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About our project
The problem we solve: Doctors spend 49% of their day documenting patient encounters, and 27% to care for their patients. Over $102 Billion in costs and lost revenue, and 324 Million hours are spent annually in the US to solve the encounter documentation problem. On the other side, patients leave with no documentation on caring for their health. Patients only recall 25% of what their doctor told them, resulting in high hospital re-admission rates and 125,000 deaths per year. We solve this problem by automating patient encounter documentation that includes encounter note, ICD 10 codes, billing codes, and patient education material. Our solution saves doctors upwards of an hour per day, increases revenue, and improves patient satisfaction.
About our solution:
iTreatMD has developed clinician-facing tools on a smart workflow platform. Our tools enable and assist clinicians to treat their patients in conformance with best practices. Shortening time to create encounter notes by upwards of 50%, the tools not only provide guidance to the clinician by incorporating current best practice guidelines, but also capture the options selected by the clinician for each specific patient to accurately document the encounter. Moreover, the clinician is also able to generate encounter documentation—all without typing a single word.
iTreatMD's smart workflow platform allows doctors to take back their valuable office time to see patients and do procedures. Doctors can now:
• Save EMR data entry time by at least 75% by automating encounter documentation
• Reduce hard costs by eliminating dictation or scribe services
• Increase revenue by generating more notes with documentation to support extended visits
Progress to
date:
iTreatMD's solution is in the market place and is being used by over 50 users in about 28 skilled nursing facilities, orthopedic surgery practices and opthalmology surgery practices. We have over 130k pateint records, have paying customers, and our solution is being used to generate thousands of treatment plan per month.
About Our Team
Creator: Nibha Aggarwal
Location: California
Education: UC Berkeley, University of Waterloo
Bio: Nibha has been in the technology industry for over 20 years and has been involved with engineering, marketing, executive management, and business development. She founded SkyFlow, a speech self-service company in the hosted CRM market, and negotiated acquisition of the company to Cintech, a call center company. As a marketer, she launched new products domestically at Wind River Systems and internationally at Informix. Nibha has also worked as an engineer---she wrote code for Netware 4.x at Novell and guided the product through a complete engineering life cycle. Most recently, Nibha was Senior Director of Product Marketing at Amdocs. For last 8 years, she led marketing for customer care products (part of CRM suite) that serve telecommunication companies, handling millions of interactions per day. Focusing on big data, user interfaces and artificial intelligence, she worked with telecommunication companies such as AT&T, Sprint, etc. to improve efficiency of interactions for customer care systems before leaving her job to focus on iTreatMD. Nibha as an MBA from UC Berkeley, an MASc in electrical engineering from University of Waterloo, and BSEE from University of Rajasthan in India.
Title: CEO
Advanced Degree(s): MSEE, MBA
About Team Members
George Krucik
CTO, MD, MBA Biography: Dr. Krucik is an entrepreneur, physician and software engineer with over thirty years of experience. During this period, George has brought to market innovative Internet products on traditional PC platforms, mobile devices and cloud-based platforms. His patent portfolio includes Internet messaging and telephony inventions. George spent over 14 years of private practice as a primary care physician. He also provided engineering management at Autodesk, Skyflow and salesforce.com. He was also CEO of Autodesk Australia, and CEO of EleTel Inc. (a Canadian public company). Most recently, Dr. Krucik was a clinical product strategist at the Hearst Health Innovation Lab – a division of the Hearst Business Media group. Prior to that, he was Editor-in-Chief and Director of Clinical Content at Healthline.com. During his tenure he curated the Microsoft Healthcare Library (now translated into 15 foreign languages) and deployed on over 100 Million computers. His reviewed articles are visited by several million viewers every month on Yahoo Health, GE Health, Aetna, AARP, Optum Health, and Drugs.com. George has an MBA from University of San Francisco, and an MD and BSc in computer science and mathematics from the University of Manitoba.
Title: CTO Advanced Degree(s): MD, MBA LinkedIn: https://www.linkedin.com/in/georgekrucik
Jeff Wadman
VP Sales, BA Biography: Jeff has over 20 years of medical sales experience working with companies ranging from small start-ups to Fortune 100 (GE & Philips). He has won numerous awards selling surgical implants, biotech solutions, MRI and CT scanners to radiology & cardiology departments along with/IDN/system wide software solutions. His expertise lies in growing business in areas and markets that were previously dormant. He has extensive experience crafting strategic business partnerships with a wide range of medical clients. As an executive, Jeff has 12 years of experience hiring and training successful sales personnel. He has also managed large, dynamic sales teams through technical and complex sales cycles for over 10 years.
Title: VP Sales Advanced Degree(s): BA LinkedIn:https://www.linkedin.com/in/jeff-wadman-6b189713
About Our Company
iTreatMD
Location: 48 Loraine Court San Francisco, CA 94118
The introduction of EMRs in the doctor’s office has exacerbated doctor-patient face time problem. With falling reimbursements and increasing mandates for documentation, doctors squeeze as many patients into their day as possible. Now, actual doctor-patient contact during an office visit averages 7 minutes, with the doctor's back turned to the patient during most of this visit. Overall studies indicate that only about 50% of information provided by healthcare providers is retained. Of the information that is recalled, about half is remembered incorrectly. In one study, 68% patients could not recall the diagnoses told to them in a medical visit.
What is the result? Recent studie show that doctors spend more time documenting patient encounters (49% of their day) than treating their patients (27%). At the same time, the lack of patient communication is leading to $100 - $300 billion in costs, high hospital re-admission rates, and 125,000 deaths per year. Our solution automatically generarate customized patient education material, generated at grade six level. This material provides step-by-step guidance to patients to take better care of their condition and improve outcomes.
How We Help Physicians
Doctors spend 49% of their day documenting patient encounters, and 27% as face time with their patients. $102 Billion and 324 Million hours are spent annually in the US to solve this problem. Yet, patients leave with no instructions on caring for their health. They only recall 25% of what their doctor told them, resulting in high hospital re-admission rates and 125,000 deaths per year. We solve this problem by automating encounter documentation that includes encounter note, ICD10 codes, billing codes, and patient education material. We save doctors upwards of an hour per day, increase revenue, and improve patient satisfaction.
iTreatMD has developed clinician-facing tools on a smart workflow platform. Our tools enable and assist clinicians to treat their patients in conformance with best practices. Shortening time to create encounter notes by upwards of 50%, the tools not only provide guidance to the clinician by incorporating current best practice guidelines, but also capture the options selected by the clinician for each specific patient to accurately document the encounter. Moreover, the clinician is also able to generate encounter documentation—all without typing a single word.
How We Help Hospitals
iTreatMD provides best practice guidance to clinicians at point of care. We replicate the best doctors by unlocking the knowledge that is currently sitting in pdf libraries, books, or inside heads of clinicians. Hospitals can use our tools as teaching tools to their young residents so that they will learn how to treat specific conditions according to best practice guidelines. At the same time, we ensure that patient care is consistent, repeatable, and fully documented to minimize errors and maximize outcomes. For clinicians, we shorten encounter documentation time by upwards of 50%, and prevent physician burnout.
How We Help Partners
We provide great reseller opportunities to partners including EMRs, billing companies, pharmaceutical companies, insurance companies, malpractice lawsuit companies.
Challenge Mission
Affiliation(s)
• SkyDeck (partnership of UC Berkeley Haas School of Business and College of Engineering),
• Cyberlaunch (Machine learning accelerator, Atlanta)
• LAUNCH (UC Berkeley Haas Business School),
• Plug and Play Tech Center, Healthcare Track (Silicon Valley),
Key Milestones Achieved and Planned
Within four months of availability of our solution in the skilled nursing facilities (SNF) market, we now have over 50 users generating thousands of encounter documents a month. The software is currently in use by physicians as well as nurse practitioners at multiple SNF locations.
We have demonstrated:
· Over 50% increase in revenue for the clinician groups
· Reduction in documentation time by 75%
· Increased first pass resolution rate (FPRR) through accurate, real time billing and ICD10 codes (decreased claim rejection).
Our Competitive Advantages
Current substitute products are:
1) Manual entry into an EMR system: Most doctors type encounter notes in their EMR system that takes an average of 1.5 to 2 hours every day.
2) Speech input: Dragon system is most used for speech to text. However, doctors speak each encounter note that takes about 45 to 50 minutes per day.
3) Transcription: Most surgeons use dictaphones, which is then transcribed. Doctors still have to dictate each encounter note, which takes about 45 minutes to an hour per day. It also costs about $3,000 per month for transcription.
4) Scribes: Scribes are full time employees that follow doctors, and manually enter encounter notes. The scribes costs between $40 - $60k per year
Instead of providing data entry to an EMR, we start with the doctor's workflow and how they practice medicine, pull relevant data, and push it to the EMRs at the end of an encounter. Our solution is an order of magnitude faster and cheaper than any of the substitute solutions on the market.
Barriers to Entry
Our solution is architected to rapidly create encounter documentation by using best practices at point of care. This solution is customized for each clinician and personalized for each patient. By using content via best practices, integrating patient data from multiple EMRs, and an intuitive user interface at point of care, we can enable rapid creation of encounter documentation as structured data. This offering is something that nobody else in the market can provide.
Funding, Partners and Alliances To Date
We have raised money from angel investors and from Cyberlaunch incubator. Revenue from our paying customers is funding our current development efforts.
Innovation Details
Intellectual Property Summary
We have identified several areas for patent protection, and will be filing for patents shortly.
Clinical Information
N/A
Regulatory Status
N/A
How we will use the funds raised
These funds will help us accelerate market growth. About 50% of the funds will help us go to market faster with inside sales team, create partnerships, buy ad words, and other online activities. About 25% will go towards customer support, onboarding, and creating material and videos for customers to self serve. The remaining 25% will help us continue the next phase of product development
Thank You
Join us in our mission to provide first world medicine to patients in remote areas and developing countries by replicating the best doctor each time. Help us unlock the knowledge that is sitting either in libraries or inside heads of the best doctors.
Help us find best new ideas to fund by telling us what you think. Your feedback goes
straight to the team behind this project in private, so tell them what you really think.
Nibha has been in the technology industry for over 20 years and has been involved with engineering, marketing, executive management, and business developme...
