Medicalgorithmics, a medtech company listed on the Warsaw Stock Exchange, Poland, included in the sWIG80 index, a provider of technological solutions for cardiology, has signed an agreement with another U.S.-based Independent Diagnostic Testing Facility (IDTF). The agreement includes the utilization of the company’s AI software, algorithms, and platform. Once integrated, this will allow for the analysis of ECG data, connecting the American partner’s devices with Medicalgorithmics’ advanced software for heart disease diagnostics. This marks the second contract Medicalgorithmics has entered into with a U.S. IDTF since announcing their new strategy in June.
As per the agreement, Medicalgorithmics will supply the U.S. IDTF with state-of-the-art software and algorithms for cardiac diagnostics. The technology from the Polish firm, including its proprietary artificial intelligence algorithms, will be integrated with the systems of the new client. After successful completion and acceptance of this integration process, both parties will determine the scope of collaboration and the volume of tests that will be serviced by Medicalgorithmics solutions.
“Embracing innovation and collaboration, we are thrilled to reveal our latest partnership with a distinguished US-based IDTF. This milestone reaffirms our commitment to integrating cutting-edge software and AI across the medical landscape. As our network of strategic allies grows, so does our ability to enhance patient well-being. By extending the reach of our advanced software, we aim to elevate diagnostic precision, becoming a catalyst for improved outcomes. This achievement underscores our unwavering mission to drive efficiency and accuracy in diagnostics and shows that the new development strategy of Medicalgorithmics is bearing fruit.” says James Landis, Director of Sales and Business Development for North America.
According to the strategy announced past June, Medicalgorithmics has moved away from offering exclusively a closed ecosystem for heart disease diagnosis linked to their physical device, the PocketECG. The new business model focuses on the development and sale of analytical software platform as a standalone product and its integration with devices from independent medical service providers. In this new strategy, devised in close collaboration with Biofund, a fund specializing in machine learning and software in healthcare, Medicalgorithmics places a strong emphasis on expanding in the American market.
In recent weeks, Medicalgorithmics announced signing an agreement with a U.S. IDTF to supply modern software and algorithms for cardiac diagnostics. Previously, in July, Medicalgorithmics signed a letter of intent with Cardiologix, which involves supplying the PocketECG IV system for detecting heart arrhythmias, along with a proprietary artificial intelligence system.
IDTFs (Independent Diagnostic Testing Facilities) are a crucial part of the U.S. healthcare system. They are independent centers for diagnostics and medical testing, operating on a regional scale. Such entities provide diagnostic services on behalf of hospitals, clinics, doctor’s offices, and other healthcare units. The market value for IDTF services in the U.S. is estimated at about $3.5 billion annually. CMS-type diagnostics (heart diseases) stands as the second-largest operational area for IDTF facilities, following radiological services.