Rachel Phillips Founder of Med-Rok Systems Pitches Transpedite on ‘Ignition Pitch Competition’ at Converge2Xcelerate | ESG News – Boston, MA
Rachel Phillips, Founder of Med-Rok Systems pitches Transpedite at Converge2Xcelerate Conference (Boston, MA)
- Transpedite: Process automation software for healthcare industry
- Hospitals lose $22 million per year on discharge delays
- Transpedite streamlines highly manual process from days to minutes
INTERVIEW TRANSCRIPTS: Rachel Phillips, Founder of Med-Rok Systems Inc.
Rachel Phillips – Founder, Med-Rok Systems: 00:00
Hi, I’m Rachel Phillips, founder of Med-Rok Systems and we’ve created patent pending process automation software for the healthcare industry. Next, I’ve been an ICU ER in case management RN for over 30 years working with hospitals, physicians and insurers to decrease cost and eliminate waste. Next, my primary role working with hospitals is to make sure that there’s timely hospital discharges because when a physician decides a patient doesn’t need hospital level of care any longer, the insurance stops paying. Even if the patient remains there, each day of this hospital delay can cost hospitals 3,000 to $12,000 per day losses of up to 22 million annually per hospital. The national average, a discharge delay for placing patients in skilled nursing facilities is 3.5 days and a shocking eight days to place homeless patients in a shelter.
Rachel Phillips – Founder, Med-Rok Systems: 01:07
The reason for these delays is that hospitals are still relying on a manual workforce with the phone calls and the pulse emailing or faxing to multiple facilities even when they don’t have a bed. And this can cause sometimes they need 15 to 25 case managers and support staff and it takes them days and weeks to find a skilled nursing bed. Working in this environment, in this inefficient process. I began to wonder, why can I go on Trivago or Hotels.com and book a hotel room in minutes while it takes so many nurses in so many days to find a skilled nursing or shelter availability. That’s when I had my “aha” moment. And realize that a Trivago like application could streamline this costly process from days and weeks to actual minutes. And I created Transpedite
Rachel Phillips – Founder, Med-Rok Systems: 02:09
So Transpedite is on a HIPAA managed server. It uses VPN and our onsite RSA and similar to posting hotel rooms, skilled nursing facilities, recuperative subacute El tacks and shelters post their bed availabilities in real time. The system matches the patients to the actual appropriate open beds with intelligent clinical algorithms and auto scans every 15 minutes for newly entered beds and newly inter cases. It prioritizes contracted facilities and provides insurer auto-authorizations, which can actually delay sometimes two to four days waiting for the insurer to give you authorizations for skilled nursing home health, home infusion, and also telehealth referrals are also on this system. Creating an open skilled nursing beds literally takes seconds. So that includes the room number, the gender and the isolation. So it uses the isolation MRSA, sputum, VRE urine, and that’s what makes it difficult to find beds.
Rachel Phillips – Founder, Med-Rok Systems: 03:18
So it’s very simple to put the bed on the system. And once the matches and submissions are made between the multiple hospitals and facilities and shelters, a series of interactive status exchanges culminates in a bed claim and an insurer authorization and booking the contracted ambulance online. This system is interactive. So if a hospital claims a bed and decides the doctor cancels the transfer, the bed opens up to another hospital. So it’s like canceling an airline flight. It opens it up to everyone else. I mean it essentially eliminates phone calls, faxing and like blockchain, it is a unified secure platform where data is entered in real time and where multiple users are informed. It connects the hospitals, the facilities and the payers. It utilizes a central monitor, much like an air traffic control system. It enables a single support staff to manage the interactive exchanges of a 200-bed hospital where now it takes literally 15.
Rachel Phillips – Founder, Med-Rok Systems: 04:24
Market opportunity. The global healthcare it market is 134 billion. The one we’re looking at in California, 297 million. Our business model is annual subscriptions. Hospitals. We charge 120,000 annually when you can save that much on two ICU level patients going to El tax in just 10 days. Skilled nursing, 30,000 annually, shelters are free. Health insurers are 200,000 annually for those automated authorizations. Our projected two-year gross revenue in California as a hundred million nationwide, third and fourth with nationwide deployment, $1.4 billion. We do have LOI’s from Alto course five hospitals. MLK, we’re in talks with Providence. We are talking with LA Care to do a small pilot. Our competition just uses pulse faxing and discriminately the old method. It’s just emailing instead of faxing. And it takes days and weeks. Our team is a group of healthcare professionals and healthcare IT professionals and affordable, intelligent healthcare leads to affordable intelligent healthcare.