The healthcare trade continues to grapple with overwhelming administrative burdens, with practices spending about 34% of their budgets on managing paperwork, telephone calls, and outdated methods. Medical employees usually discover themselves caught in a day by day battle of processing referrals, managing paperwork, and dealing with affected person communications, taking worthwhile time away from affected person care. Medsender is reworking this panorama with an AI-powered workflow automation platform that streamlines healthcare operations. The platform processes and synchronizes knowledge from unstructured sources like fax, e-mail, and telephone, whereas automating advanced duties akin to referral processing and affected person scheduling. By means of its AI Medical Assistant MAIRA™, the platform has demonstrated the flexibility to scale back name dealing with by as much as 80%, enabling same-day referral processing and elevated affected person scheduling. Already trusted by hundreds of healthcare suppliers throughout all fifty states, Medsender is popping healthcare operations from a expensive day by day problem right into a strategic benefit.
AlleyWatch sat down with Medsender Founder and Co-CEO Zain Qayyum to be taught extra in regards to the enterprise, the longer term plans, current funding, and far, far more…
Who had been your traders and the way a lot did you elevate?
Medsender raised $5M in a Sequence A funding led by Ballast Level Ventures.
Inform us in regards to the services or products that Medsender provides.
Medsender is a number one AI-powered workflow automation platform for healthcare. It’s already trusted by hundreds of healthcare suppliers throughout each state to eradicate administrative burdens. By leveraging AI to course of and synchronize knowledge from unstructured sources – akin to fax, e-mail, telephone – it automates workflows and affected person communications. It streamlines operations by automating advanced duties, too, like processing referrals, scheduling and answering affected person telephone calls. This frees up suppliers to allow them to concentrate on delivering one of the best care doable.
What impressed the beginning of Medsender?
I used to be in pre-med in faculty, began interning at a hospital, and commenced to see how damaged healthcare operations had been. Quickly after, my mom confronted a critical medical situation. I discovered myself driving between well being methods over two and half hours aside to choose up paper and CD copies of medical data. I’d then sit within the ready room an hour as employees keyed all the pieces in. I felt there have to be a greater manner. So, as an alternative of happening to med college, I switched to laptop science. I began engaged on an answer and it developed shortly from there, particularly when Salman Haque joined as Co-CEO.
How is Medsender completely different?
What makes Medsender distinctive is the best way we leverage AI, not solely to extend effectivity from a value perspective, but additionally to enhance the standard and timeliness of affected person care. About 34% of most healthcare practices’ budgets go towards the time, personnel and antiquated methods required to handle administrative duties alone. We flip operations right into a strategic benefit and never a expensive, time-consuming, day by day slog.
Our prospects now obtain same-day referral processing and schedule extra sufferers. When utilizing Medsender with MAIRA™, our human-like AI telephone agent, they’re decreasing name dealing with as much as 80%. We additionally make it simple by offering a strong API and intuitive net interface, together with pre-built integrations for dozens of EMR/EHRs and healthcare apps. Ease is vital to inner adoption and success.
What market does Medsender goal and the way massive is it?
Current analysis tasks a scientific workflow options market of $15.83B to hit roughly $30B by 2030 – that’s a CAGR of 13.58%. Medsender is used throughout the whole healthcare spectrum, together with medical practices, hospitals and everybody in between. We see nice demand from specialist teams in areas like dermatology, orthopedics, ophthalmology and extra. Our prospects additionally embrace pharmacies, well being tech corporations, SMBs and mid-market enterprises. That every one being mentioned, there’s immense alternative, particularly when you think about the various entities which have legacy methods and actually need to harness the facility of AI.
What’s your online business mannequin?
It’s actually fairly easy. We’re a subscription-based SaaS platform.
How are you making ready for a possible financial slowdown?
When you have got restricted sources, prioritization is vital. We’ve at all times been laser-focused on capital-efficient development. Each greenback is aimed toward rising income. That’s the surest strategy to survive downturns, significantly as a result of there’s additionally an elevated want for higher price effectivity.
What was the funding course of like?
We had been lucky to be able the place we didn’t should leap into this: we might take the time to search out the fitting accomplice. What attracted us to Ballast Level Ventures was that they understood our imaginative and prescient of each the corporate we had been making an attempt to construct and the ache factors we had been making an attempt to resolve. We had been very deliberate in our choice and couldn’t be happier. The Ballast Level of us ran an environment friendly course of and have been nice to work with.
What are the most important challenges that you simply confronted whereas elevating capital?
Discovering the fitting accomplice was the most important problem. We spoke to quite a lot of completely different traders, however as a healthcare firm, we had been actually in search of a accomplice that was each intimately conversant in the medical observe panorama and the challenges of constructing a rapidly-scaling software program platform.
What components about your online business led your traders to jot down the examine?
Foremost, it was our platform’s capacity to resolve an trade downside and meet demand. They had been additionally impressed with the capital-efficient manner we achieved development and success. They revered our imaginative and prescient and understanding of healthcare, and we revered theirs. The chemistry was proper: They shared our mission of lowering the burden of administrative work so suppliers can concentrate on what actually issues – improved affected person outcomes.
What are the milestones you propose to realize within the subsequent six months?
We’ll be deepening our AI with extra intuitive and highly effective options. It will embrace even smarter automation to boost affected person consumption, quicker appointment scheduling, and insights to spur higher effectivity and care high quality. We additionally plan on increasing our workforce throughout all positions – from buyer success specialists to engineers.
We’ll proceed scaling our attain with healthcare suppliers and tech corporations nationwide. It will develop a related community that streamlines operations all through the whole healthcare ecosystem. And, we’ll additional leverage strategic partnerships, significantly with Ballast Level Ventures. They’ve offered invaluable experience, steering and connections, accelerating our development and additional empowering prospects and sufferers.
What recommendation are you able to provide corporations in New York that don’t have a recent injection of capital within the financial institution?
Be laser-focused on rising income. Speak to as many purchasers and prospects as you may to search out the ache and construct a product that’ll take it away. Try this proper and success will comply with.
The place do you see the corporate going now over the close to time period?
Proper now our precedence is increasing the workforce, considerably, and in a really brief period of time. From a product perspective, we’ll be doubling down on our automation and launching a completely new model of MAIRA, our AI Voice Agent and digital receptionist. It’ll be MAIRA 2.0 and she or he’ll sound much more human and ship an amazing person expertise. We plan to introduce her within the subsequent few months and are very excited – prospects shall be more than happy.
What’s your favourite winter vacation spot in and across the metropolis?
I grew up within the Hudson Valley: It’s very particular and I really like nature. I’ll head there year-round, and despite the fact that I can’t stand the chilly, I’ll go mountaineering there within the winter: There’s fewer folks on the paths and I benefit from the solitude. Salman, alternatively, can’t get sufficient of Manhattan. He says it has a pleasant vitality within the winter, there’s pleasure within the air, even the vacationers are completely satisfied. He likes to expertise that vitality, whereas I want the occasional escape, even when it means freezing a bit.
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