Axial Discovery - Voice in healthcare
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Axial partners with great founders and inventors. We invest in early-stage life sciences companies such as Appia Bio, Seranova Bio, Delix Therapeutics, Simcha Therapeutics, among others often when they are no more than an idea. We are fanatical about helping the rare inventor who is compelled to build their own enduring business. If you or someone you know has a great idea or company in life sciences, Axial would be excited to get to know you and possibly invest in your vision and company . We are excited to be in business with you - email us at info@axialvc.com
Voice in healthcare
Everything in healthcare from diagnostics to prescriptions starts with a conversation between a patient and their doctor. Given the massive improvements in voice recognition and transcription technology, with the best example in Alexa, bringing these tools to healthcare can help patients remember the conversations they have with their doctor, help physicians save time, and reduce billing errors.
The two leading companies in the field are Abridge and Suki. Both are building similar products to track and translate the conversations between a patient and doctor into actionable results, but Abridge is focused on acquiring consumers and Suki on healthcare providers.
For the patient:
A voice recording product can help them control part of their own health records. They could share their conversations with doctors with other clinicians and care providers.
They more easily remember details from their conversations. Like what medications they need to take and why. Their diagnoses and more.
Increasing compliance rates (i.e. filling their prescriptions, follow-ups)
For the doctor:
Reduce the time they spending taking medical notes and increase their time with patients by transcribing a conversation into an EHR
Help retrieve certain medical information like charts more easily
Condense a conversation they have with a patient into an actionable plan
Integrate with other service providers like PBMs to automatically prescribe a medicine to their patient
Increase the quality of treatment plans and information on their patient, to reduce claim denials
Building voice products in healthcare has the potential to introduce virtual assistants to the exam room. In combination with machine learning, these products can become personalized to both the patient and doctor. Technical challenges remain to define the large universe of medical terms and implement algorithms that can recognize patient-relevant words while accommodating for differing qualities of microphones in the exam room. Privacy and security is also incredibly important.
