Remote Patient Care | MedTech Startup Ideas

The 1001 Startup Ideas – Remote Patient Care  from YoStartups is to remotely manage patient’s healthcare with the help of Internet of Things, automation, and sensors. Create a complete wellness ecosystem for the elderlies and patients who need intensive healthcare with the help of motion sensors, integrated video calling, etc.

 

Market Definition for 1001 Startup Ideas – Remote Patient Care

WHO says that the number of people over the age of 60 will increase from 900 million to 2 billion by 2050 and most of the BRICS countries might not get the time to adapt and change to the needs of their aging population.

The number of people living with dementia worldwide is projected to increase to 75 million by 2030 and 132 million by 2050. The number of patients suffering from dementia cases is estimated to triple by 2050. 60% of the dementia patients now live in low and middle-income countries, and this is projected to rise to 70% by 2050. According to a ruralhealthinfo.org report, Intermountain Healthcare Telehealth Services from Utah was created to address challenges like the aging population, shortage of qualified medical providers and increasing demand from rural hospitals for medical expertise. So all these indicators suggest that remote and affordable healthcare monitoring services will be in high demands due to the pressure faced by both the governments and the communities to give access to better healthcare access to the aging population.

Similar applications of telehealth have found uses in fields of Radiology, Psychiatry, Ophthalmology, Dermatology, Dental care, Audiology, etc.

 

Competitor Analysis for 1001 Startup Ideas – Remote Patient Care

Sensara- is a Dutch startup specialized in developing a smart self-learning cloud-based platform which collects data through a network of wireless sensors installed at home to learn the daily pattern/routine of an elderly patient and establishes a schedule of events over a period, through its intelligent algorithm. If there is an exception to the set pattern, the system immediately alerts individuals, family members, and caretaking organizations registered on the platform. Thus helping in improving preventive care in complete privacy as there are no cameras involved in the process of monitoring.

FocusCura – based out of Netherlands has created a complete suite of products for remote monitoring of patients. They have developed alarms on wearable devices; alarms that go off based on motion sensor technologies, telemedicine and also specific medicine dispensers which indicate if the medication is being administered as per schedule or not. FocusCura has also developed remote door unlocking technology which can prove to be lifesaving in a critical situation.

 

Pain Point and Target Audience for 1001 Startup Ideas – Remote Patient Care

Various research reports indicate that people with dementia are discriminated due to lack of awareness and understanding which leads to social stigma and stress to the caretakers and the families of the affected socially, economically and psychologically. A lot of caretakers take a career impact due to the unpredicted behavior of the affected. Also, other critical ailments like diabetes which need constant monitoring become difficult to handle as it is expensive to avail services of a qualified professional or a nursing assistant on a regular basis. So an affordable remote monitoring system which works on sensors can efficiently help in monitoring vitals of patients. Also, as there is minimal involvement of camera, it brings down the stigma among patients of being under constant surveillance.

 

Value proposition for 1001 Startup Ideas – Remote Patient Care

The proposed startup can provide simple monitoring solutions by setting up a network of wireless motion sensors running on batteries communicating and transmitting data to a cloud-based AI analytics engine to predict changes in the routine behavior of patients. Many startups like Sensara are already providing the necessary hardware required for a monthly subscription of 15 – 20 euros which is much cheaper than hiring a full-time caretaker or a nursing assistant. The Healthcare insurance companies benefit if these apps can provide preventive health care based on the data generated by the change in lifestyle patterns continuously relayed to medical providers in time. The delays and efforts required by a patient to visit the hospital get optimised by introducing remote healthcare monitoring systems.

 

Business Model for 1001 Startup Ideas – Remote Patient Care

The company can provide the kits consisting of patient monitoring devices (sensors, cameras, etc.) bundled with the compatible software on a subscription-based model. The company can also charge the service providers registered with the platform a fixed monthly fee or a share of revenues generated from the platform.

 

Way to Market for 1001 Startup Ideas – Remote Patient Care

The company will have to work with specialized institutions providing healthcare related services to the patients affected with dementia and other lifestyle-related diseases which require constant and regular monitoring. This step is critical as the company needs to run a beta project before launch in the first year of operations. This pilot project will help the platform in learning the routines and behavior patterns of the patients which will serve as input in developing the application/platform.

 

Milestones for 1001 Startup Ideas – Remote Patient Care

The company should target that in the first year of operation, they have at least covered and comprehensively addressed one type of medical condition example dementia. They should be able to offer their services commercially to one major chain of institution catering to the patients of the specific condition. After that, the start-up can add other services like telemedicine, video monitoring, etc.

 

Investment Needed for Prototype for 1001 Startup Ideas – Remote Patient Care

The company need not invest any money in the development of hardware as there are a lot of motion sensors available off the shelf in the market which can be programmed. However, the company will need to raise about $100k from accelerators like Rockstart AI, Eonify, Merantix or Y Combinator to develop a system or an application which can communicate with the devices over the internet to record and transmit data.

 

Team Capability for 1001 Startup Ideas – Remote Patient Care

The team should include a person involved in nursing of elderly patients over a period who can provide the project with necessary domain expertise required to develop the product. It will also need a data scientist to analyze data and improve the algorithms with the help of machine learning and deep learning techniques.

It will be critical to have a member with extensive experience in IT Infrastructure and cybersecurity to ensure data integrity and security as the startup will be storing a lot of sensitive information.

 

Investors/Expert Take for 1001 Startup Ideas – Remote Patient Care

We are already going through the Fourth Industrial Revolution, which is being led by the range of new technologies both in physical and digital arena, impacting almost every sector. The healthcare is not lagging behind and is projected to grow at an impressive 9% CAGR until 2020.

Apart from the sustained innovation practices, major contributor to this growth is remote monitoring of patients and self-medication practices. What is further helping the cause, is the penetration of Smart phones among users of every age segments, and increasing adoption of IoT devices in our day to day lives; these two along with the advancements in Artificial Intelligence makes this healthcare segment very lucrative.

 

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Jappreet Sethi

CEO & Founder, YoStartups

YoStartups is a Pre Accelerator and it empowers entrepreneurs to propel their business ideas into successful ventures. Yostartups’ core mission is to take the message of entrepreneurship to 1 billion people globally by 2020, as on date Yostartups reaches out to over 100 million people globally through its direct and indirect channels.

 

*Any information given in the article does not constitute any warranty of marketability or fitness for a particular business idea for any market or industry segment. It is the readers’ sole responsibility to further research and assess the market opportunity.
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