Medicalgorithmics, a medtech company listed on the sWIG80 index, has
started providing services to another customer in the US IDTF market.
This is also its first partner to decide to implement the company’s
proprietary DeepRhythmAI (DRAI) algorithms in its diagnostic center.
DRAI has been integrated with IDTF’s software for heart arrhythmia
diagnostics, and Medicalgorithmics will receive remuneration depending
on the number of ECG tests analyzed by artificial intelligence.
“We have started commercial cooperation with our first client to license our
proprietary DeepRhythmAI algorithms. This is the first project of this type
completed by our Company, in which we integrated our AI algorithm with the
software used by our client in its diagnostic center in the US. As part of the
completed integration, anonymized ECG data of IDTF patients will be analyzed by
our artificial intelligence for heart arrhythmia diagnostics. This is the third new
client in the US for which we have started commercial services this year. It is also
another step in the implementation of Medicalgorithmics’ development strategy,
enabling it to operate on the global market as a supplier of AI software for remote
diagnostics of heart diseases,” says Przemysław Tadla, Chief Technology Officer.
The new partner of the medtech company is the IDTF (Independent Diagnostic
Testing Facility) diagnostic center located in Texas, which operates in seven
states in the US (including Texas, Florida and New York). The artificial intelligence
algorithms provided by Medicalgorithmics have replaced the solution previously
used by another supplier. Their use has allowed the partner to streamline the
analysis of ECG data and significantly shorten the time needed to generate
diagnostic reports. By increasing the efficiency of the ECG team by more than
half, it is able to scale its operations in the area of cardiac monitoring.
Since the beginning of the year, Medicalgorithmics has started monetizing three
contracts with IDTF on the US market concluded in the second half of 2023. For
each of its new partners, the Company offers its products in the “fee per session”
model (payment for performed ECG tests). However, each client uses a different
configuration of the Company’s products, starting from a complete diagnostic
system with fourth-generation PocketECG heart monitoring devices, through
Company proprietary software with AI algorithms for arrhythmia diagnostics, to
licensing of DRAI artificial intelligence algorithms.
“The effective and quick integration with three partners in three different service
models is proof for the IDTF market in the US that Medicalgorithmics is a
technology partner that provides not only state-of-the-art diagnostic software,
but also demonstrates high operational and business efficiency. Other IDTFs with
whom we are in talks about cooperation are closely observing our activities. The
successful start of providing services to three entities is a strong signal for them,
increasing their interest in our services. I am convinced that this will have a
positive impact on the process of acquiring new partners in the US,” says
Jarosław Jerzakowski, Chief Operating Officer.
About Independent Diagnostic Testing Facilities (IDTFs)
Independent Diagnostic Testing Facilities (IDTFs) are important elements of the
US healthcare system. These are diagnostic centers independent of hospitals and
other medical facilities, where medical tests are performed. The size of the IDTF
services market in the US is estimated at around USD 3.5 billion per year.
Following a development strategy announced in June 2023, created with the
involvement of Medicalgorithmics’ main shareholder, Biofund Capital
Management LLC, the company has shifted its business model from offering a
closed cardiac diagnostic ecosystem tied to its own heart monitoring devices to
selling an ECG signal analysis platform with a proprietary AI system as a
standalone product and integrating it with partners’ devices and IT systems.
Medicalgorithmics’ software can be licensed by clients, and the company will
receive revenues in various models, including those based on the number of EKG
data analyses conducted.
Medicalgorithmics is a global technology provider of non-invasive cardiac
diagnostics monitoring software based on artificial intelligence. The company
uses its proprietary AI system for ECG arrhythmia diagnostics. AI algorithms
enable heart function monitoring analysis, cardiological analysis, and diagnosis.
The Polish company’s solutions streamline work processes by optimizing the time
and resources needed for cardiological study analysis. Its arrhythmia diagnostic
software can detect 26 types of arrhythmias and cardiac abnormalities, one of
the best results worldwide. The company also develops and commercializes
VCAST technology, enabling non-invasive measurement of blood flow pressure in
selected coronary vessels based on computer tomography images.
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