One of the things I like to do at the annual HIMSS conference is use my time in the exhibit hall to discern what’s hot in HealthIT.
I used to walk around the exhibits and categorize the vendors that I see. At the end of the week, I tally my counts for each category and the top 3 end up on my “must-watch” list for the next 12 months. After a wearing out my feet for a few years, I discovered (much to my chagrin) that I could do the same analysis by using the interactive exhibitor map on the HIMSS conference website. This has worked for me for the past 7 years, but this year I found a shortcut – talking to Redox at HIMSS.
Redox offers a full-service integration platform that makes it easy for Health IT companies to connect their applications to hospital systems. With traditional integration engines, a company would have to build a unique integration link to each hospital customer in order to extract the necessary data for their application. With Redox, the company only needs to build a connection to Redox once and Redox takes care of the unique connection to the hospital.
Each time Redox connects to a hospital, it adds a “node” to its network of connections. Once connected, other companies in the Redox network can leverage those connections. The reusability of connections saves time+effort for companies as well as for hospitals.
“We have some customers that can start feeding data into a new application in as little as 20 minutes,” said Niko Skievaski, Redox Co-founder & President. “That is next to impossible using the traditional integration approach where you have to build everything from scratch.”
“A year ago, at HIMSS18, we had 150 nodes (hospitals) on our network,” continued Skievaski. “Here we are today at HIMSS19 and we have over 450 nodes. At this number, we’re starting to see the network effects that are unique to our go-to-market. With so many pre-built connections to major hospital systems, more and more companies want to sign up with us. Basically anyone looking to scale and grow quickly now has a compelling reason to choose Redox.”
This is when I spotted my shortcut.
By inference, any company that becomes a Redox client is likely to be one that poised for or is already experiencing accelerated growth. Knowing what types of companies are signing up with Redox would be an indication of “hot” areas in Health IT.
Naturally, I asked Skievaski where Redox was seeing growth in its customer base. He responded with the following three categories:
- Companies addressing social determinants of health (SDOH) – connecting patients with community resources, sharing nutrition information or helping patients with housing issues. Examples: NowPow, CityBlock and Healthify.
- Companies in the care management space, especially in orthopedic care. Example: Force Therapeutics
- Companies that offer managed services/outsourced services to hospitals. Example, R1, a company that offers outsourced revenue cycle management
The SDOH category was the most surprising. I did not think that there was a lot of demand for SDOH solutions, but clearly I was mistaken. This bodes well as we continue to march towards a value-based system where wellness of an individual is the goal rather than treatment of someone who is sick. Addressing SDOH is a key component to that transition.
“I never really considered looking at our client growth in this way,” admitted Skievaski. “But it does make you stop and think about where the industry is headed.”