Over the last year and a half, all eyes have been on the healthcare industry. From battling the pandemic to preparing for new interoperability regulations to adapting to digital-first ways of care, the industry is undergoing a seismic shift.
Healthcare technology leads this change and healthcare software companies have built and adapted their platforms and mobile apps accordingly. We wanted to share a few of the innovators who have caught our eye and are making waves in the industry.
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10 Companies Changing the Future of Healthcare
Evolving with the Industry to Enable Value-Based Care – WellSky
Earlier this year, WellSky released the personal care industry’s first purpose-built predictive analytics solution, CareInsights for Personal Care. This latest release, combined with new enhancements to their existing suite of solutions, is reason to keep your eye on this healthcare technology leader.
WellSky offers solutions spanning the full care continuum. This latest addition keeps pace with the industry’s transition from fee-for-service payment to value-based care. CareInsights for Personal Care leverages machine learning algorithms to analyze clinical data and offer providers full insight into a patient’s risk for hospitalization. In turn, this data allows care teams to make informed recommendations to their patients, improving population health, reducing costs, and fostering strategic relationships with health plans.
By continually evolving their solutions to keep up with the industry and listening to the needs of the healthcare stakeholders that use their platforms, WellSky is undoubtedly a company to watch this year.
About WellSky
WellSky is a leading provider of software, analytics, and services spanning the full care continuum. The organization works with over 20,000 clients worldwide, offering a suite of solutions designed to enhance collaboration, lower costs, and improve outcomes for all healthcare stakeholders.
Investment to Spark Continued Innovation for SaaS Leader – HealthTrio
HealthTrio was recently acquired by 2ndWave Software and PSG. This acquisition marks a strategic growth investment for HealthTrio and will allow the Software-as-a-Service (SaaS) provider to accelerate development of their solutions.
Investors from both organizations took interest in HealthTrio because of their history of leading the market in creating solutions that address healthcare’s most pressing challenges. This innovation has been instrumental to HealthTrio’s market since day 1 when the company launched the industry’s first portal solutions.
Over the last 20 years, the company has continued releasing “digital engagement solutions that optimize self-service, value-based care, healthcare consumerism, and real-time data integration.” This latest investment will accelerate HealthTrio’s full-grown potential, allowing the team to continue to push the envelope on healthcare innovation. We are looking forward to seeing what they do next.
About HealthTrio:
HealthTrio is a leading healthcare SaaS provider that creates digital engagement solutions designed to improve value-based care, data integration, care coordination, and member and provider engagement. They have served the healthcare industry for over 20 years, with solutions for health plans, health care administrators, and integrated delivery networks.
Proving that Connected Platforms Lead to Better Care – HEALTHCAREfirst
HEALTHCAREfirst, a leading home health and hospice management software provider, is part of the WellConnected initiative by parent company, ResMed. The WellConnected Initiative is designed to promote collaboration across the healthcare continuum.
ResMed does through their ecosystem of SaaS platforms, HEALTHCAREfirst, Brightree, and MatrixCare. While still existing as three distinct products, the platforms work together to streamline transitions of care and reduce friction for providers interacting with one another. Additionally, as part of ResMed’s network, HEALTHCAREfirst has access to one of the “largest actionable datasets in the industry.” This comprehensive view gives providers the insight they need to deliver better, more informed care and easily move those insights between care settings.
Well ahead of the current regulation-driven shift towards a more interoperable healthcare system, this unique approach to healthcare technology sets HEALTHCAREfirst and the ResMed family of products apart from others in the industry.
About HEALTHCAREfirst:
HEALTHCAREfirst, a ResMed product, provides web-based management software for home health and hospice agencies. The software combined with their consultation services enable homecare and hospice providers to deliver better care experiences, improve compliance, increase efficiency, and optimize revenue cycle management.
Connecting Patients and Providers Where they Are – Doximity
Doximity, the industry’s top digital networking platform for physicians, has recently added telehealth into their suite of solutions. Doximity Dialer offers secure, HIPAA-compliant phone and video calling between doctors and patients.
Care providers access the telehealth tool through an app on their smartphone. And patients have no setup at all; they can take a call directly from their device. This functionality makes Doximity Dialer one of the easiest ways to connect patients and providers.
The app has been adopted quickly, already serving 6 of the top 10 U.S. hospitals. Additionally, Doximity Dialer usage increased by over 1,200% during the pandemic. This streamlined approach to telehealth, combined with Doximity’s existing connection with the majority of U.S. healthcare providers, positions them for continued growth this year.
About Doximity:
Doximity is the leading digital network for medical professionals. Their platform serves over 70% of U.S.-based physicians, fostering collaboration between providers and serving as a space to share medical news. Doximity also offers Dialer Video for virtual patient visits, a vast clinician directory, HIPAA-secure messaging, and more.
Creating a Standard of Excellence in Home Care and Hospice – Axxess
Axxess, a top provider of home health solutions, has launched a certification program designed to standardize knowledge and competency across the home health, home care, and hospice industry.
The certification program is the first of its kind and is intended “to establish a standard of excellence and innovation” across the industry. The program aims to achieve this by offering an online curriculum covering the caregiving process and Axxess solutions. Participants can complete the certification under the clinical, operational, or financial track, depending on their area of expertise.
The program will open to the industry later this year and is projected to help improve care outcomes and compliance across the home care and hospice industry. We are looking forward to seeing how Axxess continues to make a difference in home care.
About Axxess:
Axxess is the fastest-growing home care and hospice solution provider, currently serving over 7,000 organizations and 2 million patients worldwide. They provide a comprehensive suite of easy-to-use, cloud-based software and services designed to enable home health, home care, and hospice providers to grow their business and improve patient care.
Fighting Cancer with Technology – Inspirata
Inspirata is a cancer informatics and digital pathology provider. With over a decade of experience in the industry, the company is regarded as a leader in digital pathology and oncology.
Recently Inspirata announced that they were awarded a new patent for their Digital Pathology System. This makes the 10th patent that the United States Patent and Trademark Office has issued to the company, and they have another pending. Inspirata continues to make waves and push innovation forward for digital pathology and cancer care.
Their digital pathology solution, Dynamyx, offers end-to-end laboratory and diagnostic technologies. The platform leverages image digitization and interoperability to streamline case management. In addition to Dynamyx, the company also offers automated cancer registry, clinical trial, and natural language processing solutions.
About Inspirata:
Inspirata offers specialized, end-to-end pathology and oncology solutions. Their solutions span the entire cancer care journey and are designed to help providers make more informed decisions and help patients fight and beat cancer. Inspirata solutions include digital pathology, automated cancer registry, cancer informatics, and patient engagement tools.
Industry Investments in AI for Healthcare – LeanTaaS
LeanTaaS, the leading AI-driven digital transformation software in the healthcare industry, recently raised a $130M Series D funding round. The round was led by Insight Partners with investments from Goldman Sachs.
LeanTaaS plans to use the funding to develop new features for their existing product base and bring new products to market. The company’s current product offerings transform healthcare operations and leverage machine learning and predictive analytics to decrease wait times, improve staff satisfaction, reduce costs, and improve operational performance.
Over the last few years, the company has seen tremendous growth, including 50% revenue growth in 2020. This growth and latest round of funding indicate that LeanTaaS’ predictive analytics solutions will continue to provide value in healthcare.
About LeanTaaS:
Serving over 100 health systems and 300 hospitals, LeanTaaS offers AI-powered software solutions to transform hospital and infusion center operations. Their cloud-based products leverage predictive analytics and machine learning to match supply and demand for constrained healthcare resources.
Improving Customer and Employee Wellness – LifeOmic
LifeOmic is a healthcare software company offering solutions for personal and corporate wellness, medical research, and disease prevention, management, and treatment.
The company recently shared that their commitment to health doesn’t just stop with their clients. The organization’s employees take part in the same wellness program available to customers. LifeOmic Precision Wellness is a cloud-based platform and mobile app that leverages AI to diagnose and improve employee wellness. As part of the program, LifeOmic employees can earn additional compensation for practicing healthy habits.
The outcomes speak for themselves. Serving as their own case study, LifeOmic insurance costs decreased 10% and the expected payout for LifeOmic employees is expected to be close to $100,000. This belief in their product ensures that LifeOmic employees know the end-user experience first-hand and are invested in continually improving their customer experience.
About LifeOmic:
LifeOmic is a software company committed to improving health and wellness through their suite of wellness solutions. LifeOmic products include the Precision Health Cloud, mobile apps, and software platforms designed to improve personal wellness, prevent, manage, and treat disease, and improve medical research.
Improving Collaboration for Behavioral Health Providers – Medsphere
Medsphere Systems, a software provider serving the healthcare industry, received patent approval for their Multi-Disciplinary Treatment Plan (MDTP) solution.
The web-based application is a CareVue (Medsphere’s comprehensive EHR platform) solution addressing the needs of inpatient acute and behavioral health providers. The application is a hub for clinicians across disciplines to collaborate on identifying clinical problems and treatment planning.
By integrating with CareVue, MDTP gives clinicians real-time access to patient information. This access combined with provider collaboration will allow for better diagnosis, treatment planning, and patient records. The new patent marks continued growth and innovation from Medsphere, making them another company to watch this year.
About Medsphere:
Medsphere is a provider of healthcare software. Medsphere’s CareVue solution is a comprehensive EHR that includes a suite of products and services for the behavioral health industry. Their other products include HealthLine, a healthcare inventory & supply chain management platform, RCM Cloud for revenue cycle management, ChartLogic, an ambulatory EHR suite, and Wellsoft, EHR solutions for hospital emergency departments.
Leading the Way in Digital Healthcare Payments – Waystar
Waystar recently added Text Statements to its suite of healthcare payment tools. The company also expanded their Price Transparency solution to nearly 300 health systems.
Text Statements offer a simple way for patients to view and pay medical bills directly from their smartphone. This new solution mirrors the industry’s shift to the digital front door. Text Statements make it even easier to know what you owe and send and receive payments. In fact, the convenient solution increases payment to providers by 10-30%.
As healthcare becomes more integrated with technology, patients will expect the same convenience they receive in other industries. In response, Waystar is leading the way in digitally-enabled healthcare payments.
About Waystar:
Waystar offers cloud-based healthcare payment solutions supporting over 450,000 providers, 750 health systems, and 5,000 health plans. Their suite of solutions handle over $3 Billion in patient payments, across 35 million credit cards. Waystar products simplify payments for patients and improve financials for providers and health plans.
Technology Driving the Future of Healthcare
As the healthcare industry continues to embrace digital-first solutions and tech-enabled care, we cannot wait for the innovations these healthcare technology leaders will bring.
What other healthcare software companies are making big moves and influencing the industry?
At KMS, we work with some of the top healthcare software companies in the industry and have worked alongside exciting innovations. Let’s work together to bring your healthcare solution to market.
