On June 10, 2020 Predictmedix (PMED.C) announced the acquisition of MobileWellbeing, a Remote Patient Monitoring (RPM) platform that will integrate with Predictmedix’ A.I-driven rapid screening systems.
PMED’s business objective: deploy artificial intelligence (AI) to disrupt impairment testing and healthcare.
Remote Patient Monitoring is a method of healthcare delivery that uses cell phones and other gadgets to gather patient data outside of traditional healthcare settings.
MobileWellbeing’s biz model is part of the Telehealth medical revolution.
These changes have been a long time coming.
According to a 1997 U.S. National Library of Medicine report, “sources of electronic patient information reside on many isolated islands that are difficult to bridge.”
“As an intern at Boston City Hospital in 1965, I spent enormous amounts of time chasing and managing patient information,” recalled one veteran physician, “At the time, computers offered major assistance to financial bookkeepers. It seemed a small stretch to imagine they could do the same for clinical chart management.”
Yet – here we are – 55 years later – medical data collection is still a messy patchwork of unsynced protocols, with nurses faxing lab results to other nurses. Faulty ink cartridges and paper-jams are a hazardous link in this diagnostic chain.
Predictmedix and MobileWellbeing are attacking this problem from different angles.
The goal is the same: to build bridges across these islands of medical data.
In the excellent Proactive Investor video below, Predictmedix COO Dr Rahul Kushwah explains the synergies between MobileWellbeing and PMED.
MobileWellbeing’s targeted customers include Hospitals, Home Healthcare Agencies, Physicians Groups, Pharmacies, Medical Clinics, Health Plans, NGOs and Clinical Research Organizations.
MobileWellbeing solution enables care to shift from a hospital-centric model to community-centric healthcare. As an example, services for COVID-19 patients:
- Ability to deliver a specific COVID-19 care plan protocol that can include specific vitals signs monitoring, medications, diet/exercise/educational content and specific questionnaires
- Vital Signs monitoring for Blood Oxygen saturation level (using pulse oximeter), a key indicator of respiratory distress, Temperature (using thermometer) and other parameters required using Bluetooth sensors
- Ability to capture data based on specific questionnaires to monitor level of breathlessness
- Ability to monitor Medication compliance
- Ability to engage patient in a video visit for a one-on-one discussion while completing clinical notes and capturing vital signs at the same time
The MobileWellbeing platform addresses several of the gaps currently observed with comparable platforms which are offered by a few public companies trading at high valuations.
The technology has been successfully used at Arnprior District Memorial Hospital for Chronic Obstructive Pulmonary Disease (Ottawa/Ontario), Algonquin College (Nursing department) for diabetes management and StonyBrook Hospital (New York) and Cardiology department for Hypertension.
“MobileWellbeing’s footprint in these health care sectors will provide enhanced credibility to future clients as Predictmedix expands its market reach,” states Dr. Rahul Kushwah, COO of Predictmedix.
The key to opening the economy is “knowing when someone is potentially infected”, then testing, monitoring and supporting them back to recovery.
The features offered by MobileWellbeing will allow PMED to align telemedicine tools for each of its three products:
- Infectious Disease Screening (including COVID-19)
- Cannabis and Alcohol Impairment Screening
- Mental Illness Screening
“The combined solution will now allow us to take healthcare delivery to the next level,” states Says Rajiv Muradia, Founder & CEO of MobileWellbeing, “The integration will enable workplaces as well as clinicians to remotely manage patients outside their physical environments.”
- Predictmedix will pay MobileWellbeing $25,000 along
- Predictmedix will issue MobileWellbeing 250,000 shares
- Predictmedix will pay a 20% royalty on the first $2.5 million in sales generated exclusively from the MWB platform.
- From the 250,000 PMED shares, 150,000 are to be vested with sales related milestones.
- Rajiv Muradia will join the Predictmedix board as a technical advisor.
- The transaction is expected to close within the next 60 days.
For the last 15 years, MobileWellbeing has been developing applications in the mobile healthcare space starting with Tele-Psychiatry in partnership with TeleSat Canada, European Space Agency and London Health Science Center. These applications were used by various institutions/care providers/patients in Canada, US, UK and Puerto Rico.
“Predictmedix’ solution involves multispectral imaging, which captures image information along specific wavelengths on the electromagnetic spectrum,” reports Equity Guru’s Chris Parry, “There is no need for any bodily fluids and there is no human exposure, as the screening is carried out using multispectral cameras, which can be installed at any facility.
- Elevated temperature? Check.
- Heavy breathing? Check.
- Heavy sweating? Check.
Time to go in for a secondary screening, friend”.
Six weeks ago, Predictmedix filed a Patent Application in the U.S. for its AI-driven rapid screening system for infectious diseases, including COVID-19. The tech can also detect cannabis and alcohol impairment.
A month ago, Predictmedix appointed Kapil Raval to be the Chairman of its Advisory Board. Kapil is currently a director at the $1.4 trillion Microsoft (MSFT.NASDAQ).
Predictmedix recently cut a deal with an exhibit manufacturer, involving an upfront customization fee followed by a monthly subscription fee model based on the number of screenings contributing to recurring revenue on a monthly basis.
Predictmedix has also announced two partnerships with multi-billion companies.
The accumulative affect of this whirlwind of strategic deals has created a flood of new investors.
Full Disclosure: Predictmedix is an Equity Guru marketing client.