PILOT Health Tech NYC is new program that provides funding of up to $100,000 each to 10 innovative pilot projects to take place in New York City. Winner Vital Care Services uses consumer friendly telehealth technology to allow healthcare providers to interact with their remote-location patients as often as necessary, and implement a customizable regimen to match each patient’s individual needs.
Tell us about your product/service.
Vital Care Services provides user-friendly TeleHealth technology that allows clinicians and patients to connect remotely through a Web portal and WiFi/4G mobile TeleHealth monitors. These monitors relay pertinent vital signs, personalized daily questions, medication reminders, and clinical advice immediately through our HIPAA-compliant secure servers. Healthcare providers can interact with their remote-location patients as often as necessary, and implement a customizable regimen to match each patient’s individual needs. The innovative TeleHealth software running on commercial tablets is simple to operate for patients with no prior computer experience. The patient is connected anywhere, and at anytime to a healthcare provider.
What market are you attacking and how big is it?
Our market is the Health and Medical Technology industry. The United States has the largest healthcare services market in the world, representing a significant portion of the U.S. economy. In 2010, the healthcare services industry accounted for approximately $1.75 trillion in revenues and employed more than 14 million people, or nine percent of the U.S. workforce. The U.S. Bureau of Labor Statistics estimates that growth in the industry will yield 3.2 million new jobs between 2008 and 2018. Jobs in home healthcare services and diagnostic laboratories are expected to grow at the fastest pace – up to 40 percent during the next 10 years.
What is the business model?
Vital Care Services offers comprehensive solutions for the growing healthcare service delivery market. Vital Care was established when it became evident that there was a need to implement cost-effective solutions for health and wellness care delivery, personalized to individual’s needs, in their own living setting. The company’s solutions ensure that patients stay healthy, follow their designed care plans, and avoid costly hospital re-admissions and ER visits.
Tell us what it means to be matched up to a large healthcare institution.
We are excited to be working with Pace University. TeleHealth is a growing interdisciplinary initiative at Pace University. Pace has a strong presence in New York through two main campuses (NYC and Westchester) and supports two programs of study; The Seidenberg School of Computer Science and Information Systems, and the Lienhard School of Nursing. We believe that our unique partnership, working with both Pace University technology and nursing school, will lead to successful training and implementation of the future of healthcare.
Why did you choose NYC over other locations for your project?
We (Dave and Chris Gaur) grew up in New York City. Our goal is to create a strong ecosystem. The diverse socioeconomic communities give us the ability to create healthcare technology and contribute to New York City’s economy. The Pilot Health Tech NYC project will allow us to implement these plans in a much bigger and faster way. We feel it is important to not only develop our innovative solutions in NYC, but to keep it here and build NYC as the leading healthcare technology hub. This is part of our focus for the future, and part of our outreach mission.