Blockchain Solution for Storing Medical Records
Apotheka is software-as-a-service designed to be a digital health solution.
Simply put, this software integrates with electronic medical records systems. It then transforms these systems into secure blockchain-based ecosystems that prioritize security, data integrity, and interoperability.
Apotheka’s software solves a major problem plaguing the healthcare industry: hospitals today have poor security and encryption practices.
These problems have led to countless data breaches. They’ve also led to patient data storing incidents that have resulted in duplicate medical records, misdiagnoses, billing errors, and instances of medical malpractices.
To get a sense of the scale of these problems, consider these statistics:
• According to IBM Security, the average cost of a U.S. healthcare-related data breach is $15 million.
• Companies like eClinicalWorks have been sued for nearly $1 billion for storing inaccurate medical records.
• Hospitals suffer an average monthly revenue loss of $2.5 million due to a lack of interoperability.
• And recent FBI data even suggests that an individual’s personal medical data can fetch more than $400 on the black market.
In short, problems with collecting, storing, and tracking medical records are extremely costly.
Apotheka was created to reduce these costs. Here’s how:
Essentially, Apotheka uses blockchain technology to solve various “friction points” in the healthcare industry.
Its platform stores and encrypts patients’ medical records on the blockchain to enable deeper security. This prevents hacking and data breaches, provides privacy to ensure HIPPA compliance, and interoperability to facilitate easy data sharing.
Patent-pending technology enables hospitals to easily scan and validate a patient’s identifiable information (name, SSN, DOB) against unique biometric data points. Furthermore, physician credentialing checkpoints in the software reduce instances of healthcare malpractice.
To create its software, Apotheka’s team initially built a simulated electronic medical records platform.
From there, it applied blockchain technology to key areas of patient scheduling, point of care, and revenue cycle (payment flows to include insurance companies).
In November 2018, Apotheka launched Phase 1 of its platform to healthcare and technology customers in Los Angeles. Its software is now in use at Cedars Sinai TowerENT, Stemcell TherapeuticsLA, Pacific Stemcells, HealthCenturion, and Metrohealth International.
Apotheka is now raising capital to begin Phase 2 of its plans. This phase includes an aggressive marketing campaign and securing customers currently in its pipeline. These include Athenahealth, HCL, and Zendyhealth.
Phase 2 will also bring the first revenue for Apotheka. Revenue will initially come from subscription and licensing fees; future revenue sources include white-label services and additional licensing opportunities.
With respect to its subscription plans, the company will charge an average of $275 per month per license. It also aims to generate an average of $250,000 annually through support and maintenance fees.
Dennis’ healthcare experience includes more than 12 years at hospitals and medical-focused academic centers.
Early in his career, he was a project manager for Cedars-Sinai Medical Center, where he focused on the hospital’s enterprise systems.
After that, he was a consultant at the University of Southern California, specializing in the university’s mergers and acquisition efforts. While there, he helped the school acquire its university hospital and the USC Norris Cancer Hospital.
More recently, Dennis was an executive consultant with MemorialCare Health System, where he advised the company on IT and clinical matters. From there, he founded Founder Institute, an organization providing mentorship and strategy to entrepreneurs.
He earned a Bachelor’s degree in Computer Science from Middle Tennessee State University and an MBA from the University of La Verne.
Victor has designed and developed software products for 25 years.
Prior to joining Apotheka, he was a principal software engineer for Hitachi Solutions, an IT services company. Before that, he was a software development consultant for Mindcracker, another IT services company.
Earlier, he spent four years as a principal software engineer with IBM, where he served as a development lead on a team completing software for large medical clients. He held this position after three years as a principal software engineer with DR Systems, an IT services company focused on the healthcare industry.
Victor earned a Bachelor’s degree in Computer Science from San Diego State University.
Luis has more than 20 years of consulting experience. He’s co-founded two previous startups, including Somega Healthcare Systems, which was acquired.
For the past seven years, he was a program director for the the Los Angeles Care Health Plan, an organization serving California residents through a number of health coverage programs.
Prior to that, he was a program manager for Molina Healthcare (NYSE: MOH) and before that was a program manager for Westfield Realty Group.
Earlier in his career, Luis was a project manager at Cedars-Sinai Medical Center, and started out working for Kaiser Permanente.
He earned a Bachelor’s degree in Integrative Biology from the University of California, Berkeley.
Before joining Apotheka, Daniel worked on the payer side of healthcare with organizations providing health insurance to underprivileged communities.
He spent nearly six years with LA Care Health Plan, serving as a project specialist and senior business analyst. Prior to that, he interned at St. Francis Medical Center and the Los Angeles Biomedical Research Institute.
He earned a Bachelor’s degree in Psychology from the University of California, Davis and a Master’s degree in Health Care Administration from the University of Southern California.