According to Canadian Centre for Addiction and Mental Health, the economic burden of mental illness in Canada is estimated at $51 billion per year, including health care costs and lost productivity.
I used to work at an 80-bed facility for the mentally ill on Alexander Street, on Vancouver’s skid row.
Scrolling through the client files – two things became quickly apparent.
Firstly, psychiatric diagnosis is art, not a science.
If your femur is broken, 99% of the doctors will agree that your femur is broken.
With the mentally ill, doctors slap diagnoses on patients in a way that appears haphazard: schizophrenic, personality disorder, drug-induced delusions, bi-polar, sub-normal intellect, grandiose delusions – take your pick.
Secondly, psychiatrists had almost zero awareness of previous diagnoses or treatments.
An anecdote-salad tossed haphazardly – and served with these tongs.
There is a general need to digitize medical records.
With the mentally ill, that need is more pressing because the patients are less capable of summarizing their own clinical histories.
When I have a sore back, I will remember to tell the doctor I’ve had back surgery.
Mentally ill patients migrate from city to city and often don’t remember what medications they have taken, for how long, in what doses.
Enter VitalHub (VHI.V) – a healthcare technology company marrying medical information networks with blockchain technology.
In the past, VitalHub developed mobile and web applications using Software as a Service (SaaS) – a software distribution model in which a 3rd party provider hosts applications and makes them available to customers over the Internet.
- Real-time access to aggregated patient data
- Informed decision-making supported by data aggregated from multiple clinical systems
- “Point of need” patient data access
- Configurable and expandable user interface
- HIPAA-compliant, no security/privacy compromise
- Eliminate multiple sign-ons
- Reduce clicking through multiple systems
- No hunting for data; it gets pushed to you
On January 30, 2018, VHI announced it is adopting Hyperledger-based technologies.
VitalHub has decided to join this industry-leading collaboration as Hyperledger has a declared commitment to helping the healthcare industry realize the full potential of open source Blockchain solutions, which hold the promise of unifying disparate processes, increasing data flow and liquidity, reducing costs and improving patient experience and outcomes. VitalHub shares in this commitment, and will bring strong healthcare domain expertise and leadership in developing and implementing Blockchain solutions.
VitalHub and Hyperledger believe that blockchain healthcare solutions will lead to more efficient management of mental health patient care.
This isn’t a situation where a pizza franchise adds blockchain to its name- sells “Pepperoni Pizza with Blockchain & Mushrooms” – and hopes the stock price goes up.
VitalHub’s core business is ideally positioned to benefit from blockchain’s public ledger technology.
For instance, doctors and nurses already use VH LTC to record staff-resident interactions on a mobile device.
- Save time and cost
Staff no longer need to walk to wall-mounted touch screens
- Improve data quality
Record in real time
- Reduce data input errors
- Improve staff satisfaction and well-being
- Better workload planning, analytics & coordination
- Identify where bottlenecks occur with frontline staff
- Coordinate transitional care
Blockchain technology can make this better, faster – more efficient.
The market is taking notice.
If you’re wondering why this blockchain stock is going up, while so many others are floundering – answer this question:
What .19 stock on the TSX.V is currently generating $7 million in annual revenue?
d. None of the above
Answer: a, b or c.
If you guessed “d” – you are officially this guy:
VitalHub has four complementary strengths that position it for success in the blockchain-based healthcare solution marketplace:
- Extensive in-house expertise
- A management team seasoned in scaling global healthcare businesses
- A large pre-existing customer base
- An IT team highly experienced in building innovative healthcare applications
On March 24, 2017, VitalHub announced its intention to acquire two healthcare IT companies: HI Next and B Sharp Technologies.
HI Next is the owner of TREAT, a web-based platform that includes “over 100 clinical assessment tools” including mental health.
Sharp Technologies, provides case management solutions for health, community care and social services organizations.
Both companies have large existing customer bases.
VitalHub has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently, VitalHub serves 200+ clients across North America.
According to the Decision Research Group, “Industry projections expect the global Blockchain Healthcare market to grow to $2.3 billion by 2021, up from roughly $340 million in 2017.”
“Blockchain represents a great opportunity for growth,” stated Dan Matlow, CEO of VitalHub, “We believe that VitalHub has the ability to successfully execute on an international basis.”
Traditionally, the mentally ill drift west until they hit the ocean.
You can see this phenomenon here in my hometown of Vancouver, BC – where throngs of disheveled pedestrians mutter to themselves or shout angrily into the atmosphere.
“Mental illness is not a personal failure,” said Dr, Brundtland, Director-General of the World Health Organisation.”
With laser focus, VitalHub is growing a business that aims to radically improve the way mentally ill people are treated in Canada and international territories.
Full Disclosure: VitalHub is an Equity Guru marking client, we also own stock.