In an interview with CEO and founder of Biotricity Inc. (OTCQB:BTCY), Waqaas Al-Siddiq discusses the benefits of medical wearables and how they can aid healthcare professionals in monitoring patients with “speed and accuracy.”
Medical Devices are used to diagnose illnesses and used to treat or prevent disease. Medical wearables provide real-time remote monitoring which will allow patients to live their daily lives while being monitored. Biotricity’s medical wearable Bioflux can provide instant feederback and reminders to patients at home. Monitoring patients with a medical wearable would provide physicians the ability to diagnose patients with chronic illnesses from work as the patients remain home.
Al-Siddiq discusses the three main keys to integrating a medical device within the healthcare system, FDA clearance, clinical value, and a provider reimbursement. Although obtaining all three keys are ideal, the company still has to convince hospitals from a business point of view that the medical wearable will provide value into their system. Healthcare professionals are always open to new technologies but they have to be relevant, save-time, cost-less in order for them to consider it for mainstream use.
The implementation of remote patient monitoring could have physicians servicing numerous patients at once while servicing new patients faster, this could provide hospitals with a “higher patient volume.” Medical wearables will allow physicians to receive electronic health records instantly (EHR) without assistance.
Al-Siddiq raises the issue on patient non-adherence, where over 40 percent of patients sustain significant risks by misunderstanding, forgetting, or ignoring healthcare advice. $290 billion is wasted annually in the United States from patient non-adherence.