Have you ever needed a copy of your medical imaging to take to your doctor or another healthcare provider and received the images on a CD? Many radiologists still utilize this outdated format to transfer patients’ imaging files.
A startup called PocketHealth has revolutionized the medical image exchange process for patients and providers alike, eliminating the need for CDs. Headquartered in Toronto and operating remotely, the company announced on Wednesday that it has raised $33 million ($45 million CAD) in a Series B funding round.
The idea for PocketHealth was sparked nearly a decade ago after co-founders Rishi Nayyar (CEO) and his brother Harsh Nayyar (CTO) had a personal experience with the outdated method of receiving imaging files on a CD, causing delays and hindering access to healthcare data. In 2016, the brothers decided to build a platform to streamline image-sharing across hospitals.
“When we discovered that this was still the standard practice at healthcare sites throughout North America [in 2014], we knew we could change that,” Rishi explained to TechCrunch. “Despite technological advancements, patient access to healthcare data remains obstructed by legacy image exchanges, resulting in unnecessary costs, delays, and negative experiences.”
Since its inception, PocketHealth has grown to serve over 1.5 million patients at 775 healthcare sites in North America. With this new funding, the company aims to expand its reach to every healthcare provider on the continent.
Initially focusing on digitizing patient access to imaging reports, PocketHealth has evolved to provide a deeper understanding and control over health records. Rishi notes that the platform offers patients a clearer understanding of their health by highlighting important details, missed information, and follow-up care options.
Our service helps patients understand what’s happening, show them what they may have missed, what they can do next, or enabling them to easily return to their provider for follow-up care.
But it’s not just patients who can benefit from PocketHealth. According to the company, one of its customers, Valley View Hospital in Colorado, reduced non-labor costs by 95% after transitioning away from burning CDs. Unity Health in Toronto was also able to save over $120,000 by closing its imaging library.
While PocketHealth is not the only company offering medical imaging sharing for patients in the MedTech space, they stand out for their patient-centric approach. Unlike legacy image exchange providers that prioritize healthcare provider-to-provider sharing and have limited patient access capabilities, PocketHealth puts the patient in control of their own data.
When it comes to user data privacy, Rishi assures that “Patients are the owners of their own personal health information (PHI). We store PHI permanently for patients, as they need and want ongoing access [to their imaging], but any patient can permanently delete their data from PocketHealth at any point in time. We do not sell or lease PHI to any third party.”
As for cybersecurity, he continued, “In terms of data security, we recognize that we are critical infrastructure for providers and patients, and because of this, security is a priority for us. It’s never just a static investment – it’s an ongoing area of focus. We rely on bank-level encryption and maintain our SOC2 Type II, HIPAA, and PHIPA compliance. Data is stored locally and safeguarded from data breaches. We use Microsoft Azure to host both Canada and the U.S., with constant security audits and reassessments. Patients have access to their data and can securely share and revoke access to their imaging using an access code, so they’re in control over who sees what and when.”
The Series B funding was led by Round 13 Capital, bringing PocketHealth’s total raised to over $55.5 million in equity. Previous investors, including Deloitte Ventures, Samsung Ventures, Questa Capital, and Radical Ventures, also participated in the funding round.
With the latest investment, PocketHealth plans to continue enhancing its AI technology, doubling its workforce of 110 employees over the next two years, and expanding operations across North America to improve patient care and drive further growth.
