How can we develop good medical care? And can digitalisation really help? New health data is generated every second. To ensure optimal patient care, this data must be exchanged securely and efficiently. This week’s Startup of the Week is Famedly. With their decentralised platform, data exchange and collaboration is much faster. CEO Phillipp Kurtz told us more about Famedly in today’s interview.
Hello Phillipp! Thank you for taking the time today! Why don’t you briefly explain to our readers what Famedly is?
Sure! Famedly is a comprehensive medical collaboration platform delivered as a single, distributed application that is fundamentally changing the way healthcare professionals collaborate and share information.
How do you have to imagine that?
Famedly is both a product and a platform. It is a product in the sense that it is a single decentralized medical team collaboration application that can be bought and used. It is also a platform and a framework in which an unlimited number of additional medical use cases can be represented. Flexible interfaces and bots ensure this. Medical service providers have a fully functional, ready-to-use product right out of the box, but there are not restrictions in terms of expansion and integration with other systems.
With the chat-based application, medical care providers provide their employees with a classic, data protection-compliant messenger. The function of the messenger is supplemented by flexible role concepts and intersectoral, partially automated processes to form a collaboration solution. Via an administration panel we manage these extended functions. Famedly handles all processes and relevant events in real-time. The decentralized architecture and flexible, open interfaces enable the integration of locally available software and devices as well as digital health solutions available in the cloud. The result is a comprehensive care team collaboration platform.
That sounds like an exciting way to digitise the health sector! After all, many startups are entering the race with the goal of digitisation. What are you doing differently?
Famedly shortens processes through higher efficiency in all areas of medical care. For the first time, utilities can work together in a single platform. Good medicine is created through good communication and teamwork, so Famedly bundles all communication channels and ensures that the right information reaches the right people. Healthcare teams have complete visibility across the entire patient journey with a single trusted source of information, reducing the risk of avoidable errors and improving care.
In contrast to all other competitors, Famedly pursues a decentralized technological approach and thus offers absolute data sovereignty for each participating institution. The open source technologies we use offer such a high level of data security that also the French government and the German Bundeswehr make use of them. Famedly meets all security and data protection requirements and provides utilities with powerful functions that allow them to automate all processes. With the decentralised platform, security and data protection no longer slows down digital progress in medicine, but provides the platform for smooth digital change.
You said earlier that Famedly is a platform and a product at the same time. Does your business model reflect that?
Famedly offers its product (Care Team Collaboration Tool) as a Software-as-a-Service solution. In the classic freemium model, small institutions are free of charge, while the prices for larger institutions start at 19.90 € plus VAT in the introductory period. An on-premise installation is also possible. For this the effort must be evaluated individually. In addition to the core product, Famedly offers training for employees in the use of the software.
We negotiate access to the Care Team Collaboration Platform for digital health providers and IoMT solutions individually.
Your platform is aimed at the health sector. Did you narrow your target group down further?
No. We address all medical service providers with our product. These are nursing services and homes, doctors’ and therapists’ practices, pharmacies and above all hospitals. With our platform, we also address technology providers from the fields of digital health and Internet of Medical Things (IoMT) as well as health insurance companies and pharmaceutical companies.
The product itself, the Care Team Collaboration Tool, is located in the small market for Clinical Communications and Collaboration. This market has comprised approximately $549 million in 2017. The platform, however, connects products and services from the Internet of Medical Things market ($41 billion in 2017) and the digital health market ($95 billion in 2018). In this way, relevant long-term shares of these markets can be achieved.
At what stage of development are you right now?
We carried out a pilot project with a minimally functional product (MVP) last year until the beginning of this year. Now, the first customers are currently starting regular operation with the first stable version of our Care Team Collaboration Tool. It includes full messaging capabilities with full end-to-end encryption, role- and time-based routing of information, decentralized, intersectoral networking of healthcare providers, as well as task management and first process automation tools. In addition, discussions on larger projects with renowned clinics and care facilities are in the hot phase. We hope to make further announcements here in the near future.
Technically, the next major milestone is the connection to the primary systems (clinic information systems and practice management systems). Otherwise, the next big step is the conclusion of a first round of investments.