by: Sramana Mitra
Sramana Mitra is the founder and CEO of One Million by One Million (1Mby1M), the world’s first and only global virtual incubator/accelerator. Its goal is to help a million entrepreneurs globally reach a million dollars in annual revenue, build a trillion dollars in global GDP, and create 10 million jobs.
Sramana Mitra: Let’s start by introducing our audience to yourself as well as Healthmonix.
Lauren Patrick: I’m the Founder and CEO of Healthmonix. I started the company in 2009. It’s been 11 years. We help care providers provide better evidence-based care and better outcomes for patients in the United States.
Sramana Mitra: What does that mean?
Lauren Patrick: We know that the US is not one of the leading countries in the world in terms of quality of care. We have a lower patient outcome. We have higher patient mortality. Our population is just not as healthy as populations in other countries, and yet we spend so much money on healthcare.
We dig in and help understand where the issues are and change that. Sometimes that means educating healthcare professionals in terms of what the education-based practices are. Sometimes, it means changing workflows because healthcare providers just don’t have appropriate workflows. Sometimes it means listening to the patient better to make sure we’re giving the patient what they need in terms of appropriate treatment and outcome.
Sometimes, it means actually spending less on patients. We’re overmedicating, overanalyzing, and over-diagnosing.
Sramana Mitra: Could you double-click down further into what you’re doing? Who is the customer? Is it the hospital system? Is it doctors’ offices? Whom are you selling to? How are you providing your intervention?
Lauren Patrick: We sell to different kinds of healthcare providers. We work with solo practitioners, all the way up to a health system. The driver for what we’re doing has been a program that Medicare put in place called MIPS. It’s an incentive program that incentivizes for quality metrics and the cost of taking care of patients. We help those providers analyze that data and do better.
