Health care companies are actively embracing video-based visits with patients. The general public is more comfortable with video-based interactions. From policy makers to care providers to patients we’re seeing a groundswell for telemedicine. Highest quality, easily available video is an integral piece of the multi-billion dollar healthcare market moving forward and a critical advantage for both healthcare providers and vendors alike.
As we announced earlier today Kaiser Permanente Ventures, the corporate venture capital arm of Kaiser Permanente, made a strategic $10M investment in Vidyo.
We see this investment as validation of the ability of the VidyoWorks platform to address the various needs of major telehealth implementations, especially our ability to seamlessly embed HD quality, reliable video interactions into workflows and applications at scale. Kaiser Permanente CEO Bernard Tyson is “betting big on videoconference technology that will improve online healthcare,” and is “distributing care out of the hospital.”* There is tremendous growth opportunity in the telehealth market, which is projected to reach $34B by 2020.
Vidyo is already strong in telemedicine, nearly half of the top 100 healthcare delivery networks in the U.S. rely on Vidyo for their telehealth applications including Partners Healthcare, Kaiser Permanente, UPMC, Mercy and Carolinas. We have seen significant growth in deployment of integrated solutions like teleICU, patient portals and clinician EHR interfaces. Ours is the only video platform integrated into major Electronic Health Record (EHR) providers, like EPIC and Cerner, accounting for more than 50% of the EHR market, and Vidyo is the platform of choice for Philips Healthcare ICU beds, GetWell Network interactive patient engagement solutions, kiosks deployed in drug stores across the country and virtual care offerings through American Well. Today, there is broad recognition that the future of healthcare is beyond the hospital’s four walls and into the home, and the focus is on implementation.
What sets Vidyo apart is the experience the technology provides. When it comes to making critical health decisions, “good enough” video is not good enough. Vidyo is able to deliver the most reliable, highest quality visual experience that can be completely embedded into applications, workflows or endpoints. Making Vidyo communication a seamless part of the experience is key to driving adoption. We believe that seamless integrations can help eliminate the “tele” in telehealth, and that caring for patients at a distance will become a standard of care that is just part of how medicine is practiced and care is delivered in the future.
Vidyo has seen tremendous traction in healthcare, in fact many times our clinical applications drive interest in Vidyo in non-clinical settings. Telemedicine is a great example of the power of our platform to transform an industry and we are very excited to replicate this success in Customer Engagement, Financial Services, Government and other industries.
* Fortune, April 29th, 2015: The prognosis for U.S. healthcare? Better than you think.