Technology is having a huge impact on numerous industries, including healthcare. InfoBionic is a healthcare startup that leverages recent technological advances. Read more about the company and its unique offerings in this week's Small Business Spotlight.
What the company does
Offers a range of medical equipment.
CEO Stuart Long told Small Business Trends, “InfoBionic offers a best-in-class remote cardiac monitoring product suite that is FDA-cleared for the identification, analysis and diagnosis of cardiac arrhythmias.”
Business niche
Providing high quality ECG recording.
Long says, “First and foremost, the company was co-founded by an electrophysiologist, a cardiologist who specializes in cardiac arrhythmias. They wanted to free the system from multiple devices, multiple report types, multiple logins, and multiple providers. They wanted to consolidate a single system that could do everything, but also provide significantly better quality than the market had ever seen.”
Business origin story
Building a strategic partnership.
Long explains: “Both an entrepreneur and an electrophysiologist that I mentioned above have come together to solve two things: the significant clinical challenges mentioned above, but also to develop a model that moves away from outsourcing Third parties and relinquishment of control over patient data and also waive the reimbursement associated with performing the actual tests in-house.”
Biggest win
Partnership with Mayo Clinic.
Long adds, “This is important because of our collaboration in four key ways: 1) They use our product across the Mayo Clinic enterprise in all facilities, 2) They have launched a remote cardiac arrhythmia monitoring service where they outsource cardiac arrhythmia monitoring will provide services to non-Mayo Clinic facilities that use our products, 3) they have recently participated by investing in our Series D financing, and 4) we have entered into a know-how agreement with them where we will benefit from their extensive clinical and scientific expertise.”
How they would spend an extra $100,000
We continue to work on the most important company goals.
Long says: “We are fortunate to have just completed a Series D funding round. We have achieved a positive cash flow financial position, meaning that our financing proceeds are used for growth, scaling and the development of new products and innovations.”
Work culture
IMPLIED.
Long explains: “We have branded our culture exactly like this: TACIT (Trust Accountability, Creativity, Innovation and Transparency). Not only are these qualities we look for in our employees, they are even more important. These are values that take precedence over race, religion or creed. Our employees don’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 create real and positive change.”
*****
Image: InfoBionic, Stuart Long