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This week, after startup accelerator Healthbox‘s recent prototype day, inaugural class memberIconic Data launched its digital billing system. Iconic Data provides a cloud-based program that displays up-to-date information on all of a physician’s patients, whether they’re receiving care at the physician’s practice or in a hospital.
LaBorde said that 62% of US physicians care for patients in their office and in at least one hospital, forcing most to handle billing on paper cards and forms as they move between facilities. This happens even if both the practice and the hospital have electronic medical records because the systems usually aren’t set up to talk to one another. The current manual process can lead to lost charges that financially cost the physician’s practice.
LaBorde said that during his team’s market research they found that one large Chicago practice with an annual revenue of $180 million lost almost $4 million a year because of billing inefficiencies.
“That’s how significant this price tag can be, and it’s not something that is just solved one time. It’s a process. A doctor is seeing a patient in the hospital every day, and so they have to maintain that leanness in the operations,” LaBorde said.
So Iconic steps in by allowing physicians to view all of their patients’ data between the practice and the hospital even if that data resides on different EMR systems. Iconic said it can also help reduce medical error by streamlining patient sign outs and hand offs. It’s offering a $19 basic version and a $99 premium version of ICON, but physicians can try the system out free for 30 days.
Iconic’s launch comes about a month before its time with Chicago-based Healthbox is up. LaBorde said his team has gotten a lot out of their meetings with mentors throughout the program. He said they’ve gotten to speak with about 50 experts so far. The three-month long incubator program will culminate April 4 with investor day.