Technology is making a huge impact on numerous industries – including healthcare. InfoBionic is one health startup that’s making use of recent technological advances. Read about the company and its unique offerings in this week’s Small Business Spotlight.
What the Business Does
Provides a suite of medical devices.
CEO Stuart Long told Small Business Trends, “InfoBionic provides a best-in-class remote cardiac monitoring product suite cleared by the FDA for the identification, analysis and diagnosis of cardiac arrhythmia.”
Providing high-quality ECG tracing.
Long says, “First and foremost, the company was co-founded by an electrophysiologist, which is a cardiologist that specializes in cardiac arrhythmia. They wanted to rid the system of multiple devices, multiple report types, multiple logins and multiple vendors. They wanted to consolidate to a single system that could do it all, yet also at materially better quality than the market had ever seen.”
Small Business Deals
Business Origin Story
Creating a strategic partnership.
Long explains, “Both an entrepreneur and an electrophysiologist that I mentioned above got together to solve two things: The substantial clinical challenges as noted above, yet also to build a model that shifts away from outsourcing to 3rd party and giving up control of your patient’s data and also give up the reimbursement associated with doing the actual tests in-house.”
Partnering with Mayo Clinic.
Long adds, “It’s so important due to our collaboration around 4 key aspects where 1) they use our product across the entire Mayo Clinic enterprise in all facilities, 2) The started up a remote cardiac monitoring service where they will provide outsourced cardiac arrhythmia monitoring services for non-Mayo Clinic facilities using our products, 3) they recently participated by investing in our Series D funding and 4) we have entered into a Know How Agreement with them where will be benefit from their extensive clinical and scientific expertise.”
How They’d Spend an Extra $100,000
Continuing to work toward main company goals.
Long says, “We’re in a fortunate position to have just closed a Series D funding round. We’ve achieved a cash flow positive financial position, so our funding proceeds go towards growth, scale, and new product development and innovation.”
Long explains, “We’ve branded our culture just this: TACIT (trust accountability, creativity, innovation and transparency). These aren’t just characteristics we look for in our staff, it is more important than that… These are values and they supersede race, religion or creed. Our staff doesn’t go to work, they do what they do because they belong to a tribe that is committed to being part of something that can affect real and positive change.”
Image: InfoBionic, Stuart Long