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Chennai-based LifeSigns iMS, a health-tech startup developing a digital wireless patient monitoring solution platform for ambulatory, inpatient, and home care settings, has raised an undisclosed amount in a pre-Series A funding round. The round had participation from investors, including Dr SP Ganesan, a well-known Pathologist from Chennai with 40+ years of experience.
The startup wants to use the raised capital to accelerate the iMS platform and expand its services India-wide.
The medical industry is experiencing right now one of the greatest technology booms in its history. A wide range of new technologies are developed to help in every aspect of medicine, and researchers are looking to improve results aiming at the most important areas of the industry. Patient care, medical records, remote patient monitoring, surgery, pharmaceutical, and vaccine development, and nearly every other area in the industry, show advances occurring at impressive speed. And if innovation was important before, the coronavirus pandemic rendered it vital.
Remote patient monitoring (RPM) is a new and impactful technology that enables caregiving and monitoring of patients outside of conventional medical settings. These technologies allow monitoring of patients who are at home and in remote areas where clinical access is inconvenient. New technologies and strategies allow patients increased access to care on a round-the-clock basis and can significantly decrease medical costs.
The technology uses a combination of telecommunications, technology tools and software, and patient self-care strategies. Patients are trained to use the equipment in such a manner that health professionals can remotely monitor their activities and health.
Founded by Hari Subramaniam, LifeSigns said it provides technological solutions for patient monitoring usable in hospitals, at home and in ambulances. The startup claims to bring high-quality, clinical-grade patient vital data continuously to healthcare professionals anywhere, anytime, at a reasonable cost.
The announcement comes two weeks after it partnered with Kerala-based Amala Hospital, a leading multi-disciplinary chain of hospitals, to launch a new and innovative smart ward with wearable wireless technology of LifeSigns.
“We have been assisting hospitals become smarter, more technologically advanced, with leaner infrastructure and at lower costs. As we continue to develop technologies that help in improving clinical outcomes, lesser code blues / oranges, better patient safety, drive positive change in the healthcare segment. We remain committed to innovation and excellence. The new fund entering the system will allow us to work more on technology and Human Resource to enhance the user experience, bring more efficiency in clinical data delivery, lower infrastructure spend, bring down cost of healthcare benefitting the patient and providers,” said Hari Subramaniam, Founder & Director LS Devices Pvt. Ltd.
The main investor also sounds pretty convinced his money is going towards a lucrative opportunity to improve patient outcomes,
“The global medical and wellness industry is a $1.5 trillion market growing steadily at 5-10% annually, with the Indian market contributing to it at an exponentially increasing rate. Our investment in LS Devices Pvt Ltd. reflects our confidence that Remote Patient Monitoring. Technology is now accessible to all, and that improving patient care is our top priority. LifeSigns’ rapid growth rate over the last 12 months is recognition, and expanding from in-hospital care to home care and ambulance monitoring is the first step towards improving patient safety and outcomes. With the government enacting new policies and laying out a road map for healthtech firms, we are assured that this association will bear fruit for the masses” Dr. SP Ganesan said Dr. SP Ganesan.
The health tech startup claims to have collaborated with private and public government hospitals across India and managing close to 5,100+ beds deployed on 28,000+ patients.
Remote monitoring is not a brand new endeavor, various similar solutions being used especially during the coronavirus pandemic, to observe patients and feed data to the doctors.
Providence St. Joseph Health, for instance, was working closely with a pair of digital health startups to provide remote monitoring technology for coronavirus patients.
The Washington-based health system was on the frontlines, treating huge numbers of patients who are at risk of contracting or who have been diagnosed with the COVID-19 virus. This is because of the virus’s profound impact on Seattle, an epicenter of the virus.
Various health systems are currently using the Twistle app to not only check in with patients, but also to monitor adverse health trends. Xealth provided Providence the basic platform for integration and automation into the provider’s electronic medical record workflow.
Today, technology is more important than ever in day to day healthcare and for research. Although there have been significant advancements in data sharing for optimal patient outcomes, data interoperability and data sharing between organizations still remains a challenge and can result in incorrect or incomplete patient information. This is particularly a problem for patients with complex medical conditions who need multiple healthcare providers, with different electronic health record (EHR) systems. Family members are extremely important in coordinating this information and should receive access to the patient portal. Other technologies, such as PatientAider and AHRQ’s Question Builder, can help family caregivers prioritize the questions to be asked of their provider during each of their visits. Access to the patient portal, as well as use of technologies to optimize clinical visits, can help family caregivers maintain control of their loved one’s condition and information.
With an exclusive set of 21 USA patents, LifeSigns is the first company to introduce cutting-edge remote monitoring solutions to India. For use in hospitals, ambulance care, and home monitoring, a wireless, multi-patient, multi-parameter remote monitoring solution.