20 February 2024

Tackling the Information Exchange Challenge in the Healthcare Sector

By Ronald Smith

In the world of healthcare, one of the biggest challenges we face is getting information to flow seamlessly between different parts of the industry. It can be a frustrating and complex problem to solve. But fear not, because I’m here to share some thoughts on how we can tackle this issue together.

When I started diving into this topic, I realized just how important it is for everyone involved in healthcare to have access to accurate and up-to-date information. Imagine a doctor trying to treat a patient without knowing their medical history or a nurse struggling to coordinate care without knowing what medications a patient is currently taking. It’s like trying to solve a puzzle without having all the pieces!

So, how can we overcome this hurdle and create a smoother exchange of information? Well, let’s start by acknowledging that technology plays a crucial role in this process. With the advancements we have today, we can utilize electronic health records (EHRs) to keep all relevant information in one place. This way, we ensure that everyone involved in a patient’s care has access to the same accurate data.

But it’s not just about having the technology; it’s also about making sure that different systems can talk to each other effectively. Interoperability is the key here. By implementing standards and protocols that allow different healthcare systems to share information seamlessly, we can break down the barriers that stand in the way of efficient communication.

Now, I know what you might be thinking: But, wait a minute, what about privacy and security? And believe me, I completely understand your concerns. When it comes to personal health information, we must prioritize privacy above all else. So, as we develop solutions for the information exchange problem, we must also invest in robust security measures to safeguard patients’ sensitive data.

Additionally, I believe that education and training are vital components of solving this issue. We need to empower healthcare providers with the knowledge and skills to navigate these technological advancements and utilize them effectively. By offering comprehensive training programs, we can ensure that everyone is equipped to make the most of the available tools and systems.

So, my friend, let’s work together to tackle the information exchange challenge in the healthcare sector. With the right technology, interoperability, strong security measures, and proper education, we can revolutionize how information flows in our industry. By doing so, we can provide better care for patients, improve efficiency, and drive innovation forward. I’m excited about the potential we have to make a real difference, and I hope you are too!

Tackling the Information Exchange Challenge in the Healthcare Sector

When I founded H2S, I came from the healthcare industry and I knew there was a huge problem that needed solving. You see, doctors and home health agencies were struggling to exchange information effectively.

Here’s the thing: over 50% of the claims made to Medicare for home health services were being denied. And you know why? It was because important things were missing – signatures, proper documentation, accurate descriptions. It was a mess. And the worst part? The backlog of unpaid claims was piling up, reaching between $100,000 and $200,000!

In 2013, I, Luis Montes, along with Michael Stamatinos and Sam Perlmutter, founded H2S with the aim of addressing the challenges faced by the healthcare industry. I have a background in physical therapy and management, having spent more than 12 years in rehab operations and mobile device sales. Michael Stamatinos brings his expertise in orthotic and prosthetic services sales, having worked in the field for over six years. And Sam Perlmutter, a mechanical engineering graduate with a PhD in Neuroscience, has led various product development projects in research and medical institutes for over five years.

Let me tell you about the cool folks over at H2S, a healthcare software company. They’re all about listening to customers and giving them what they need. They love their customers so much that they named their company after their favorite hibachi sushi restaurant! This place in New York started small, serving hibachi to Japanese locals. But then they listened to their customers and added sushi to the menu. And now they’re one of the most successful sushi spots in town!

H2S stands for ‘Hibachi to Sushi’. These founders are smart. They’re starting off by doing some consulting work (hibachi) and then plan to grow by selling their software products (sushi). It’s gonna be their real money maker! They’re really putting their customers first, just like that awesome sushi place. How cool is that?

Let me tell you a story about Luis, Michael, and Sam. They had a brilliant idea to make things better for doctors and home health agencies. They spent so much time talking to over 250 agencies to understand what they needed.

Guess what they found? Doctors were having a tough time managing their work and dealing with Medicare forms. Can you believe it? Some insurance claims were getting denied just because the forms weren’t signed. And that caused big problems for the health agencies.

A Solution for Healthcare

Through its SaaS document exchange platform, PatientDox, H2S automates the process of managing patient orders. This saves time for doctors when it comes to paperwork and helps health agencies get paid more quickly. With PatientDox, health agencies and referring physicians can send, receive, track, and electronically sign important patient documents. This ensures that providers can be reimbursed for their services in a timely manner. PatientDox gives physicians and home health agencies a secure and reliable way to exchange documents without any delays, allowing them to focus more on taking care of their patients.

The goal of PatientDox is to improve billing efficiency, accounts receivables, and cash flow. It not only reduces claim denials and the time spent on reviewing and signing forms, but also simplifies the process of tracking forms.

You can subscribe to PatientDox for just $150 a month per home health agency. On top of that, there’s a small fee of $0.25 for each physician signature. PatientDox started up in January 2013 and while they’re not making money yet, they’ve got some exciting projects on the go. Right now, they’re working with four different customers: Premier Point Home Health Care, Best Home Health Care, Pri-Med Private Home Health, and Griling Home Health Care. These guys know all the right people in the industry, and they’re even offering a free 60-day trial to get people interested. PatientDox’s main focus right now is on home health care agencies because every year, there are over 500 million documents that need to be signed off by doctors.

I’m here to talk about something really cool happening in the world of electronic health records (EHR). You see, many EHR vendors are opening up their API to independent healthcare app developers. What does that mean? Well, it means that these developers can create awesome add-ons for EHR software, making it even more valuable and useful.

Let me give you a great example of this. Allscripts, a popular EHR vendor, has a dedicated program that allows third-party developers to work with their software. This gives Allscripts users access to a whole range of amazing tools and features created by these outside developers.

Now, in the home health care market, there are five major EHR vendors that dominate about 80% of the market. One of these vendors is PatientDox. They’re super excited about integrating their software with other big EHR companies. You know why? Because it will help them grow their business and reach even more people.

One of the great things about PatientDox is that it’s software agnostic. That means it can work with any EHR as long as the customers can create a PDF from their system. So, no matter which EHR software you’re using, you can still benefit from all the awesome features that PatientDox has to offer. Isn’t that cool?

But you know what? Making it easier for you, the customer, is way better when everything is seamlessly connected. And guess what? H2S has big plans to join forces with EHR companies and use them as channels to get our awesome software out there. Right now, we’re already chatting it up with Casamba and MedAdept, two EHR vendors.

Let me break it down for you. We’re not just sitting around twiddling our thumbs. Nope! We’re diving into the sub-acute rehab market headfirst. We’re gonna do some consulting work and really get to know our customer base. We’re talking skilled nursing facilities, rehab hospitals, orthotic and prosthetic clinics, regular hospitals, and even medical equipment companies. Sound good so far? Well, hold onto your hats because we’re aiming to conquer a market that’s worth over $1 billion! Yeah, you read that right!

Now, here’s where things get really interesting. Our bootstrapping model means we’ve got the flexibility and cash flow to give you exactly what you want. We’re all about finding your sushi, your perfect match. So get ready, because we’re bringing the goods!