New Report Reveals Medtech Company Biotricity Decreased Patient Spending By Millions While Delivering Life-Saving Products

Biotricity Inc. BTCY, a medical technology company committed to improving healthcare by developing solutions that aid in chronic disease prevention and management, is taking action to tackle the unmet need in cardiovascular diseases (CVDs). CVDs account for around 17.9 million deaths each year, making them the leading cause of death globally. The majority of these CVD deaths – over four in five – are from heart attacks or strokes. 

Digital health and technology have already been leveraged for great improvements in cardiovascular care. Biotricity understands how important it is to empower patients with ownership of their health. Through its robust research and development (R&D) activities, the company is looking to bridge the gap between first-class medical care and the patients in most need.

The personal disease management space has received more attention since the COVID-19 pandemic when home and virtual healthcare increased in demand. Biotricity was well-placed to take advantage of this trend in 2022 and has positioned itself for growth and innovation in 2023 and beyond. Its newly released Corporate Impact Report for 2022 reveals how the company has helped healthcare self-management through innovative technologies. 

Its Bioheart medical device won TIME Magazine’s “200 Best Inventions of 2022” award, as a wearable, continuous heart rhythm monitor that supplies clinical-grade data directly to the users’ smartphone. The company reported revenue growth in every quarter of 2022, released Biokit – a personal medical kit that is integrated into the Biotricity ecosystem – and was awarded new product clearances by the Food and Drug Administration (FDA).

Saving Patients Lives Through Biotricity’s Devices

A highlight of last year also included the launch of the company’s online platform, the Biocare Cardiac Disease Management Solution. This solution increases the efficacy of Biotricity’s remote monitoring tools by providing additional data to the 2000+ physicians who use them, helping these doctors identify and prevent serious CVDs.

As the leading cause of death in the United States, CVD took the lives of almost one million Americans in 2020. It is also a massive economic burden to the country and those needing cardiotherapy, as it costs approximately $219 billion every year in treatments and premature deaths. 

In its Corporate Impact Report, Biotricity described both “better patient outcomes and substantial cost savings” for patients using their devices. Its cardiac monitoring device, Bioflux®, identified a cardiac event in 4,960 of its 111,552 patients in 2022, helping patients get immediate treatment. This early intervention reduced hospital stay time by an average of six days, saving approximately $17,238 per patient and $85.5 million in total. 

It also launched Biotres, a revolutionary Holter monitoring product that could change how the market approaches Remote Patient Monitoring. This wireless electrocardiography product is rechargeable and is a three-channel device, meaning it records signals faster than one- or two-channel devices. By collecting actionable data, this FDA-cleared Holter can increase the speed of diagnoses and improve the quality of outcomes for patients.

Between Bioflux and Biotres, the company has helped patients stay healthy by monitoring over two billion heartbeats for atrial fibrillation (afib), a leading cause of strokes. Over the previous two years, the company has helped more than 14,000 patients diagnosed with afib, enabling them to receive early intervention and saving them over $330 million. By preventing late diagnoses, which can lead to a stroke, Biotricity also facilitated savings of upward of $1.3 billion.

Other companies in the disease management and technology space include GE Healthcare  GEHC, Teladoc TDOC and American Health Corp AMWL.

Learn more about how Biotricity Inc. is delivering life-saving tech. 

Featured photo by Alexander Suhorucov on Pexels.

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