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New York, December 7, 2021/PRNewswire/ - Keeping up with precise documents and countless regulations is not only a burden for doctors, it also limits important doctor-patient interactions and limits accurate and compassionate Patient care. Many healthcare professionals consider this to be the biggest pain point in the doctor-patient relationship. The idea of outsourcing this task to a third party who has the resources and expertise to generate the necessary documentation more cost-effectively seems to be a reasonable economic division of labor. There is no doubt that with the latest advances in automatic speech recognition (ASR) and natural language processing (NLP), technology is increasingly inclined to support virtual document solutions. These technologies are an integral part of the virtual document solution developed by Augmedix Inc. (NASDAQ: AUGX) (Introduction). As a pioneer in virtual, real-time, medical record documentation, Augmedix is "re-humanizing healthcare" and reducing the pressure on the healthcare system through its unique digital health platform, which provides virtual medical documentation and real-time clinical support. The company is a pioneer in integrating next-generation technologies into the healthcare market, which is known for making changes carefully. Together with Augmedix, other companies in the industry, such as Vocera Communications Inc. (NYSE code: VCRA), Phreesia Inc. (NYSE code: PHR), American Well Corporation Class A (NYSE code: AMWL) and DarioHealth Corp. (NASDAQ: DRIO) are leading the healthcare industry to shift to more efficient nursing, office practices, and data management standards.
Click here to view a customized infographic of Augmedix Inc. Editorial.
For many reasons, today's healthcare standards are mature and can be innovated, the most important of which is: better patient care and improved results. New practices and systems are also needed to reduce the financial loss of the already strained healthcare system. Then the doctor himself. When doctors are allowed to focus on being a doctor, they can save up to three hours a day (which is 33% of a typical day), increase productivity by up to 20%, and increase satisfaction with work-life balance by more than 40 %.
The mentality of more than 1 million doctors in the United States does not seem to have received much attention, but considering the effects of exhaustion or depression, it should be taken seriously. Doctor burnout is very real, causing about 4.6 billion U.S. dollars in losses to the country every year.
The culprit is the documentation. Have you noticed the time the doctor spends on the computer during the office visit and the time actually interacts with the patient? Augmedix Inc. (NASDAQ: AUGX) estimates that doctors' processing of their own documents causes up to 100 billion U.S. dollars in losses to the US healthcare industry each year, while reducing the efficacy and satisfaction of doctors and patients.
Augmedix's Environmental Automation Platform (AAP) eliminates the burden of documentation and shifts the focus to patients by providing doctors with smartphones or Google Glass devices that can access the Augmedix platform. The doctor opens a secure communication channel through the device provided by Augmedix. When the patient and the doctor interact naturally, the device transmits audio and video to the platform. These data are then run through the company's proprietary technology and converted into medical records, which are recorded in the patient's medical records, all without the need for manual input by the doctor during the visit.
From small practices to large healthcare companies, the platform has economic and practical significance while maintaining the highest degree of security. As face-to-face solutions lose the favor of virtual solutions, Augmedix is providing its medical records solutions and a set of related products to companies in the healthcare sector across the United States.
Meet EHR needs and keep up with the telemedicine trend
Augmedix's platform is compatible with more than 35 professions in various healthcare environments. The technology has nothing to do with any application that doctors use for telemedicine access, a trend that has flourished during the COVID-19 pandemic and will almost certainly become entrenched in future healthcare businesses.
The speed of processing data depends on the doctor. After choosing Augmedix's real-time service, trained medical documentation experts will review the conversation as it occurs and collect relevant data in a software application called Notebuilder. From there, Augmedix’s proprietary AAP combines structured data models, ASR, machine learning, and NLP to convert input into medical records, which are then immediately uploaded to the patient’s electronic health record (EHR), where the doctor will sign the patient shortly thereafter The appointment ends.
When choosing to provide asynchronously, the conversation between the doctor and the patient will be recorded and passed through the ASR software model of Augmedix. The text output is edited by experts and further processed by Notebuilder into a comprehensive and accurate medical record, and then returned to the doctor, usually at the end of the day or the next day.
The healthcare market is flooded with acquisitions and mergers. In April, Microsoft agreed to acquire Nuance Communications, a medical cloud and artificial intelligence software company, at a premium of 23%, with a transaction value of US$19.7 billion. The acquisition is part of the Microsoft Healthcare Cloud division launched by Microsoft in 2020, the latest move aimed at leading medical trends.
In this likely to be another multi-billion market opportunity, Augmedix estimates that its total potential market in the United States is approximately 295,000 doctors, which will translate into approximately $6 billion in annual revenue. By then, the company has identified a path to directly expand to approximately US$1 billion through healthcare companies that are already customers. It is now part of Augmedix's "land and expansion" strategy, where core products attract customers and then up-sell other products. .
Augmedix is unique among its peers with its business model and technology, which is built around unconstrained doctor-patient dialogue as an input to its note creation process. The company benefits from the inherent flexibility designed in its technology platform and operating infrastructure to accommodate a wide range of doctors’ workflows and several attractive end markets. The Augmedix platform is a very simple design, it maximizes the use of today's technology, and can be easily enhanced with the development of technology.
The industry is undergoing a transition to adopting new document solutions. So far, the market penetration rate is still very low, which provides sufficient advantages for solutions based on the environmental dialogue between doctors and patients. Augmedix's third-quarter revenue increased 33% year-on-year to $5.6 million. Compared with September 30, 2020, as of September 30, 2021, the number of active physicians has increased by 51%. Although this is an astonishing growth, Augmedix still has hundreds of thousands of doctors to cater to its total target market, which bodes well for the future.
There is an urgent need to reduce the burden of documents faced by doctors. Companies that provide solutions are also facing huge opportunities. The challenge is to find flexible and scalable solutions to address the high degree of heterogeneity between healthcare companies and doctors. Many people believe that Augmedix provides flexible and scalable solutions that can play a real role when others in the field seek to open up a niche market.
Vocera Communications Inc. (NYSE: VCRA), a recognized leader in clinical communications and workflow solutions, announced this month a partnership with Amazon to build Vocera skills for Alexa. This skill utilizes a set of technologies from Alexa Smart Properties and meets HIPAA standards for healthcare customers. Alexa's Vocera skills will expand the Vocera ecosystem to provide patients and their families with a hands-free, immersive voice experience.
Phreesia Inc. (NYSE: PHR) provides a powerful set of applications for healthcare organizations to manage the patient reception process. PHR's innovative SaaS platform attracts patients and provides a modern, convenient experience, while enabling our customers to enhance clinical care and improve efficiency. In September, Phreesia obtained the updated HITRUST CSF information security certification, verifying Phreesia's commitment to meeting key regulations and protecting sensitive information.
American Well Corporation Class A (NYSE: AMWL) is a leading global telemedicine platform that connects and helps doctors, insurance companies, patients, and innovators provide more opportunities for more affordable and quality care. This award-winning company provides a single integrated platform that supports all telemedicine needs from emergency to acute and post-acute care as well as chronic care management and healthy living. With more than ten years of experience, Amwell provides telemedicine solutions to more than 2,000 hospitals and 55 health plan partners.
DarioHealth Corp. (NASDAQ: DRIO) is the world's leading digital therapy company, revolutionizing the way patients with chronic diseases manage their health through the next-generation artificial intelligence digital therapy platform. DarioHealth provides one of the most comprehensive digital treatment solutions on the market, covering a variety of chronic diseases in an integrated technology platform, including diabetes, hypertension, weight management, musculoskeletal and behavioral health. This month, as interest in the employer's market demand has grown stronger in the full set of solutions, DarioHealth has acquired more new customers, bringing the number of contracted customers so far to 49.
Medical technology is a complex industry, with countless nuances and curveballs in every corner, requiring ingenuity to lead the transition to the next healthcare era. It is common sense to use technologies that allow doctors to interact with patients more effectively. Companies that occupy a significant share of the market can easily get unusual returns.
For more information about Augmedix Inc. (NASDAQ: AUGX), please visit Augmedix Inc.
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