Health IT Startup: MedWand
MedWand Solutions develops and distributes the MedWand solution, a patent-pending telemedicine device that easily connects to a PC or mobile device, like a cell phone or tablet. MedWand contains a set of fundamental, easy-to-use vital sign measurement and examination devices integrated into a single wand about the size of a large electric toothbrush. It includes a pulse oximeter, an otoscope camera for ear examinations with attachments to also allow views of the eyes, throat, or nose, an in-ear thermometer, a digital stethoscope and provision to support optional third party Bluetooth wireless devices, such as glucose meter or blood pressure monitor. In addition enabling remote examinations, MedWand can assemble all measurements and required information into a secure electronic health record, enabling a clinical-quality, interactive, at-home telemedicine experience for both patients and their doctors.
With all the advancements we have experienced in technology, routine telemedicine still doesn’t allow examination capabilities for all patients. With MedWand, no matter where the location, patients can experience remote examinations like never before.
MedWand is the first handheld telemedicine device that allows doctors to examine patients and gather important medical vitals, remotely, via secure Internet channels on tablets and personal computers. In the rapidly growing industry of telemedicine, the majority of remote consultations are limited to audio and video without the possibility of direct physician examination. Now, with a MedWand, doctors can listen to a patient’s heart, lungs, and abdomen; look at skin and into ears, nose, and throat with an embedded high-definition video camera; obtain basic vital signs, including blood oxygenation; and even obtain a thre-lead EKG – all remotely, with a single unit that can be cradled into the palm of a hand. In addition, MedWand provides continuous medical vitals monitoring services with alerts when patients may be headed in the wrong direction.
The MedWand telemedicine device was conceived by former Pebble Beach house doctor Samir Qamar, a family physician and founder of MedLion Direct Primary Care, one of the nation’s leading direct primary care companies. It was after being dissatisfied with current limitations of telemedicine that Dr. Qamar came up with the idea to build a compact telemedicine device capable of remote patient exams. After an extensive search, Dr. Qamar approached engineer Robert Rose, founder of Cypher Scientific engineering, formerly of Red Digital Cinema, who agreed to join the project. Together, on a mission to advance telemedicine, Dr. Qamar and Mr. Rose created the MedWand.
MedWand appeals to the entire telemedicine industry. Having already been approached by branches of the U.S. military and many large telemedicine companies worldwide, MedWand will soon be helping hospitals, accountable care organizations, and companies control healthcare costs by allowing real-time examinations to telemedicine services. A major computer manufacturer has offered to be a launch partner for MedWand, and MedWand is ripe for international distribution. Eventually, the MedWand will be distributed directly to patients and their families worldwide.
According to Massachusetts-based BCC Research firm, the global telemedicine market is expected to grow from $9.8 billion in 2010 to $11.6 billion in 2011, and to $27.3 billion in 2016, a compound annual growth rate (CAGR) of 18.6 percent over the next five years. The telehospital/clinic market segment was worth $8.1 billion in 2011. This is expected to grow to $17.6 billion in 2016, demonstrating a CAGR of 16.8 percent between 2011 and 2016.The telehome segment is growing faster than the telehospital/clinic segment. This market segment was valued at $3.5 billion in 2011, and this revenue is expected to grow at a CAGR of 22.5 percent, reaching $9.7 billion in 2016. There is tremendous room for MedWand to affect the entire industry by introducing the ability for telemedicine doctors to perform remote diagnostic examinations using advanced, compact, affordable technology.
How your company differentiates itself from the competition
The only way patients can currently experience telemedicine with examinations is via expensive, bulky technology, such as telemedicine booths, carts and cases. MedWand is expected to weigh no more than a pound, is handheld, and can operate off any computer or tablet with Internet capabilities. All diagnostic devices are combined into a single compact unit, also something new. Most importantly, for quality assurance and continuous supervision, MedWand will be made in the U.S.
In addition to direct unit sales, MedWand users will be able to access MedWand-accepting telemedicine providers via a monthly subscription. Intentionally designed to be affordable for family use, MedWand costs less than a common smartphone, and monthly fees are less than a gym membership. MedWand’s goal is to be able to provide patients the luxury of being examined for simple conditions from anywhere, without necessitating the long, crowded waits typical of medical clinics.
Already heavily developed and funded by the founders, MedWand is expected to soon close on its first round of funding to wrap up manufacturing and advance distribution to interested parties worldwide. As the company grows, more openings are expected for sales, operations, software and tech positions.
MedWand Solutions, Inc. was founded in early 2014.
Number of full-time employees
Currently six individuals working on MedWand, with goals to double in next several months.
Las Vegas, Nevada