Innovative Company Biotricity is Providing Solutions for Chronic Diseases

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

A new study revealed that 44% of older millennials that will soon hit 40 suffer at least one chronic health condition that takes a toll, both financially and emotionally — an alarming number compared to previous generations

Chronic care is not only growing and creating considerable demand on health systems; it is also becoming alarmingly costly for these patients. 

Biotricity Inc. BTCY, a medical diagnostic and consumer healthcare technology company, is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. The company believes the future of healthcare is in smart connected medical devices and it is leading that vision through the development of its solutions.

Companies like Biotricity play an essential role in providing a solution for chronic patients suffering from heart diseases, among other concerns. That is why the company works side-by-side with physicians and patients to provide a fast and effective care tool that can reduce the costs among these patients.

Here’s what you need to know.

Chronic Diseases and Higher Out-of-Pocket Medical Costs

The company business model is what some might call Technology-as-a-Service (TaaS) model creating solutions for both patients and physicians. Its current products include: 

• Bioflux: A mobile cardiac telemetry (MCT) device
• Biocare Telemed: A virtual clinic platform with secure HIPPA-compliant technology
• Biocare pain management: An interactive app designed to provide patients and physicians a way to manage pain 

These approaches respond to at least 51.7% of U.S. adults suffering from a chronic disease, representing 7 of 10 chronic diseases on the 10 top causes of death and 86% of healthcare dollars spent on chronic diseases.

Recent studies reveal that patients tend to spend twice as much on out-of-pocket healthcare expenses with one chronic condition than those without any medical conditions. If the patient has more than two underlying chronic issues, out-of-pocket medical costs can be even five times as much — some even spend more than $1,500 per year on out-of-pocket expenses. Moreover, when patients are diagnosed at a younger age, like the recent percentage of millennials with chronic conditions, those costs can add up throughout a lifetime.

Why is Biotricity Different for Chronic Patients and Physicians?

High-risk cardiac patients need constant monitoring to prevent and manage their conditions. Currently, the standard of care for these patients is monitoring through connected devices that are not able to provide data in real-time, in a moment when doctors require information to reduce patient’s risk.

Biotricity’s flagship product Bioflux, mobile cardiac telemetry (MCT) device, approaches this necessity by providing a complete solution for remote cardiac monitoring that merges seamlessly with physicians’ existing platforms and workflow.

Bioflux is used by physicians who service 5% of the patient population — or a total of 2.2 million patients — which is approximately 2,000 patients per doctor among the 1,100 cardiologists who use the product.

Currently, Bioflux has a total addressable market estimated at more than $1 billion and is responsible for 100% of the company’s current revenue. 

Biocare Telemed

Specific chronic concerns can be treatable with preventive measures and constant monitoring. For patients to comply with professional recommendations and reduce the risk related, following up with physicians and having the right tools to follow a lifestyle change is essential.

With the current global health emergency and the extra danger related to these patients, sometimes face-to-face appointments cannot be possible, risking the success of the recommended approach.

Biotricity can provide remote diagnostics, remote patient monitoring (RPM) and telemedicine — critical components of the healthcare landscape.

Biocare Telemed is a virtual clinic platform with secure HIPAA-compliant technology that enables clinicians to provide outstanding patient care remotely. 

The solution ensures that at-risk patients and those needing remote monitoring do not have to leave the safety of their homes. In addition, the user-friendly platform provides seamless integration into the clinics’ current workflow, saving time and reducing costs. 

For the patients, this means:

• Book appointments conveniently.
• Get access when and where needed.
• Avoid time off work.
• Skip the waiting room.
• Avoid the potential of catching an illness.
• Reduce anxiety-related illnesses

Biotricity understands that creating leading-edge professional and personal remote medical monitoring technology-engineered approaches improves people's lives. 

The company’s current total addressable market is $3 billion; it will be $50 billion in a few short years as it delivers on its cardiac product roadmap.

For more information, visit the company’s website.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.