Patientory Inc, a startup streamlining healthcare data, has partnered with Wharton Impact Venture Associates (WIVA), a student group driven by Environmental, Social, and Governance (ESG) considerations to raise capital. Patientory intends to use the funding to build its platform and make healthcare data more accessible.
WIVA is a student-focused organisation that teaches aspiring entrepreneurs how to spot promising businesses with the potential to make a positive effect through impact investing. In order to choose which firms to back, students conduct extensive research. This typically includes conducting interviews with business founders, analysis of financial and impact metrics, and building relationships with other investors.
The opportunity in healthcare data
Patientory was singled out by WIVA student Talia Cohen as a possible healthcare sector investment, because healthcare data is the bedrock for better healthcare globally. Cohen identified fragmented patient data as a major problem in the healthcare industry.
As a result of their interaction with multiple institutions across the United States healthcare system, many patients have their healthcare scattered data across multiple platforms. The result is an inefficient system of sharing patient data due to hospitals and clinicians storing it in separate medical systems. In 2015, Patientory introduced its solution to address the dispersed data, with the goal of making this data more available and democratising it for the entire industry.
As a first step, Patientory offers a Consumer Wallet to its users, so they may safely keep, share, and even earn money off of their health data. The Neith Enterprise Dashboard, an analytics platform, integrates with Patientory and allows healthcare stakeholders to access de-identified and shared consumer health data. As a result, patients can now freely share their health data across various healthcare facilities without giving up any ownership or control over their information. Also, Patientory users can mint and share tokens based on their health data.
Furthermore, the platform will also give users access to AI-powered health improvement recommendations based on their data, and also help them identify suitable clinical trials and affordable medications.
With WeFunder, non-accredited investors with as little as $100 can invest in early-stage startups. Once they do that, they then sign a Simple Agreement for Future Equity (SAFE), a document that guarantees them the right to own equity in the early-stage firm when the company starts its financing rounds.