14th May 2021: Bangalore based Connected Care & Remote Patient Monitoring (RPM) startup has raised $0.5 million in Pre-Series A funding. This investment is led by an investment banker directed business group, a team of technocrats & industry veterans from USA & India, a bio-scientist from Australia and others.
MedTel, a device and disease agnostic health tech company, leverages evidence based remote monitoring tools that help manage chronic diseases, COVID19, pregnancy and other health conditions.
MedTel was founded by a team of doctors, IIM alumnus & tech enthusiasts having experiences in organizations like World Health Organisation, National Health Service (UK), UnitedHealth Group, Apollo Hospitals etc. MedTel was incubated in KIIT - TBI, Bhubaneswar and supported with seed funding from INVENT, Startup Odisha and Bharat Petroleum Corporation Limited.
RPM adoption is currently deployed in only about 25% of hospitals, even in the USA. Studies have shown that 88% of providers either have invested or are considering investing in RPM technologies. The patient monitoring devices market is projected to reach USD 25.31 billion by 2023 and MedTel envisions to build traction in the developing nations and go global. They have already served market leaders like Apex Hospitals, Fortis Healthcare, Apollo Hospitals, Corporates, and 30+ national and international clients.
The smart RPM platform incorporates a wide range of medical grade connected care devices, a smartphone app, and a web-based platform for hospital access and monitor patients who use these at home. These devices include the blood pressure machine, body composition analyser, glucometer, pulse oximeter, portable ECG and many more IoMT devices for the patients. The system has an in-built capability to alert doctors and patients in case of abnormal readings. It is like a plug and plays platform for providers and their patient's Patients usually miss their routine monitoring for different chronic diseases. MedTel’s device-agnostic proprietary platform with evidence-based clinical algorithms, remind patients in every step to adhere to the treatment protocols. 90% of consumers believe remote health monitoring devices help better manage chronic conditions. MedTel intends to make hospitals, clinics, individual practitioners, and corporations empowered with its product MedTel iLab & iRPM.
“Trust and privacy is the key in digital health practice,” said CEO Lalit Manik. “More than 80% Indians are not having health insurance. It is more important in building trust among doctors who play a central role in medical practice keeping patient privacy intact.”
Dr. Soumyakant Das, Co-founder and Business Head, a physician & IIM Lucknow management graduate said " MedTel Healthcare plans to lead Disease based Connected Care solutions encompassing Chronic Health Conditions Pregnancy, Oncology & Mental Health. MedTel’s tech-based approach in providing healthcare is rooted in Smart Connected Care, Digital Therapeutics and Interoperability of Data "
Having served 100,000+ patients by bringing 700+ doctors on board already, MedTel plans to spend the funds in business scaling, product improvement, disease portfolio expansion, wearables and health sensors foray.
*This story is published by VOH team*
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