Health tech startups are growing at a rapid pace, receiving more than $8.1 billion in funding in 2018, according to a report by Rock Health. Locally based DocASAP is part of the growing number of young tech companies looking to make waves in the D.C. healthcare industry.
Founded in 2012, DocASAP wants to streamline the process of scheduling doctor's appointments for patients and physician-to-physician referrals securely. The company highlights a trend in the health-tech space that shows how patients and consumers are increasingly using technology to understand their health.
"Overall, we help reduce operational costs, improve health outcomes and enhance [providers'] patient experience initiatives," said Puneet Maheshwari, founder and CEO.
Patients can reschedule appointments and access appointment checklists through DocASAP, and the platform sends patients mobile notifications. Maheshwari said giving patients these tools "can lead to a reduction in no-shows, which translates to cost savings."
Another study by Rock Health showed that 89 percent of respondents used digital health tools in 2018, an increase of 9 percent from 2015. This boost in efficiency in health tech is helping consumers take control of their health, Maheshwari said, in ways not seen in previous years.
Providers can conduct post-care surveys through DocASAP to help increase patient engagement and track recovery milestones. In January, DocASAP started a partnership with Florida Orthopaedic Institute, providing its technologies to the group's subspecialties and dozens of providers across nine locations.
Last year, DocASAP solidified deals with Henry County Medical Center in Paris, Tenn., and it signed with Wisconsin-based Prevea Health in 2017.
Before creating the startup, Maheshwari worked in consulting at McKinsey & Co. in Silicon Valley. He said his previous experience played a huge role in preparing him for his own business.
"My consulting experience enabled me to enact an 80/20 strategy for determining how to invest our time and efforts most effectively," Maheshwari said. "When leveraging the 80/20 rule, entrepreneurs learn to identify 20 percent of the causes that will drive 80 percent of the results."
The company has raised $14 million in funding and has used the money to expand its network of healthcare providers. DocASAP's investors include MultiPlan, UnitedHealth Group and Cohen Private Ventures, among others.
Its largest goal is to make things easier for patients, Maheshwari said, be it scheduling, locating a doctor or changing providers.
"They want frictionless access, whether it’s scheduling an appointment in the evening or rescheduling their appointment the next morning for immediate care on their mobile phone," he said. "It’s part of the patient experience."
If recent trends are any indication, DocASAP may have difficulties earning the trust of users wary of sharing their private health data. According to Rock Health, only 11 percent of respondents were willing to share with a tech company, while most respondents were okay with giving information to physicians and healthcare providers.
DocASAP assures patients that their medical information is secure, Maheshwari said through custom, scalable APIs.
There's no app yet for DocASAP, but the web platform is available on mobile devices. It's currently building other tools within the platform to help connect patients to care providers.
