Announcing Our First Investment: MedFlik
Today I'm extremely excited to announce Underground Ventures' first investment.
MedFlik is a patient referral software that helps healthcare providers refer patients and share all pertinent information about said patient with just the click of a button.
The patient referral space is massive, with over 100 million referrals occurring annually in the U.S. alone, yet the process is still very antiquated. Currently, it typically takes anywhere from 24 hours to 3 months for patients to have an appointment booked with a specialist due to the manual nature of both the information transfer and appointment scheduling.
Depending on the nature of the patient's condition, this wait could be the difference between life and death. Even in less severe cases, the impact caused by so much inefficiency results in over 1/3 of patients not attending their follow up appointments.
In addition to the aforementioned issues, the current patient referral process leaves over half of specialists feeling that they received insufficient information regarding the patient's condition and over half of primary care providers uncertain as to what follow-up steps were taken with their patients.
MedFlik's team particularly stands out, as founders Dr. Dwarakinath Harish and Radhika Harish each have over 20 years of experience in the patient care space. Together the duo founded Atlanta-based Northside Nephrology and expanded the practice to multiple locations while helping over 20 other physicians launch their own private practices. Dr. Harish was one of the first physicians in private practice nationally to adopt EHR. Due to his experience in helping other physicians adopt the now wide-spread technology, he is uniquely positioned to understand the problem he is solving, drive adoption from target customers, and capture significant marketshare.
With almost 290,000 patient care facilities in the country and over 90% utilizing EHR, MedFlik couldn't come at a better time. The infrastructure is in place to support the solution and the need for the solution is undeniable. While major players in the medical software space such as ReferralMD, Cerner, and Clarity Health (acq. SCI) have begun to hover around the patient referral space, these solutions merely track the referral process rather than facilitate a more streamlined opportunity to help patients get the quality treatment they need in a timely manner.
In short, MedFlik is led by a strong team and is tackling a huge problem in a largely untapped space. If you can't tell, I am extremely excited about MedFlik's entry into the market, which should arrive in Q1 of 2020.