How IoMT is revolutionizing Healthcare
The Telehealth RapidConf: October online event was live on October 22nd. It is a monthly knowledge-sharing event organized by the Telehealth Networking Club.
At the event, the Networking Club announced that it will expand into the HealthTech space and will become the HeathTech Networking Club, as the number of applications has been growing with companies outside the Telehealth space.
The invite-only club started a community for Telehealth startups, investors, consultants, suppliers, and healthcare providers. but now accepts applications from other areas of Healthtech like IoMT, Pharmatech, Biotech, etc. to bring more valuable connections to its members.
If you are a HealthTech company and think your organization can benefit from new connections and contribute to the community, apply for membership on the HealthTech Networking Club page.
The October RapidConf event had a panel discussion on how IoMT is revolutionizing healthcare, followed by a startup pitch session.
The event video attracted 4 000+ views from the HealthTech community. Check out our next event, subscribe to our youtube channel and get notified about new events.
How IoMT is revolutionizing healthcare
The influence of the Internet of Medical Things in revolutionizing healthcare was discussed by Fabien Beckers (Arterys), Alfredo Fernandez-Concha (ECG Management Consultants), Lindsey Williams (Corylus Consulting) and Balint Bene (bene : studio).
The panelists started off quoting the AHA report stating that US hospitals and health systems are facing a total loss of $323 billion in 2020 due to the pandemic and lower patient volumes.
This fact can be an accelerator for the adoption of new technologies and digital transformation.
Balint Bene argued that there is still a lot of work to be done on all three levels of IoMT architecture: users, servers, and cloud. People like the elderly need a more seamless experience, which in the end may be delivered by big players like Apple.
Panelists agreed that in the next 5 years we are going to see new players coming in to grow the market, which will be followed by a significant consolidation process then big companies will start to move into the HealthTech space.
IoMT systems will gather lots of data, which needs to be handled properly with trained AI and cloud computing to have meaningful insights, alerts, and prevent data overload.
Data security is another issue that startups need to focus on, not just rapid growth.
Lindsey Williams pointed out that current patient data is usually sold to pharma. In the future, with patient-facing applications, patients will become more educated with regards to their privacy and future business models may cause companies to directly pay them for their data.
The panel notes that the companies who buy your medical data also buy your credit card history, so the public should be more aware of their personal data privacy rights and what happens with their data.
Fabien Beckers, the session moderator, added that your mood and stress levels can be easily measured based on activity data. This private information can be something most people don’t want companies to use and sell.
Watch the full event video here:
Telehealth Startup Award
4 startups pitched their product this month to win the Telehealth startup of October Award.
The session was moderated by Sandra Miller (Runway Innovation Hub) and the panel of judges included Orrin Ailloni-Charas (Global Health Impact Fund), Michael Koutsoudakis (Paulson Investment Company), Faz Bashi (Boston Millennia Partners), and Balint Bene (bene : studio).
Pitching startups were:
- Aimee Health with science-based nutritional protocols
- AidMedx with an AI-powered diagnostic solution
- Intiva Health with an all-in-one solution that connects licensed medical professionals and facilities
- WellSheet with a predictive clinical workflow platform
After each pitch, judges scored the presenting startup on a scale of 1-5. WellSheet won the Telehealth Startup of October award receiving the maximum points possible from each judge.
Join our next free event in November
The next RapidConf is going live on November 19th. In the event, panelists will discuss how technology improves the health of people and their communities.
Speakers include Lindsey Williams (Corylus Consulting), Gus Cardenas (Austin Healthcare Council), Steven Sandquist (Sandquist Consulting), and Balint Bene (bene : studio).
If you are interested in viewing the HealthTech RapidConf: November, sign up here or subscribe to our youtube channel to get notifications on the live events.
