2015-11-16 00:00:00 QuickBooks Business of the Week English https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/QB-N.png Featuring Cooey

Featuring Cooey

5 min read

There are no two ways about it, the healthcare system in India is unwieldy.  While medical data is collected, this data is often entered manually and not stored in the most organised system. As patients, we are expected to cart around load of reports and paperwork when we encounter an ailment and more often than not, we tend to misplace or lose important data. As India develops, technology can provide the solutions to these issues and Cooey, a health management application with personalised services is one such solution. Founded by Manu Madhusudanan and Prabhakaran Tambaram Prakasam, Cooey is an end to end health monitoring IOT platform that intends to collect (device), store, analyze and provide insights of vital signs for patients. We chat with Manu about the venture.

An excerpt from the interview:

 

  • What made you start your venture?

As a consumer, the patient is an important cog in the healthcare industry. Invariably, in today’s complex healthcare environment, patients often consult physician or hospital with no or limited knowledge of their medical illness largely due to unorganized mechanism for capturing/maintaining their health information. An overwhelming percentage of patients still tend to keep a pile of medical papers of their personal health information, which unfortunately they find it hard to trace when they actually need them. Given a choice, most of senior citizens today would prefer to live independently, free of worries, in an assisted living environment or retirement community.

Over the years, hospitals and healthcare industries have been collating medical data and information to ensure early health measures for diseases. However, manual entry of medical data has resulted in staggeringly high medical mistakes affecting patients’ life. In addition, there is a major disconnect between the doctors and patients residing in remote areas which has increased healthcare complaints and oversights, thus ruining the overall healthcare experience. With Cooey, we strive to improve the situation in the country allowing the creation of personalized healthcare.

  • What has been the key to your business’s success?

To a large extent, a digitalized personal health maintenance platform provides remedy for a healthcare consumer by making credible and authentic information accessible anytime, anywhere via a web-enabled device, viz., computer, tablet or smart phone. Moreover, smart remote monitoring solutions can go a step further in empowering, engaging them to proactively manage their health especially who suffer from chronic conditions like, diabetes, cardiac illness, renal disease, etc. or require recurrent services.

Our smart Bluetooth enabled devices like BP monitor and Weighing Scale have been used to auto log medical data and share the captured information remotely with the doctor or loved ones. Automatic logging of data reduces human error and doctors can get insights of patients even from remote location. This will reduce cost, increase efficiency of health management for both health organizations and the patient.

Hospitals and other healthcare institutions have opted IoT-driven systems to significantly reduce costs and improve healthcare outcome by increasing the availability and quality of care. IoT, being a major disruption, has the potential to change the way healthcare is being delivered today. Our service design provides an end to end health monitoring platform that intends to collect, manage, analyze health vitals &enable recurring services (medicines, insurance, or lab tests) requirements for antenatal & chronic patients. The venture caters to the need of primary, secondary and tertiary health care with its healthcare services.

  • What are the major challenges in your line of business and how did/do you overcome them?

The challenges that we foresee include providing connectivity to rural areas, logistics involved in service lines, and educating and empowering the not-so-techsavvy older population in remote villages.

Adopting IoT in health care is not a choice but a need. IoT is going to impact health care in different areas like out patient management, postoperative care, clinical care or remote care/telemedicine.

The healthcare industry is experiencing a paradigm shift as patients take on a much larger role in their personal health and connected devices begin to impact the way they interact with their care providers.

  • Do you have a mentor who guides/advices you on matters of the business?

Yes, we are mentored by Arvind Tiwary who is an IoT Evangelist, Technopreneur. He is a senior IT executive and has 22+ years of multi disciplinary experience in Financial Services and Information Technology.

Our domain advisors include Dr. Punnen and Dr. Babu Joseph.

Also, we are part of NASSCOM 10 thousand startups, they assist us building entrepreneurial capabilities at scale and providing robust early stage support through mentorship.

  • Have you benefitted from the use of any specific technology for your regular operations?

Yes, we have been major beneficiaries of IoT technology which is emerging as the most powerful disruption that has enabled hospitals and healthcare service providers to improve healthcare outcomes and reduce healthcare costs by collecting, recording, analyzing and sharing myriads of data streams in real time and impeccably.

  • What strategy do you follow for Customer Satisfaction & Expansion?

Estimates suggest that there will be over 1.91 billion smartphone users by end of 2015 and it will surpass the 2 billion mark by 2016. World over the mobile health market will reach $49 billion by 2020, with a compound annual growth rate of 48% from 2013 to 2020 according to Grand View Research. Rising number of chronic diseases like cancer, heart disease and diabetes together with aging population are driving the market space along with new connected medical devices. The market size for chronic patients in urban cities with access to smart phones is estimated to be USD 5B by 2020. Lack of healthcare providers coupled with expanding rural population could make the Asia Pacific market to take lead in this growth, predicts the research study.

IoT will soon become a healthcare game changer and will bring noteworthy changes in many areas of healthcare. IoT emerging as the most powerful disruption has enabled hospitals and healthcare service providers to improve healthcare outcomes and reduce healthcare costs by collecting, recording, analyzing and sharing myriads of data streams in real time and impeccably. Anticipating faster adoption of IoT by hospitals and other healthcare agencies to make better decisions, Cooey is focused on embracing IoT as major healthcare technology for improving healthcare.

Additionally, with the help of patients’ data and lab reports, a dynamic profile of the patient is created according to his current health condition. Cooey also offers a mobile-based (M-Assist) personal and family health management application which tracks, monitors health vitals, and provides reminders to the patient for medicines.

  • What, according to you, are the top 3 skills needed to be a successful entrepreneur?

 

  • Ability in maintaining clear lines of communication about the service offerings
  • Have a constant eye on business while seeing the bigger picture
  • Passion, courage, conviction and ability to motivate to bring the best out of the team

Visit their Website: http://cooey.co/

Like them on Facebook: Cooey

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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