In this episode, host Dr. Bryan Hartley interviews Rishi Nayyar, co-founder and CEO of PocketHealth, the first patient-centered medical image exchange platform.
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SHOW NOTES
PocketHealth is a subscription-based image sharing service that allows patients to store, access, and share their medical imaging with providers across different health systems. Rishi and his brother Harsh developed the idea for this service after realizing how antiquated and frustrating it was for patients to physically carry their CDs to different physician offices. Additionally, with the sheer volume of medical images ordered today and the cost of data storage, hospitals usually delete images after a certain period of time. First, the Nayyar brothers conducted their own market research by calling hundreds of local hospitals and clinics and asking them about their image exchange process. This process confirmed that the status quo of image exchange was a burdensome process for patients and inspired them to configure a patient-centered service.
The second stage of their entrepreneurial pursuit was to figure out how the service would be paid for. The founders realized that patients were willing to pay a small subscription fee (instead of paying for CDs) to safely indefinitely store and virtually send their own and their family members’ images to healthcare providers using a link or QR code. Overtime, insurance companies have become willing to reimburse this subscription fee. This payment model allows hospitals and clinics to participate in image exchange at no cost, and has been a key factor in encouraging widespread adoption as well as enabling the growth of their enterprise image sharing business.
Rishi highlights the fact that he had the advantage of being an outsider to healthcare when he first started the company, which helped him recognize issues with the current system instead of just accepting the standard processes. He shared the same perspectives as patients who were interacting with the system as non-health experts. PocketHealth’s success in the last eight years has propelled it to take on new challenges, such as patient education within radiology reports.
Finally, Rishi gives advice to budding entrepreneurs. He encourages them to pick a problem that they don’t mind grinding at, since there is a large initial time and effort requirement needed to convince people to adopt their product. Additionally, the innovation journey is long, so to manage one’s psyche, it is wise to set short term achievable benchmarks and reflect on day-to-day progress.
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RESOURCES
PocketHealth:
https://www.pockethealth.com/
