The US has a notoriously complex healthcare device, often plagued with high cost, bad high-quality of care and a lack of competitive environment that does not make healthcare inexpensive for consumers. But think about a different use case wherein records-driven hazard rating analyses and predictions can help with centered remedy and hence deliver down overall healthcare charges.
These are exactly the answers which have helped six-year-old healthcare startup Innovaccer input the unicorn membership in February this 12 months. Set up in 2014 by using IIT-Kharagpur graduates Abhinav Shashank and Kanav Hasija and IIM- Ahmedabad alumnus Sandeep Gupta, Innovaccer uses a huge series of uncooked patient records to expect an person’s risk score (say, possibilities of readmission from the equal scientific circumstance and the destiny fee of care). Simply positioned, post a sanatorium visit, Innovaccer’s repository collects the raw records disbursed across the affected person’s healthcare touchpoints, integrates it and processes it via its analytics platform. The facts derived from these statistics analyses are then furnished to hospitals and healthcare vendors to make selections based totally on clean-to-apprehend documentation.
That isn't always all. The corporation has additionally built revolutionary telehealth facilities and SaaS-based totally B2B records alternate structures for seamless get admission to to affected person information across the healthcare environment. Globally, and in the US, such affected person data comes from cloud-based garage of digital health information (EHR) or electronic scientific statistics (EMR). But extra on that later after we take you through the unicorn’s adventure.
Innovaccer isn't always the most effective employer running in the area encompassing healthcare data analysis and prediction. Its key competition include EMR software providers like eClinicalWorks (headquartered in Westborough, Massachusetts), Allscripts Care Director (Chicago) and Ohio-primarily based MicroMD PM. However, the company healthcare software program startup entered the coveted unicorn club more than one months in the past after an undisclosed Series D investment took its valuation to $1.Three Bn. This is a $950 Mn or 171% bounce from the $350 Mn valuation the agency had all through its Series C funding in February 2020.
The present day round, pegged to be around $one zero five Mn, became led through Tiger Global Management. Existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, M12 and a brand new investor, OMERS Growth Equity, additionally participated. Although the onslaught of the Covid-19 pandemic had a enormous function in its rapid valuation spike, even earlier than 2020, Innovaccer turned into serving Epic and Cerner, the largest EHR providers globally. The query is: What has taken this business enterprise to the top of the healthcare SaaS chain even though it at first provided a different type of facts offerings?
Innovaccer’s Unicorn Journey
Innovaccer first of all worked on all huge records analytics initiatives and had now not opted for a spot marketplace. The organization commenced by means of supplying facts analytics to business faculties and a few corporate customers such as The Walt Disney Company and Harley Davidson. In early 2015, it undertook a mission to pick out analytics use cases for healthcare firms and turned into capable of close a deal with Mercy Accountable Care, Iowa.
“After that, we left 70% of our revenue (coming from non-healthcare verticals) on the table to realign our cognizance in the direction of healthcare. It took us three-4 months, however we in the end determined to awareness on a unmarried enterprise,” says Sachin Saxena, senior director of marketing at Innovaccer.
All stakeholders, right from hospitals to insurers, need statistics for knowledgeable selection-making, which results in provider performance and fee financial savings. But most of those corporations do not have get right of entry to to simple facts exchange codecs. On the alternative hand, Innovaccer relies on 200+ APIs to method and set up statistics to 37,000 healthcare carriers, which include primary hospital therapy specialities, hospitals, labs, pharmacies, fitness planners and more. In reality, Innovaccer Health Cloud, one in every of its center services, affords a controlled infrastructure and developer-prepared platform with plug-and-play integrations and reusable analytical, scientific and business workflows compliant with famous healthcare compliance standards. It allows healthcare vendors create channels to interface with every different for a holistic view of sufferers’ requirements.
This platform is similarly blended with the company’s flagship SaaS product referred to as the Healthcare Data Activation Platform, used by numerous governments and private institutions to keep clinical information of greater than three.Eight Mn patients and generates savings of $four hundred Mn for healthcare companies. The records activation platform can integrate records from over 60 styles of assets (EHR/EMR formats), acquire and supply statistics in a hundred and fifty+ codecs and is compliant with first-class tests throughout sixty two coding requirements for documentation. It also gives APIs (connectors) to extra than 200 fitness IT carriers. Besides, Innovaccer has pre-built, format-agnostic connectors to ensure seamless syncing with new information protocols just like the Fast Healthcare Interoperability Resource (FHIR).
The startup ambitions to take its present day variety of affected person facts to 100 Mn+ and reach out to 500,000 caregivers over the next 5 years. Since Innovaccer has focussed on healthcare-best answers, almost 100% of its commercial enterprise comes from its healthcare partnerships in the US. Due to its huge reach throughout the atmosphere, the enterprise can also provide sufferers with short and clean access to an lower priced nutrition and care environment.
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Innovaccer Fact sheet
The boom challenge stays, though. “We are pretty a good deal focussed on the US proper now. But if we get relevant possibilities, we are open to establishing our presence in different geographies. We are already in discussions in the UAE, Europe and India. But for our solutions to be applied, the market should have a large and digitised healthcare facts got to work with,” says Saxena.
Offering comparable answers in new geographies will even depend upon Innovaccer’s access to integrated healthcare datasets required for its facts-pushed offerings. In america marketplace, the enterprise offers a slew of answers starting from documentation and telehealth services to affected person risk scoring and clinical studies analytics.
But right here lies the seize. Innovaccer frequently compares itself with the likes of enterprise software principal Atlassian and cloud-based totally records warehousing and analytics giant Snowflake instead of its healthcare peers. It speaks volumes about the important role of its information systems and undermines the importance of its sectoral play. “It isn't always about our solutions however the platform that we're building. Any healthcare agency can construct new answers on pinnacle of this,” says Saxena.
Where Is The Market Outside The US?
Despite its tough-middle generation consciousness, Innovaccer’s top customers encompass main healthcare vendors inside the US, inclusive of MercyOne PHSO, Banner Health, Dignity Health, Sanitas, Elevate Health, Emtiro Health and Children’s Mercy (Kansas City), to name some. This underlines why the agency’s analytics solutions are critical for its commercial enterprise and its requirement for big healthcare datasets that can be (legally) accessed in a marketplace just like the US.
Two crucial questions stand up right here. With a hundred% of its customers concentrated in this geography and its solutions basically tailor-made for American healthcare providers, how flexible and assured is Innovaccer approximately getting into different international locations? More importantly, will its goal international locations provide comparable get entry to to raw however digitised patient records to 0.33-birthday party answer providers?
At $4,092 in line with capita non-government healthcare spending, the U.S. Expenditure is more than 5 times better than Canada, the second-highest healthcare spender globally. But this does not suggest the first-class of care in the united states of america is superb. In reality, fitness insurers have realised the want to collaborate with care vendors to use analytics and reduce the big fee. This is a key incentive to invest in healthcare data digitisation, which isn't always the case in other developed markets with decrease healthcare costs and better authorities support.
According to a report titled Global Healthcare Cloud Computing Market 2020-2024 through research firm Technavio, the healthcare cloud computing market is expected to reach $25.Fifty four Bn, at a CAGR of almost 23% all through the forecast duration. North America become the biggest healthcare cloud computing marketplace in 2019 and almost forty% of the marketplace’s increase is predicted to originate there till 2024 as compared to other areas like South America or West Asia.
The U.S. Healthcare market is populated with healthcare facts companies like Epic and Cerner, which have ninety% of their commercial enterprise within the US. Outside the united states, the EHR market is confined to geographies like the UK, components of Europe, West Asia and Australia for unique use instances. The US has a facts privacy and consent mechanism in area called the Health Insurance Portability and Accountability Act (HIPAA) that regulates healthcare facts and its managing by corporations running in that space. This permits healthcare statistics to be dealt with one after the other from different sorts of non-public statistics compliance. On the opposite hand, the General Data Protection Regulation (GDPR) covers all forms of non-public records across the European Union (EU). Simply placed, HIPAA’s intention is to defend organisational facts in the US, whilst the GDPR is more stringent because it focusses on users’ rights over their statistics, such as “sensitive private information” like race and ethnicity. Then there are a few international locations like India which are but to digitise their healthcare information or formalise compliance norms for the equal. Given those operational and regulatory hurdles, will Innovaccer need to amplify its attain out of doors america inside the close to destiny?
“All of Innovaccer’s answers do now not require get right of entry to to healthcare records upfront. Beyond analytics, we've answers that assist document and consolidate patient care facts. These do not need a deep dive into patient information,” says Kanav Hasija, cofounder and leader purchaser officer at Innovaccer.
Individual hospital chains and clinical studies institutes commonly need such documentation answers as those allow them to standardise and shape institutional datasets without moving into the headaches of information-sharing legal guidelines throughout groups, which may be governed by way of extraordinary information privateness policies.
Hasija, however, says that the organization is currently focussing on a larger U.S. Footprint (as much as 40% market proportion within the subsequent five years). Even then, Innovaccer is in talks with implementation companions, builders and machine integrators like Accenture and Tech Mahindra to parent out compliance and use cases for special geographies.
Will There Be An India Opportunity?
According to facts launched by using the Organisation for Economic Co-operation and Development (OECD) in November 2020, India’s overall healthcare spending (out-of-pocket and public) at 3.6% of the GDP changed into a great deal lower than the 8.Eight% common of OECD countries.
India is likewise lagging in the back of in information digitisation. In 2018, the authorities assume tank, NITI Aayog, brought the National Health Stack (NHS) to set up an electronic national health registry that might function as a single basis of fitness data and assist construct a sturdy surroundings masking healthcare and medical insurance. It could additionally engage with market players (NGOs, researchers, watchdog organisations and more) to innovate and develop applicable services to perceive and fill the gaps in healthcare policies. A yr later, the authorities also got here up with a National Digital Health Blueprint (NDHB) to transition into included virtual offerings. These might consist of Unique Health Identification (UHID) range for patient record digitisation, privacy and consent control, country wide portability of statistics, EHR, health analytics and multiple get right of entry to channels thru call centres, the Digital Health India portal and MyHealth app to track affected person care.
Interestingly, Innovaccer is currently in talks with stakeholders throughout the National Health Stack. “We were looking at the Indian marketplace for the beyond 18 months. The u . S . A . Has skipped older healthcare information change formats like Health Level 7 (HL7) and is already operating on the FHIR protocol, in step with the NDHB. So, we're talking to three stakeholders, and the moment we've a carrier and a developer environment ready for India, we will be able to take part,” says Hasija.
Indian startups like HealthPlix, NeoDocs and Doxper are constructing solutions for healthcare documentation in the u . S .. But it remains a in large part untapped market for lack of institutional backing, which the NHS is anticipated to gain.
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According to Manoj Vallikkat, research supervisor, healthcare insights, on the IDC Asia/Pacific, EMR/EHR is the maximum-talked-approximately challenge a few of the CIOs of healthcare companies, given the contemporary pandemic-hit situation.
In its current estimates, the IDC has said that by way of 2023, sixty five% of patients can have accessed care thru a virtual the front door as healthcare carriers search for ways to improve access, engagements and reports across offerings. Vendors can act as a catalyst in EMR adoption by using supplying a user-friendly platform for physicians and all different healthcare professionals engaged within the process.
Moreover, numerous governments from diverse countries are riding EMR adoption through time-certain plans, to be able to be greater powerful. “For example, inside the Asia-Pacific place, Singapore, South Korea, Taiwan, Malaysia, Australia and India have a strategic approach to EMR adoption. In India, EMR adoption is presently in a nascent degree. But the National Digital Health Mission (NDHM), announced by way of the Indian authorities, will provide the initiative an ok improve,” says Vallikkat.
According to an cft Plus record titled India’s Healthtech Landscape In A Post-Covid-19 World, the u . S . A .’s healthtech marketplace is projected to reach $21.3 Bn through 2025, from $5.2 Bn in 2019. The marketplace is predicted to grow at a CAGR of 27% throughout 2020-25 and could account for three.2% of the worldwide healthtech market pie through the stop of the period.
Hasija provides that Innovaccer has labored from the ground up within the US. But in new geographies, it should have an atmosphere first due to the fact healthcare has many neighborhood concerns. “We will now not enter new geographies except we're assured approximately successfully imposing a few use instances. At our current pace of innovation, we're 12-18 months far from that type of expansion,” he concludes.
