It’s been a busy and productive first half of the year at HealthSnap, Inc. We appreciate your continued support, and we are excited to share a mid-year update!
- Digital Health Market Update New CPT codes, wearables in healthcare
- HealthSnap Funding Update Closed $3M seed round
- Product Launch Version 2.0 is live
- Partner Success Vitalmins is using HealthSnap to power its platform
- News and Recognition Florida early stage start-up recognition
- HealthSnap Expands New hires to join the team
- Coming Soon Webinar series in the works, information on our Series A
Digital Health Market Update
With $8.1B invested into the space, 2018 was a record-breaking funding year in digital health! We believe that much of the activity in this space is being driven by Current Procedural Terminology (CPT) codes from the Centers for Medicare and Medicaid Services that allow providers greater flexibility in billing for remote patient monitoring. These changes went live on January 1st and are reflective of the widely acknowledged value provided by digital health services and technology. HealthSnap is well-positioned to help providers take advantage of these new billing codes. For more information, see our blog post on CPT codes: Implementing 2019 Remote Patient Monitoring CPT Codes.
As a complete remote patient monitoring solution, HealthSnap offers providers a means to both increase efficiency and revenue while also improving health outcomes. By shifting the focus from ‘disease-care’ to disease prevention, HealthSnap empowers individuals to be proactive in their health and enables healthcare providers to play a central role in a new preventive paradigm of healthcare.
Consumer adoption of digital health continues its upward trend. As noted in Rock Health’s Digital Health Consumer Adoption 2018 report, 89% of respondents used at least one digital health tool, up from 80% in 2015. While activity monitoring remains the top reason for wearable use, Rock Health found that physical activity, fitness training and weight loss all decreased as a reason for wearable use. Conversely, the percentage of users using a wearable device to manage a diagnosis increased from 20% to 30%. A subtle but growing shift is occurring in wearables’ primary function, from that of fitness tracker to that of clinically meaningful healthcare tool.
Providers also benefit by leveraging the ability to manage a patient’s health condition with a full picture of data rather than only what is provided during patient visits. Currently, digital health tools and wearables do an excellent job aggregating data, however they do not take the extra step to translate the aggregated data and provide personalized insights.
Valuable lifestyle data exists, but it is often siloed in proprietary databases that make it challenging to understand and interpret. HealthSnap provides a solution—as the first lifestyle insights platform tailored for the proactive healthcare professional, we take the extra step to normalize collected lifestyle data into personalized values to create a visual Lifestyle Profile™ that everyone can understand. We believe the current momentum and upward trends in adoption of digital health in healthcare provide the ideal environment to fuel HealthSnap’s continued growth and expansion.
HealthSnap Funding Update
We are happy to announce that we closed our seed $3M investment round earlier this quarter. We look forward to growing and synergistic relationships with our investors, and continue to emphasize our focus on a shared mission in healthcare.
In March, we released Hera™, our 2.0 platform that includes a patient-facing iPhone app, allowing for wearable and remote sensor integrations that can be used for remote patient monitoring. Hera translates patient-generated lifestyle data from questionnaires, health apps, and connected health devices like wearables and remote sensors into a visual and concise Lifestyle Profile™ that everyone can understand.
Hera is already being used in over 200 healthcare provider offices nationwide, and is rapidly growing with the roll-out of this new platform.
HealthSnap customer Vitalmins is using HealthSnap to power the personalization of vitamins, supplements, nutrition and exercise. We invite you to explore their site and engage with the survey for personalized recommendations. We’d love to hear what you think!
P.S. Use code VITALFAMILY at checkout for 25% off!
News and Recognition
HealthSnap is getting recognition from the Florida innovation community! Recent honors include being named a Cade Prize Sweet 16 Finalist as one of the most innovative new companies in Florida, and ranking in the top 20 out of 150 early stage companies in Florida at the Florida Venture Forum.
“Catch a cold you’ll find out in a few days, catch heart disease and you’ll find out in 40 years” – Dr. Wesley Smith. In March, HealthSnap’s Co-Founder and Chief Scientific Officer, Dr. Wesley Smith, was invited to give a CaneTalk at the University of Miami in which he discussed his personal journey of prevention over treatment that was the driving force behind HealthSnap’s founding and philosophy.
HealthSnap Expands Its Team
HealthSnap is currently in the process of hiring key senior level team members, including a Chief Growth Officer and a VP of Sales. We continue to be a passionate team with an aligned vision and mission to shift the paradigm of healthcare from the reactive ‘disease-care’ paradigm of the past into a proactive, preventive, and data-based care model of the future.
- Following positive responses to his CaneTalk, we are planning to roll out a webinar series led by Dr. Smith and other experts in the healthcare field during the second half of this year. Look for these to be announced on our social media platforms in the coming months!
- Series A Round to be announced. After closing our seed round, we look forward to opening our Series A in the near future as we build momentum through product development, new customer acquisition and adding to our team. We will be in touch once the offer package is available. Please let us know if you are interested in being included in the offering.
We appreciate your continued support, and look forward to keeping in touch! Please connect with us on LinkedIn, and engage with our team on digital health news, thought leadership, conferences we’re attending and more! We welcome your feedback, comments and musings.
The HealthSnap Team