Mitra: How does that parallel with your model? Are you trying to do that as well? >>>
Sramana Mitra: Have you started monetizing that? Have you started offering products on top of the datasets?
Tareq Sherif: We actually have.
Sramana Mitra: Give me an example.
Tareq Sherif: There’s something called a synthetic control arm. In pretty much every clinical trial, you randomize patients. A patient comes in and you get put into arm A, B, and C in this clinical trial. For arm B and C, you’re receiving the new drug or a combination of a new drug. Typically, arm A is what’s called a control arm. >>>
Have you experienced the nightmare of finding good doctors? How about getting reimbursed for a telemedicine consultation by your insurance company? This conversation deals with all those issues.
Sramana Mitra: Let’s start by introducing our audience to yourself as well as CareDash.
Ted Chan: CareDash is the fastest-growing doctor review website on the internet. We’ve made it our mission to help patients make the right decisions about their healthcare providers and services. One of the things that we do that’s really different is we collect every doctor review behind a registered login.