We believe that information is knowledge and in an industry like healthcare, efficient access to this knowledge is truly powerful. Specifically, the process of searching for and comparing medical product information is too complicated and time consuming. And if you want to discover what new devices are gaining popularity in the market? Good luck with that.
There are over 6,000 medical device companies in the US with millions of products on the market. Every year over $100 billion of these are purchased and more than 50 million patients undergo a surgical procedure. Yet there is still no good way for anyone to access and distribute information on most of them. The sad truth is that a lot of effective devices that could improve patient outcomes are not used by physicians simply because they don’t know they exist or there is no easy way to learn more.
If the problem stopped with just retrieving facts maybe that would be somewhat tolerable. Unfortunately, the lack of a unified language adds another layer of confusion leaving data to exist in isolation. Different names for the same procedures, treatment options, and techniques leave important information disconnected from other parts of the industry ecosystem. There are important conversations with unique knowledge being shared across pockets of healthcare, but there is no place to go to access all of it.
It is no surprise that physicians are increasingly frustrated, hospitals have greater costs, device manufacturers are losing access to end-users, and patients deal with worse outcomes. We can’t promise to solve all of these problems, but we believe that physician access to important information is a good start.
At MedTools we’re aiming to build tools that will help make doctors and other healthcare professionals lives easier and more integrated with other industry participants. By enabling physicians to practice at greater efficiency with all the information they could ever want one click away, hospitals, device manufacturers, and patients will see flow through benefits.
Let’s get started.