HealthKit raises $1.6m with an eye on global growth for digital platform
Melbourne digital health firm HealthKit raised a few eyebrows in the close-knit but fiercely competitive practice management software sector recently when it announced it had raised $1.6 million in a Series A capital raising.
While industry players Pulse+IT spoke to were a bit skeptical, the company itself is confident in those numbers, counting over 11,000 individuals registered as users and over 200,000 practitioners listed on its directory.
HealthKit co-founder Alison Hardacre said about 1000 of the users of the PMS itself were GPs, with the bulk of the others medical specialists and allied health practitioners, especially psychologists and physios.
The names and profiles of the practitioners listed in the directory have come from a number of different sources and there is a focus on medical specialists and allied health, but the plan is to expand its GP profiles over time, Ms Hardacre said.
One of the obvious reasons for its popularity that springs to mind is that the software is being offered for free, but Ms Hardacre said feedback from practitioners showed that it was actually because the software is easy to use and offered genuine benefit to their practice. “To quote one of our practitioners, that the core software is free is 'just a cherry on top',” she said.
While it is early days yet and Ms Hardacre and business partner Lachlan Wheeler are keeping their overall strategy close to their chests, the main plan is to offer a free PMS and integrated directory, as well as a free portal for patients, with revenue coming from optional transactions such as patient fee payments processing and SMS services. These services are aimed at furthering HealthKit’s goal of removing practitioners’ administration chores so they can treat more patients, she said.
The platform is also easily customisable for each healthcare system in each market, Ms Hardacre said. The system has Medicare integration for Australian doctors, and the idea is to use some of the new funds to expand the company's focus into Asia, Europe and North America. The company already has more than 1000 international customers in 40 different countries.
“The platform architecture was designed to be global from inception, meaning a practitioner in any country can set up end-to-end practice management software in just minutes with the software customised to their health system and their profession,” Mr Wheeler said.
“The funding will allow us to grow the team five-fold. We will also add product features, functions and integrations along with mobile platform capability to benefit practitioners and patients.”
The duo are not new to the health software market, having formerly developed a PMS called Specialist Link, and Ms Hardacre has a deep understanding of the nuances and oddities of the local healthcare sector.
And while they have a strong strategy that they are not yet willing to publicly divulge, their three-pronged product approach – PMS, directory and patient/consumer portal – is only a small part of what they hope to achieve.
“We are building a global network of practitioners and patients, and all while growing a pool of anonymised data that can be used to better understand global health trends,” Ms Hardacre said. “So far we have achieved one per cent of what we want to achieve."
Posted in Australian eHealth