In this Entrepreneur Spotlight, we highlight our CFO Client, Truentity Health, a company that is on a mission to dramatically reduce the preventable medication errors that impact millions of lives each day and drive-up costs for healthcare providers.
Their Patient-Centric, Provider Focused Medication Management Platform is a complete medication reconciliation solution to help reduce hospital costs, improve clinical outcomes and enhance care transitions for patients and providers.
For this feature, we interviewed Mike Desai, Co-founder and CEO, who has Proven experience scaling SaaS startups to significant financial milestones, including Ping Identity (acquired by Vista Equity for $600M+) and SecureAuth(acquired by K1 Investments for $225M.
- What inspired you to launch Truentity Health?
In 2019, my Dad, who is 82 yr old, and a diabetic was accidentally prescribed a double dosage of a medication he takes daily. Luckily, this was caught before any harm was done. My co-founder, Rajeev Tipnis, and I are on a mission to fix a broken healthcare system that has impacted my Dad and many others.
Medication related errors impact millions of people each year, causing over 700,000 emergency room visits and 100,000 hospitalizations, how does your platform truly help people and help optimize medication therapy?
The main reason why medication-related errors exist is due to the fact critical meds data is scattered across multiple providers and hospital systems and is difficult to access by the care team during times of need. Patients have a difficult time remembering their meds, so individuals revert to manual lists and hand carrying their bag of meds to their appointments. Additionally, miscommunication between the patient and the provider during the admission process and lack of qualified resources lead to additional errors.
With Truentity, before and after a patient’s hospital visit, a clinical pharmacist performs a comprehensive med review process to compile a complete and up-to-date record of their prescription medications, over-the-counter (OTC) drugs, supplements, drug allergies, and past adverse reactions, and identify discrepancies before they can lead to preventable errors. This record is securely stored by the Truentity Health platform, giving the provider a holistic view of the patient’s medication history. In addition, patients can access these records and share them with their care team.
- Your platform also frees up physicians’ time which helps reduce medication related errors, how does this work?
By having a clinical pharmacist conduct a comprehensive medication review process, providers no longer need to do this during the admission process. On average, we can help save 40 mins per visit. We are also deploying new workflows that allow our providers to bill CMS for our services, thereby generating new revenue for each patient.
- What is next for advancing Truentity?
Today, we focus on providing medication therapy management solutions leveraging a clinical pharmacist. We help providers address the resource gap and generate revenue via increased CMS reimbursements.
Once we achieve our critical milestones with customer adoption, we will make the patient medication data available via our APIs to 3rd party partners, providers (hospitals, telehealth, SNFs), and pharmacies for clinical purposes.
Ultimately, once we achieve significant traction, we will expand our services to offer patients the ability to have their prescriptions, OTCs, and supplements shipped directly to them via our ghost pharmacies or partnerships with local and national brands.
Our north star is to eliminate medication-related errors by building a modern cloud-based medication management system that is patient-centric and provider-focused.
Evergreen Advisors’ Outsourced CFO team of professionals brings a broad and diversified depth of experience in accounting and finance to serve early stage and middle-market companies. We will work with you and your team over a span of time in order to provide you with the best guidance for your organization’s fiscal needs. Our experience and focus on working with venture-backed, high-growth companies allows us to be a value-added resource to entrepreneurial enterprises.