An Albuquerque startup with a mobile app focused on treating athletic injuries has partnered with Chicago-based PatientMD to help streamline the medical record process.
Adam Halpern, CEO and founder of the musculoskeletal health care technology company WaveOn, announced the partnership last Thursday.
"This strategic partnership is so valuable for us," Halpern told Albuquerque Business First.
The partnership between PatientMD, a mobile platform for advanced healthcare, and WaveOn is a revenue share. The two will go to market together, and the combined companies will try to find ways to attract more patients and health providers to the platform, Halpern said.
But the partnership has a second phase in which the combined companies will create a "true white label customization app," Halpern added.
PatientMD cofounder and CEO Chris Pavlatos is a board-certified physician in orthopedics and internal medicine. He said the company’s goal is to provide a large suite of services to the physician community. Mostly, though, the focus is on streamlining the electronic health records of patients so that providers can better tailor care.
“It's what we would call an untethered personal health record based on a standard in healthcare known as Fast Healthcare Interoperability Resources (FHIR, pronounced fire),” Pavlatos said.
FHIR is the standard for the exchange and integration of electronic health records and is promoted by Health Level Seven International, a governing body that molded FHIR’s framework, he said.
"The way this would work is we start building a network and connecting physicians with other parties," Pavlatos said. "One thing that frustrates patients is having to fill out the same information, same forms every time you go to a different office or to a hospital system. Here, all the information is managed centrally by the patient — they update the information as far as demographic and insurance information — and any data that comes from any provider will feed that personal health record."
Halpern said PatientMD’s "robust platform" will allow WaveOn to go to market quicker than if the company did so alone. Halpern and Pavlatos met through a mutual connection last summer and inked a partnership at the end of December.
PatientMD is currently raising money to support the further buildout of the platform.
WaveOn, though, hasn’t received any other local investments outside of GOS Capital, which is led by Scott Goodman. But Halpern did say there has been interest in investing in the company after the partnership with PatientMD.
"There's a lot of activity," Halpern said. "Now that we have a product with PatientMD, it makes it more tangible. I’ve always said this — it's difficult to invest in a concept; it's much easier to invest in a product that you can see and touch and feel."
PatientMD has plans to partner with other healthcare companies and providers like WaveOn, said Anirban Majumdar, the company's co-founder and president.
"We are partnering with other companies who are getting into mental health and, similarly, we are partnering with organizations that are focused in family medicine and so on," he said.
