In recent years, the emergence of digital health has helped pave the way for a revolution in the healthcare industry. From wearable technologies to mobile applications, this industry is growing exponentially and helping to shape the future of the human civilization.
From wellness trackers which monitor fitness goals and sleep patterns; mobile apps which help you maintain your diet; and even devices like Google Glass – an innovative new product that lets doctors perform remote surgeries with high-definition video screens — innovation has reformed the way healthcare services are delivered.
TachyHealth is an avid proponent of such innovation and is reforming the healthcare space through its next generation solutions that drive the value-based healthcare for patients and service providers with AI and Data Science.
In the following interview, Dr. Osama AbouElkhir, the CEO provides his insights about the current landscape of the HealthTech industry, the aspects that make TachyHealth a leading player in the market, and his vision for the company’s future.
Following are the highlights of the interview:
Please brief our audience about TachyHealth, its mission, and the key aspects of its stronghold within the healthcare services niche.
TachyHealth is a digital health start-up that utilizes artificial intelligence and data science to offer solutions that aim to save lives with the latest cutting-edge technology by driving the focus of the healthcare industry on what matters—the patients—and in doing so, taking away all the waste, redundancies, and inefficiencies with value-driven healthcare solutions for both healthcare providers and payers.
By doing so, we drastically reduce the doctors’ time wasted on admin work, and the medical coding and claims management teams’ time being wasted on manual, tedious, and traditional work.
Tell us more about the offerings that give your company a distinct edge to stand out from the competition?
We at TachyHealth are reinventing healthcare’s provider-to-payer interaction by working on a connected value chain of data using the following technology systems:
- On the health provider (hospitals) & Revenue Cycle Management companies (RCM) side, TachyHealth offers the below AI-driven solutions:
- AiGuide; is a doctor’s decision support solution used to create a medical report as per international guidelines.
- AiCode; is a medical coding solution, used to transform medical reports into coding outputs as per the international coding guidelines.
- AiClaim; is a claims management solution that identifies and corrects abnormal claims.
- On the payers (insurance companies) and Third-Party Administrators (TPA) side TachyHealth offers:
- AiReview; is a claims auditing and reviewing solution that empowers payers’ auditing teams to detect fraud, waste, and abuse efficiently, hence delivering seamless payments to providers.
- TachyHealth specializes in healthcare using AI as a core competency to offer a suite of intelligent solutions, all at competitive pricing.
- The solutions are cloud-based, thus can be accessed from anywhere with the internet.
- Machine learning-based model allows TachyHealth solutions to get better with time, as we keep gathering data from clients.
- SaaS model: TachyHealth uses a SaaS model to onboard clients instead of consulting and project-based models.
- Testing, proof of concept, and onboarding clients can be done remotely.
- TachyHealth adjusts its solutions based on local regulations in terms of coding standards and data sharing standards.
- TachyHealth is addressing specific industry needs and challenges that others fail to understand or address due to their lack of industry-specific know-how and expertise. Whereas TachyHealth has a diverse multidisciplinary team with focus areas in healthcare, AI, and machine learning.
What is your opinion on the effects of the current pandemic on the healthcare sector, and what challenges did your company face during the initial phase of the pandemic?
Although the pandemic has harmed most economies, including healthcare, it has also awakened the sector to the importance of expanding and developing more AI and data science utilized solutions that can continue the fast-ever-changing developments that are not reliable on sole human operation.
TachyHealth was lucky enough to not be affected by the COVID pandemic our current solutions and ideas were exactly what was needed during that time and therefore it was realized by many that our offering would alleviate the loss and reductions that were caused by the pandemic.
With continuous development in technologies such as AI and big data, what is your prediction about the future of the healthcare services market?
Healthcare would undergo the largest digital transformation ever amid the massive impact of the COVID-19 pandemic. The big data in healthcare is reaching a critical mass in which the traditional technology won’t be the best fit anymore.
In addition to this, healthcare has a chronic problem, the demand will always surpass the supply which means that we will never have enough healthcare providers and resources to meet the need of the current and future population. All of this would result in a need to deploy machine learning and advanced data sciences on a scale from prevention, diagnosis, screening, patient assistance, and taking away administrative work.
As an established leader, what would be your advice to the budding entrepreneurs and enthusiasts aspiring to venture into the healthcare services niche?
Healthcare is complex, heavily regulated, with legacy systems as the norm. It needs a longer time to establish a new reality than any other industry. However, the prize is big, start-ups in healthcare are impacting people’s lives and health and making them better. Patience and persistence are everything, rushing things out is the enemy of healthcare start-ups. COVID-19 has made it clearer that we want a true change, everyone realizes this now, the time is now.
How do you envision scaling your company’s operations and offerings in 2021?
Our plan for expansion in 2021 will be focused on catering more widely to regional markets, specifically UAE, Egypt, and most recently, KSA. We are already lucky to have many major clients from within the region and we work consistently on advancing and optimizing our solutions and delivery for the satisfaction and growth of our loyal partners and customers. In the next year, we are taking our systems globally, targeting the US and EU markets.
About the Leader
Dr. Osama AbouElkhir, the CEO is a medical doctor, management consultant, and digital health entrepreneur, with +12 years of experience in strategic and operational management in healthcare.
Dr. Osama worked in hospitals, big4 advisory firms, and digital health start-ups with +15M USD projects and solutions. He oversees the building of the company from inception to the scalability stage to deliver solutions to meet niche healthcare and life science market segments.