Singapore-based health technology startup MyDoc has been focusing on healthcare management solutions for large enterprises since its inception in 2014. Its value-based suite of products allows employees to consult doctors through video chat, get online prescriptions, avail chronic disease management programs, get referrals for specialists and even gives access to insurance information. This integrates every aspect of healthcare by bringing together healthcare professionals, patients, employers, insurance companies and pharmacies round the clock throughout the year, thereby saving time and money.
Research done by senior economists at the University of Southern California, Center for Economic and Social Research now claims that the use of the platform by companies across Asia has the potential of reducing healthcare costs in the region by at least 16 % and as high as 28% (USD 540 billion) out of a current US$ 2.7 trillion. At present the annual healthcare expenditure in Asia is predicted to grow at around 8% till the end of 2020.
MyDoc has already joined hands with a number of Fortune 500 companies in Malaysia, Singapore and Hong Kong and some of the key market players in the insurance industry including Aetna, Cigna, and AIA, and is in discussion with many more players in the region.
MyDoc’s proprietary artificial intelligence platform called Pixi, can create a comprehensive picture of a patient’s health, through the combined efforts of human experts and cognitive computing systems to improve on diagnosis and take preventive action against illnesses, giving a more personalized healthcare experience. The system effectively directs human healthcare teams to gain safer co-ordination to ease of moving patients for a customized care procedure for each patient.
The AI system is specially designed to use data from health screenings and internet-of-things devices along with personal inputs by patients pre-fed health risk data sets to reduce errors occurring from preconceived ideas and biases and decide on the urgency of treatment on a case by case basis. The system can be used for a wide range of ailments from common cough and cold to life-threatening diseases.
The research claims that the MyDoc platform improves on patient engagement rates by up to 8 times, and saving 3 hours of time for every patient’s consultation, while seeing return user rate of over 90% in comparison to other leading markets such as that of the United States. This has been made possible by converting the conventional complicated and expensive healthcare process, to a simplified and personal continuous care platform.