PocketHealth’s patient-centric product introduces a new way of thinking in healthcare and has been instrumental in keeping hospital departments afloat during the current COVID-19 crisis.
The company recently announced a $9.2M raise in funding – while it seems hard to believe a startup could be pursuing growth and attracting investment in this environment, PocketHealth isn’t at all surprised that demand has skyrocketed.
Healthcare institutions have traditionally been slow to embrace innovation. However, Rishi Nayyar, Co-Founder & CEO of PocketHealth, explains that many have had no choice but to adopt new technology in hopes of relieving burdens on resources.
PocketHeath has completely modernized how sensitive medical imaging is shared between hospitals, imaging clinics, doctors and patients. The platform has stopped patients from making unnecessary hospital trips and being exposed to potential risk, and given institutions more resources to deal with COVID-19 screening and other related activities.
We caught up with Rishi to pass along our congratulations on the company’s raise and to learn what’s next in store for the company given the news – which includes big plans to scale.
Check out our Q&A with Rishi below.
Tell us about how you and your brother co-founded this business together.
The idea for PocketHealth began with a simple experience that my brother, Harsh, had while he was working in the Bay Area in Silicon Valley. He was playing tennis and sprained his ankle quite badly. He was required to get an MRI and an X-ray, and when he was done with that MRI, he was handed two CD-ROMs.
The thought of receiving CDs back then, which was in the mid-2010s, was quite absurd – especially considering the work he was doing in the Valley. At that time, he was an early engineer at a startup that eventually got acquired by Google. He was working on app virtualization: streaming large quantities of data to mobile devices all around the world, gigabytes of data. Meanwhile, in healthcare, hospitals and imaging centres had these small image files being placed on a CD-ROM to give to a patient. This patient was, by definition, sick. They’d have to come to the hospital, pick up the CD-ROM and then drop it off at their doctor’s office to continue their care. Harsh thought, why is this a primary way that imaging records are released? That’s something that stuck with him. He called me and said, “Look, this is a problem and we can build the tech to solve it.”
Time passed. The startup he was working at got acquired by Google. He eventually left Google and I left my job where I was working in banking. We saw an opportunity to create a cloud platform that would completely change the healthcare industry, and that’s when we started PocketHealth.
Can you tell us more about PocketHealth’s product?
PocketHealth is a cloud platform that allows hospitals and imaging clinics to share imaging records virtually with patients, physicians, and other hospitals and clinics. From the patient’s perspective, PocketHealth allows them to access and control their medical imaging records in the palm of their hand, in full diagnostic quality, and then share it with any physician in the world – instantly.
What has PocketHealth’s journey looked like since graduating in 2018?
The DMZ helped us ensure we had the systems in place to grow responsibly. We were surrounded by companies at the same stage of growth, and we were able to learn from these companies and the mentors. When we hit hyper-growth upon graduating, we were prepared.
We grew our product scope, significantly enabling hospitals to not just share with patients, but to also receive imaging inwards. Those products made a great impact in the market. It allowed us to grow our client base significantly – to the scale we’re at today.
In the early days of this pandemic, did you have any worry that it could negatively affect your company?
No, we knew from the beginning, especially working in health care, that COVID-19 would dramatically increase demand for PocketHealth. Burning CDs was no longer an option. COVID-19 has put a spotlight on the need for hospitals and clinics to modernize the way they share medical imaging. There are still patients who need imaging, who need to undergo diagnosis, who need treatment, and they require a copy of their exam to further their care. However, requiring patients to come on-site to pick up a CD is just not possible anymore.
How has the COVID-19 pandemic increased the demand for a product like PocketHealth?
We’re having Directors of medical imaging and CEOs of hospitals calling us saying, “We needed this yesterday”. We’ve increased the number of sites deploying on our platform by over 300 percent monthly as imaging clinics and hospitals across North America grapple with this problem.
We’ve been advantaged: one, we have a product that is extremely strong in the market and is patient-centric, and two, we’re built for rapid deployment. We’ve been able to go live at a hospital in days or even hours. From an I.T. perspective, it’s unheard of – to completely switch how you perform a job function or a data-release function in such a short amount of time.
It was recently announced that PocketHealth secured $6.5 million USD ($9.2 million CAD) in funding. What does this first round of funding mean for the company?
This capital will allow us to scale our team significantly. We are hiring across all teams: customer success, sales, marketing and engineering. We’re hiring a mission-driven team to achieve our expansion goals. We want to reach out to the millions of patients that we haven’t touched yet, as well as thousands of hospitals and clinics where we aren’t deployed yet.
What does the future look like for PocketHealth? What are the company’s next milestones?
We’re trying to attract top talent in all of our roles who care about the problem that we’re trying to solve. We know that we have a platform that is unique in the market, that has this amazing ability to resonate with patients and with the providers. We’re driven to expand PocketHealth beyond the scope where it already is. We’ve been able to get this far as a mission-driven, but bootstrapped, company. We’re excited to see what the next phase brings. We think it will bring more patient centricity, more patients who are empowered and involved in their care, and hospital departments that aren’t burdened with the inefficiencies of slow and outdated imaging release systems.
We have some exciting deployments outside of our traditional geographic markets that will be announced soon. This is definitely a global issue. We know that patients’ desires to be in touch with what’s going on in their bodies are universal. It transcends geographic and political boundaries. The product and infrastructure we’ve built it on is designed to scale globally very quickly.
What advice would you have for founders who are riding out the current pandemic?
Focus on the fundamentals. If you’re around right now, there is some value to your product. In bull markets, there can be a tendency to run a lot of experiments and expand your scope beyond your typical value proposition, but I would advise you to get to the basics. Think about why people purchase your product. How does it make them feel? How does it change their lives? Double down on that. That’s where you’re going to get the highest return. Look inwardly and create a focal point for your team to work towards. That will give you the best shot of weathering this storm ahead.
If you have the skillset to help PocketHealth advance their mission, they want to hear from you! Take a look at PocketHealth’s website to learn about the benefits of working for this high-growth company and the current job openings available.
Questions? Let us know at email@example.com
The DMZ is a leading business incubator for tech startups in Canada. They help startups build great businesses by connecting them with customers, capital, experts and a community of entrepreneurs and influencers.
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