Unsecured texting of clinical images, poor clinical handover methods, use of email for clinical information sharing are some of the signs you need to...
2021 snapshot: A transformative year for Foxo and health tech
2021 Snapshot: Health Tech's Transformative Year. 5 Ways Foxo has helped shape a critical year for health tech through awareness and innovation, enterprise software, and secure digital tools.
There’s no doubt that 2021 has been a prolific year for advancements in healthcare with technological innovation and digital initiatives leading the charge.
From implementing VR for training and education across health workforces, developing platforms for secure data transfer between clinicians, and using AI to ease the burden of manual administration processes, health tech has been at the forefront of industry transformation this year.
With a compound annual growth rate (CAGR) of almost 25% from 2019 to 2025, the global digital health market should reach nearly $660 billion by 2025. What’s driven these advancements and pushed the market forward is the purposeful development and implementation of these new technologies.
The sector has focused on adding value to how clinicians, primary care specialists, public and private health organisations, and the entire healthcare ecosystem operates. That “purpose” has driven improvements in the interoperability of clinical administrative processes, supported new and existing models of care through digital means, and helped transform the patient experience along the way.
How has Foxo made an impact? Our team has been working incredibly hard to deliver on this purpose. It’s been ingrained in everything we’ve produced, integrated, and shared in 2021. Let’s take a look back on five ways Foxo has contributed to such a transformative year for health tech.
1. Capital raise supports healthcare enterprise solutions
As we continue to support the evolving needs of our enterprise customers, we recently undertook a $3m capital raise to ensure serviceability and platform growth.
Funds will go towards growing Foxo’s commercial and customer team, and building further enterprise features that help offer more layers of service lines for enterprises.
Since July 2020, we have more than tripled our registered users and increased our active user metric by x9.5. Additionally, our total messages have grown x20 as enterprise organisations seek an industry-wide solution to secure data transfer and communication whilst connecting their business internally and beyond in a digital-first landscape.
Our 2021 capital raise enables us to plan and implement the roadmap required to execute our strategic vision of “connecting healthcare in real-time”. This will involve optimising our sales enablement functions and recruiting customer support staff, servicing our active pilot and enterprise contracts, meeting customer demand with new feature enhancements and integrations, and expanding our brand footprint to reach more businesses.
2. New security standards reached with HIPAA compliance
First and foremost, Foxo is a secure communication platform. We put security above all else when it comes to filesharing, data transfer, and messaging within healthcare practices, between businesses, and more broadly across the entire healthcare ecosystem.
Particularly as we know that, in Australia, healthcare continues to lead the Notifiable Data Breach Scheme year on year, with the majority of incidents attributed to stolen personal information.
For this reason, this year, we took steps to become compliant with the Health Insurance Portability and Accountability Act (HIPAA) which regulates the way companies safeguard patients’ protected health information (PHI) through a set of physical, technical, and administrative standards.
Not only did we ensure our practices were aligned with these standards to go ahead and achieve full HIPAA compliance, but we also went above and beyond to future-proof our strategy and make sure the security and privacy of our users’ protected health and personal information are never in question.
3. Pen CS Topbar integration connects healthcare ecosystems
We partnered with population health informatics company, Pen CS, to deliver the Foxo App on their clinical decision support system (CDSS), Topbar, and enable healthcare providers with secure, consented, and easy access to encrypted, real-time engagement and referral tools.
This was such an important integration considering that in Australia, inefficiencies relating to communication issues can cost the average GP in excess of $57,000 per year, contribute to 30% of total malpractice claims, and up to 70% of hospital incidents. The Foxo and Pen CS partnership plays a key role in minimising these problems for Australian primary care specialists.
The deep integration was designed to assist medical practitioners at the point of care by enabling them with immediate access to their entire healthcare ecosystem to conduct secure instant messaging, video calls, referrals, and bookings.
4. Roll-out of Foxo Teams enterprise tier for multidisciplinary teams
In 2021, Foxo Teams became publicly available to enterprises through the roll-out of our enterprise-ready module. It was built to empower any healthcare organisation to gain workflow efficiencies, connect clinical and clerical staff, and improve service delivery and support to anyone outside of the business.
It helps embed outsourced teams such as distributed hospital staff, tele-reporting functions, and service providers into one organisation for clinical collaboration, information sharing, and service delivery.
Foxo Teams was co-designed to provide organisations with the ability to create a patient-centred environment that brings multidisciplinary teams under one roof, enabling them to shift workloads from a high-cost clinical staff to a cost-effective clerical team for administrative support. And, most importantly, do it in a secure way.
5. Supporting healthtech businesses through engagement and collaboration
As increasingly more public, private, and enterprise healthcare businesses have faced challenges brought on by workforce shortages, security risks, and pressures from the global pandemic, we’ve stayed on the pulse of health tech innovation to spread awareness for those organisations in need.
Whether through product integrations, brand awareness activities, or industry thought leadership content, we’ve engaged and collaborated with health tech organisations throughout the year to bring value to our customers and the wider community.
To name a few, our Co-Founder and CEO, Luke Fletcher has:
- Featured on Talking Health Tech for a live stream to provide Foxo updates and discuss industry news.
- Interviewed by Yianni Serpanos from Reimagining Healthcare on design thinking, de-risking development, and pointing out Foxo’s benefits over generic and free messaging tools.
- Interviewed with the team from MyBrandJourney about the history of Foxo, covering brand inception, marketing, product design, and much more.
- Interviewed with Bianca Rose Phillips (Digital Health Law Series, The Voice of Law Podcast) to discuss the procurement challenges startups face within the healthcare industry.
Looking ahead to a game-changing 2022
As our team strives to keep delivering on our purpose, we’ll be making more “big moves” in 2022 to support the novel models of care available across the healthcare industry and close the gap between Foxo’s network and the broader healthcare community.
Times are changing when it comes to organisations moving away from legacy tools and processes and adopting safer, more secure, and seamless digital technologies. But there are still gaps to be filled, demand to be serviced, and needs to be met for businesses from the smallest private practices to large public healthcare organisations.
We aim to modernise how healthcare comes together, conducts business, and connects to share information. We know healthcare is unique in its requirements. The industry deserves an accelerator that can deliver best-in-class services to transform organisational processes and improve how we provide and receive healthcare services.