🚀 MedSwift: Electronic health records, solved
Spend less time managing your practice and more time being a doctor | Drop #34
Tired of legacy, hard-to-use EHR software? This week’s startup is a cloud-based EHR platform wrapped in an intuitive interface with a reasonable pricing model.
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⚾ The Elevator Pitch:
Bad Electronic Health Record (EHR) software - the electronics where patient info is stored - is an epidemic. Many doctors don’t enjoy spending time on their EHR but they need it to run their practice.
MedSwift is designed to save doctors time through its AI-assisted, easy-to-use software. MedSwift’s EHR platform offers all the features private practices have come to expect and more, including patient engagement, EHR secure transfer, e-prescriptions, insurance billing, advanced analytics, telehealth services, and website development. The product replaces an outdated legacy UI for EHR with a beautiful new interface and excessive data entry with automated workflows assisted by artificial intelligence.
👇 The Drop Down
School: Columbia & University of Chicago
Stage: Currently raising a pre-seed angel round 🔔
Tech trend: AI
Traction: 4 practices have signed MoU’s (Memorandum of Understanding), product far along in development
Team: UChicago researcher, previous founder
Anabelle Wright - Co-Founder & CEO
Amir Mustefa - Co-Founder & CTO
🔍 Our analysis
💰 Practice-friendly business model
Private practices have small staff compared to large hospitals and have a high dependency on EHR, but current EHR software is priced for large, well-funded hospitals who can afford to spend a lot of cash. Subscription fees and insurance collections are forcing private practices to pay more than they can afford. MedSwift charges per data usage, not per provider; this business model makes much more sense for small practices.
⏰ Right place, right time
The COVID-19 pandemic increased the amount of time doctors spent on their EHR software. For many doctors, this was a painful reminder of how cumbersome their software is. Right now, more practices are considering switching from their old EHR provider to another product with a better user experience, and this is a rare opportunity that MedSwift is well-primed for.
💊 A tailored remedy
MedSwift serves private practices (as opposed to large hospitals) and is built with the workflows of specific practices in mind like obstetrics & gynecology, internal medicine, and psychiatry. Every bit of time spent on EHR data entry takes away from time that could be spent being a doctor. MedSwift’s customized workflows save doctors headaches and valuable time.