Healthcare is important and we all depend on it. Governments want an efficient system that operates at a low cost. Healthcare practitioners want to provide the best level of service possible while minimizing clinician burnout. Patients want access to quality care whenever they or a loved one needs it.
In recent years, as organizations and practitioners shifted to automate and digitize patient records, reporting, and information sharing, new challenges emerged. Organizations were required to upgrade their technology, implement new processes, and hire resources to deploy, maintain, and troubleshoot new systems. Today, the diligence process to onboard new technologies has become increasingly complex and time consuming.
Identifying and Addressing a Growing Gap
Recognizing these gaps, Balaji Gopalan and Simon Woodside co-founded MedStack in 2015, and remain the Chief Executive Officer and Chief Technology Officer respectively. The company’s flagship product is a secure cloud-based platform that provides a basis for building custom medical software applications. Designed exclusively for the health and medical sector, MedStack’s solution is Health Insurance Portability and Accountability (HIPAA) compliant and includes automated features to streamline the vendor security review process. Essentially, MedStack has eliminated all major hassles for digital health solution adoption.
As Gopalan notes, “Given the strict regulatory, security, and compliance requirements in digital health, we saw the value a standardized technology platform could provide for both application developers and healthcare organizations looking to implement these technologies. We also knew that data security and privacy are critical considerations in healthcare. Our technology solution meets the healthcare industry’s robust industry requirements and makes it possible to proactively maintain privacy and security compliance on an ongoing basis. We take care of the technology back end so our clients can focus on other areas of their business.”
Momentum and Growth to Meet a Growing Demand
COVID may have accelerated patient demand for virtual health options, but MedStack was already servicing a growing digital health market as organizations looked for innovative ways to streamline operations and improve service levels.
MedStack has been building impressive momentum over the past few years. In 2021, they doubled their revenues and have continued to grow in 2022. This year, MedStack also doubled their number of employees and has even more new jobs planned – all while receiving a certification as one of Canada’s Great Places to Work and recognition as an outstanding global health and medical technology company with a MedTech Breakthrough Award.
Developing Custom Solutions in Less Time and at a Lower Cost
Utilizing MedStack, digital healthcare companies can inherit up to 70% of HIPAA’s administrative, physical, and technical requirements to create ready-to-market solutions faster, easier and more affordably. MedStack’s platform meets the highest level of industry standards and manages regulatory compliance and cybersecurity so developers can focus on maximizing the features, benefits, and customized value of their software solutions. MedStack’s security posture has been reviewed and accepted by healthcare enterprises, government agencies and academic institutions, including several notable payers and providers in North America.
Helping Organizations Evolve their Businesses
Inkblot Therapy Inc. (Inkblot), Canada’s fastest-growing virtual mental health platform, was looking to expand globally and needed to demonstrate that its solution met all necessary regulatory requirements and could easily scale. MedStack helped Inkblot maximize investor appeal, setting the stage for geographic expansion. As Luke Vigeant, President of Inkblot notes, “With MedStack’s understanding of the hurdles facing today’s healthcare industry and their unique, comprehensive approach to compliance, they’ve played a key role in helping us get quality mental health care to more people when they need it. MedStack is a must-have partner for anyone looking to build a secure and scalable digital health technology solution.”
Supporting Innovation within HealthCare Organizations and Institutions
MedStack has also begun working directly with larger healthcare institutions because its platform allows them to meet internal technology standards confidently and easily, enabling operational efficiency. MedStack is streamlining the procurement process and paving the way for easier onboarding of new solutions that optimize care.
Maple, a leading Canadian telemedicine provider, needed a standard system to roll out to its healthcare providers to help them manage non-urgent medical issues. As Dr. Brett Belchetz, Co-Founder and CEO of Maple states, “MedStack was instrumental in helping Maple to design and implement a secure solution for hosting medical data. Maple could not have launched as rapidly without MedStack.”
A Complex Environment Simplified
Healthcare systems are complex and are increasingly being targeted by cybersecurity threats. MedStack’s solution minimizes against these risks and provides digital healthcare companies with peace of mind as they develop solutions for the future of the industry.
A Solution that Benefits All of Us
When successful innovation happens in health care, we all benefit. MedStack provides a standardized technology platform for the digital health market that is secure, compliant, and robust. A turnkey solution that is low maintenance and enables innovation at both an organizational level and within the digital health developer community. Successful entrepreneurs solve human problems and MedStack appears to have hit the bullseye.