10 most promising healthcare supply chain management solution companies for 2021
1. A benchmark of excellence in physical inventories
BIG
INVENTORY
Chuck Phillips
CEO
HEALTHCARE
Supply Chain
Management Solution
Companies for
Most Promising
2021
Safety First
Five Health and
Safety Precautions
That Cold Storage
Owners Must Know
Tech Evolve
The Impact of Artificial
Intelligence (AI) on the
Supply Chain Industry
VOL 10 ISSUE 03
2.
3.
4. ealthcare was the only sector on its toes when the
Hcoronavirus pandemic invaded worldwide. The
pandemic brought the world to a standstill. But for
the healthcare establishments and allied sectors to function
efficiently, seamless healthcare supply chain management
was paramount.
Whether during a crisis like the ongoing pandemic or
regular functioning, one cannot deny the importance of
supply chain companies for a flawless service by the
medical and related sectors.
With the subsequent lockdowns enforced by governments
during the pandemic, the availability of manpower and
resources to bridge the demand and supply gap was the
biggest challenge for healthcare supply chain companies.
They had to wait for the availability of transportation to
deliver the goods in time, lest the delay in logistics proved
detrimental to public health. Another challenge was to track
the goods sent.
From vast numbers of medical devices and equipment to
vaccines, pharmaceuticals, and other materials, including
consumables, the supply chain management companies are
solely focused on a smooth transition to hospitals.
In today’s circumstances, reducing the surge in demand by
improving the supply system is pertinent. During trying
times like this, many healthcare supply chain management
solution companies rose to the occasion and pepped up their
services.
Automation of manual processes is the most resilient way
to meet the demand. Cloud-based technology has been
aiding in tracking the maintenance and certification records
of supply chain management companies. Artificial
intelligence, machine learning, and blockchain were already
being leveraged for efficient services; the pandemic only
reinforced its use. It tried and tested the health care
ecosystem as it did for no other; yet compelled it to find
viable solutions.
To prevent logistics shortfalls, supply chain management
solution providers rolled up their sleeves and made things
simpler. Integrating technology to procure and manage
products has reduced complications and delay in the
services of healthcare supply chain management
companies.
In our quest to track down the best, we found several
healthcare supply chain management solution companies
that passed the litmus test and have been marching ahead
with their services. These companies have been evolving
continuously. There is still a considerable scope for them to
develop. This is the right time to spruce up supply chain
management solutions or to venture into the business.
Learn more about these solution providers in our latest
edition of Insights Care - 10 Most Promising Healthcare
Supply Chain Management Solution Companies for 2021.
Have an informative read!
Sumita Sarkar
Healthcare and Supply Chain:
A Seamless Integration
6. CO
08
A Benchmark Of Excellence In Physical Inventories
INVENTORY
Cover Story
Articles
Safety First
Five Health and Safety
Precautions That Cold Storage
Owners Must Know
Tech Evolve
The Impact of Arti cial
Intelligence (AI) on the Supply
Chain Industry
32 22
7. NTENTS
BIDDANO
Helping Streamline the
Healthcare Ecosystem
BLOCKCHAIN FIRM
Delivering the Finest
Blockchain based Solutions
PATIENTORY INC.
Your Health at your Fingertips
Consolidating Medical Data for
Better
STRATMED
Making Healthcare
Ef ciently Viable
Disrupting the Healthcare
Supply Chain Space
Through a Uni ed Platform
SYNTHIUM HEALTH FROM THE EXPERT
CxO
14
14
36
18
40
26
30
9. Description
Featuring
Biddano Pvt Ltd
biddano.com
Talha Shaikh
Co-founder and CEO
Offering a unique marketplace for Distributors, Pharmacies,
and Hospitals to expand their procurement horizon, Biddano
is India’s first B2B healthcare supply-chain platform.
BIG Inventory, Inc.
biginv.com
Chuck Phillips
CEO
BIG Inventory, Inc. sprang from Electronic Inventory
Systems (EIS) which was founded in 1985. EIS served
retailers throughout the United States helping them
acclimate from financial inventories to UPC based
inventories.
Blockchain Firm
blockchainfirm.io
Tendulraj, Founder and
Managing Director, and
Sindu, Co-founder and
Chief Executive Officer
BroadJump, LLC
broadjumpllc.com
David Ricker
Founder and CEO
BroadJump is focused on helping hospitals and health
systems evolve into a dynamic sourcing model that delivers
transformative improvement to current best practices of
sourcing.
Patientory, Inc.
patientory.com
Chrissa McFarlane
CEO and Founder
Patientory empowers its users with actionable insights from
health data, incentivizing them to take control of their health
outcomes.
Diana Hage
CEO
RFID Global Solution is the leading provider of real-time
asset management solutions for the industrial IoT market.
Visi-Trac™, the company's software application, automates
tracking and managing IT and capital assets.
RFID Global Solution
rfidgs.com
Bryan Hooppaw
CEO and Co-founder
Seabright Healthcare Solutions is a healthcare consulting and
technology firm which utilizes a unique combination of
industry experience, knowledge, and proprietary technology to
drive cost savings, eliminate waste, and implement process
improvement.
StratMed
Services Pvt. Ltd.
stratmed.com
Dr. Sameer
Ahmed Khan
Founder and CEO
Synthium Health, Inc
synthiumhealth.com
Vijay Reddy
CEOng
Synthium Health is a cloud-based, digital information and
eCommerce platform engineered exclusively for the
healthcare industry.
Blockchain Firm is one of the leading Blockchain-based
software solutions and service providers with its roots of
expertise running deep into the technology
StratMed is India's first transparent GPO (Group Purchase
Organisation) with a primary focus of rationalising the cost of
care delivery.
OnProcess Technology
onprocess.com
Richard C. Duke
CEO
OnProcess Technology's data-driven service chain solutions
transform your post-sales planning, delivery, and recovery for
better CX, sustainability, efficiency, and cost-saving.
Seabright Healthcare
Solutions LLC
seabrighthealthcare.com
Company Name
11. A Benchmark Of Excellence In Physical Inventories
BIGInventory’s
growth rate has been
double digit for many
years and will continue
along this path.
“
BIG
INVENTORY
“
12. The COVID-19 pandemic and the entailing
restrictions and regulations created a bottleneck for
numerous industries, and on a global scale. The
pandemic’s impact was most brutal for the healthcare
industry and the associated sectors, healthcare supply chain
management being one among them.
It goes without saying that the importance of the role played
by healthcare supply chain management companies is
tantamount. From hospitals to pharmaceutical companies,
assurance of a seamless functioning of these associated
industries can only be achieved through efficient supply
chain management.
To give you deeper insights into the delivery of said
efficiency, we set out on a voyage to seek the 10 Most
Promising Healthcare Supply Chain Management Solution
Companies.
Featuring on the cover of this edition is BIG Inventory,
Inc., a brand that resonates quality and efficiency across the
global supply chain management sector.
A Leading Name
With its headquarters in Virginia, US, BIG Inventory has
been in business since 1985, starting out servicing national
retailers by helping them acclimate from financial
accounting to department/class inventories, to internal SKU
and eventually to a then little-known standard called UPC.
The inventories included clients you would find in every
mall across the US. Eventually, BIG Inventory began
helping healthcare facilities and became exclusively
dedicated to working exclusively within the healthcare
industry.
Today, with its unique and proprietary software, BIG
Inventory has positioned itself as the leader in physical
inventories in the hospital/healthcare setting. The estimated
market share, based on number of inventories performed at
different facilities, is growing at the rate to make BIG
Inventory not only the technological and system leader but
the market share leader.
Locally, BIG Inventory has consecutively been recognized
as Best in Class. Whereas nationally, it has been recognized
as a Best Healthcare Solutions company including
Healthcare Tech Outlook’s Top 10 Supply Chain
Management Service Companies.
With its unique and
proprietary software, BIG
Inventory has positioned
itself as the leader in
physical inventories in the
hospital/healthcare
setting.
Beth Phillips
COO
13. BIG Inventory has been in business since 1985, starting out
servicing national retailers by helping them acclimate from
nancial accounting to department/class inventories, to internal
SKU and eventually to a then little-known standard called UPC.
10 Most Promising Healthcare Supply Chain Management Solution Companies for 2021
14. Experience and Expertise
“Most of our growth is related to the advantage BIG
Inventory’s system brings to the inventory taking
solution,” says Chuck Phillips, the CEO.
This advantage includes not only cutting-edge
technology like real time QA Monitoring by the
company’s Quality Assurance Team, but also the
dedication of its career-oriented people. These
professionals travel throughout the United States
servicing hospitals, FEDs, Pharmacies, SurgiCenters,
and other Healthcare facilities.
Talking about his professional journey and the team
behind BIG Inventory’s ascending growth and success,
Chuck says, “I have been in the Physical Inventory
industry since 1973, pushing the capabilities, standards
and possibilities for the industry all along the way. With
Beth Phillips, our COO, we have developed an
extraordinary system which aligns with GAAP standards
and still meets the needs and demands of the Supply
Chain Management and Analytics Team. Our Team is
deep with experience including our Director of IT,
Justin Wayne and our Director of Sales, Paul
Yanopulos.”
Overcoming Adversities
Sharing his opinion about the effects of the pandemic on
the healthcare supply chain sector, and the challenges
that his company came across, Chuck says, “The
pandemic has been an extreme catalyst for change in the
supply chain space. Challenges of availability, shipping,
and even personnel have amplified shortcomings in fast
tracking requisitions and meeting the demands of the
Supply Chain end users.”
“Once some availability of supplies opened up, space and
product tracking became issues. As demand slowed,
distribution and expiration issues came to the forefront. So
many ad hoc substitutions by both the buyers and the
fulfillment distributors were being made, the facility’s
MMIS system couldn’t keep up.”
“This is probably why the demand for our services has
greatly increased in the warehouse/storage sector of
healthcare,” he adds.
When asked about what advice he’d give to the emerging
entrepreneurs in the supply chain space, Chuck said, “My
advice would be, find your niche and be the best in that
niche. Do not try to be all things to all customers, you will
end up being mediocre. This does not mean ignoring
technological/industry changes or expanding your niche, it
simply means striving to become the standard by which all
others are judged.”
BIG Inventory’s growth rate has been double digit for many
years and will continue along this path. The company has a
strong training program for its new recruits and will throttle
its growth so as to maintain its unprecedented quality.
“2021 and beyond will continue this crescendo,” Chuck
concluded.
Do not try to be all things
to all customers, you will
end up being mediocre.
15.
16. Talha Shaikh
Co-Founder and CEO
Biddano’s tech
platform simplifies order
fulfilment for chemists and
hospitals by enabling orders
from multiple distributors
to be easily consolidated
into pharmacy-specific
deliveries
“
“
14 MM 2021|www.insightscare.com
17. BIDDANO
Helping Streamline the Healthcare Ecosystem
The incongruity between the
needy and the needful has
always been one of the major
challenges faced by the healthcare
industry. This hurdle has been
especially confronted by the healthcare
system in the Indian subcontinent,
given the vast geographical
diversification, ranging from the
Himalayan Mountains to the Coastal
plains and everything in between.
Realizing this aperture between the
people living in these remote habitats
of the nation and the necessary
medicine and OTC products, Biddano
was formed.
The company was founded in the year
2016, by its Co-Founder and CEO,
Talha Shaikh, with an aim to evolve
the healthcare logistics and supply
chain arena.
In an interview with Insights Care,
Talha articulates how Biddano is
transforming the healthcare supply
chain space with its remotest approach.
Following are the highlights of the
interview:
Would you please brief our audience
about Biddano, its USPs, and the
critical aspects of its stronghold
within the healthcare supply chain
niche?
Biddano is India's leading and only
B2B full-stack healthcare supply-chain
platform. Biddano's mission is to
revolutionize offline pharma
distribution networks by bridging
supply-chain gaps between distributors
and chemists through its technology
platform. It uses the 'plug and expand'
model to help distributors manage their
demand and supply while expanding
their geographical reach and helping
pharmacies with better availability.
Biddano's tech platform simplifies
order fulfilment for chemists and
hospitals by enabling orders from
multiple distributors to be easily
consolidated into pharmacy-specific
deliveries. Biddano's platform helps
pharmacies with ‘just-in-time’
procurement of pharma & FMCG
SKUs through its virtual inventory app.
With its virtual inventory model,
Biddano helps pharmacy shops
improve their efficiency and maintain
positive cash flow. It has a network of
over 20000 chemists across eight cities
today. Biddano is targeting to capture a
significant market share of the $80
billion pharmacy market across
healthcare services and FMCG
products.
Tell us more about the solutions that
you offer, giving Biddano a
distinctive edge to stand out from the
competition.
Affordability and accessibility of
medicines are the two vital challenges
that have affected health and longevity
for umpteen Indians. One of the
primary reasons is the lack of
organized last-mile delivery of
medications to people, especially in
remote areas.
So, we incorporated these challenges
into one and made it our prime
principle to find Biddano as a long-
term, ascendible healthcare solution
that would enable every citizen to get
access to lucrative medicines and OTC
products.
We've surrounded ourselves with
people who share our vision of
becoming one of the most trusted
partners in the healthcare industry. The
idea is to design an easy-to-use,
functional platform for pharmacies and
distributors that would add value to the
quality of life of the said customers.
Endorsed by the All-India Association
of Chemists & Distributors as their
exclusive channel partner, Biddano is a
category-buster in the healthcare
industry. We've achieved a substantial
feeling of fulfilment of managing to
touch lives and making a difference by
attaining critical pharmaceutical and
OTC deliveries across cities in the time
of need.
As a seasoned business leader, what
is your opinion about the effects of
the pandemic on the healthcare
supply chain sector, and what were
the challenges that Biddano came
across?
The pandemic indeed disrupted the
supply chain sector across segments,
15 MM 2021|www.insightscare.com
10 Most Promising Healthcare Supply Chain Management Solution Companies for 2021
18. but the health care supply chain
witnessed a huge surge due to a sudden
rise in demand for medicines and other
medical equipment. There was also a
behavioural shift among the consumers
that increased the demand significantly
in a brief period as most consumers
started ordering medicines and
essentials online.
However, the stakeholders were unable
to meet the burgeoning demand due to
certain challenges, including a lack of
infrastructure and workforce on the
ground. These challenges pushed us to
think more creatively to optimize the
resources. There was also a need for
innovation and tech enhancements to
increase efficiency but did not have
enough time to launch stable products.
The pandemic also forced several start-
ups in this space to pivot from their
core models and begin doing
deliveries. The major challenge in this
shift to the delivery model was
increased attrition amongst the riders
as pandemic regulations required less
people on the ground to avoid the
spread of the COVID-19 virus.
While these were some operational
challenges, the segment faced
regulatory hurdles, too, as approvals to
deliver medicines and essentials took
long and were not for everyone in the
team. But having said that, Biddano
overcame all those hurdles and kept
following the only mission "to make
medicines accessible and available
anytime, anywhere."
With continuous development in AI
and ML, what is your prediction
about the future of the supply chain
solutions niche?
• I believe this decade is about
transformation, not innovation. Most
of the wheels are already invented,
what we need to focus on is
optimizing systems and processes. To
achieve the highest level of
optimization, you need AI & ML.
• The supply chain is no different from
any other industry. Especially in
India, the healthcare supply chain is
highly unorganized and fragmented.
We at Biddano are using ML for
route optimization with travel data
and traffic locations.
• In the healthcare supply chain,
delivery TAT (Turn Around Time) is
the most important KPI. With AI &
ML, we have achieved the lowest
delivery TAT for B2B supplies which
is less than 3 hrs in a 25 km radius.
• We are now focusing on getting this
down to less than 2 hrs with AI,
where we will predict demand and
supply with geo-spatial data models.
What would be your advice to the
entrepreneurs aspiring to venture
into the healthcare supply chain
solutions space?
• The Healthcare supply chain is vast
and full of opportunities; my
suggestion to entrepreneurs is to
identify the small problems a large
audience faces and start building
reliable solutions around them.
• Entrepreneurs should first focus on
building the MVP (minimum viable
product) and start executing because
many things are unclear on day one.
I have seen many people investing a
lot of time trying to find answers to
questions that are not relevant to the
need of the market.
• Initially, we need to be more agile
and adaptive. One should not fall in
love with the idea and marry it for a
lifetime. Typically, start-ups pivot
more than 3-5 times before they find
PMF (Product Market Fit).
How do you envision scaling
Biddano’s operations and offerings
in 2021?
We plan to scale our operations across
25 cities this year and plan to have
over one lac pharmacies in our
network. We have a few products in the
pipeline this year, some of which we
have already launched, and a few are
coming next quarter.
With all of our products, we are trying
to digitally transform the B2B
healthcare supply chain and make it
more efficient. Existing inefficiencies
in the supply chain are increasing the
cost of healthcare for the end
consumer. We are addressing this
problem with all of our service
offerings.
Awards and Recognition
• The only company in India which
got an endorsement from AIOCD
(All India chemist association)
• Unhitch-Winner of CIE-IIT H &
Head start event PAN India
An Exceptional Leader
Talha Shaikh is an Electronics and
Communications Engineer and a serial
entrepreneur. He founded Biddano in
2016, and before that, he had a
technology service start-up that used to
develop enterprise technology
solutions for various companies in the
UK and the USA market. He was
involved in creating business
development models, brand strategies,
and statistics systems. He started his
career as a Software Developer with
Cognizant Tech Solutions.
He comes from a healthcare
background, where his family has a
couple of multi-specialty hospitals and
chain diagnostic centres. Having many
doctors in the family has given him a
fair understanding of the healthcare
ecosystem from the inside.
16 MM 2021|www.insightscare.com
19. Stay in touch.
Subscribe to Insightscare Get Insightssuccess
Magazine in print, & digital on www.insightscare.com
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INSIGHTS SUCCESS MEDIA TECH LLC
20. Blockchain Firm
Delivering the Finest Blockchain-based Solutions
The past few decades were devoted to inventing the
things that were considered impossible until they
got invented. Blockchain is one of the prominent
examples in that list. Blockchain technology has become a
must-have option for almost all sectors. The rapid growth of
blockchain technology is touching new heights every day.
This technology automated the business processes and
augmented the workflow. Almost all sectors are
implementing blockchain technology into their business and
industries.
The demand for blockchain technology is rising every day
and many companies are committed to fulfilling this need.
One such company is Blockchain Firm, which is dedicated
to providing blockchain-based solutions.
In an interview with Insights Care, Tendulraj, the Founder
and Managing Director, and Sindu, Co-founder and
Chief Executive Officer of Blockchain Firm have
elaborated on how they are driving change in the healthcare
sector with their blockchain solutions. Following are the
details of the interview:
Please brief our audience about Blockchain Firm, its
USPs, and the key aspects of its stronghold within the
healthcare supply chain niche.
Blockchain Firm delivers blockchain-based solutions,
services, and products for enterprises. Our suite of services
extends to mobile application development and crypto
services too. We strive to create sustainable blockchain
ecosystems for all kinds of industries and help them ease
their business models. Our blockchain model for healthcare
is an ecosystem that brings together all the participants –
doctors, patients, pharmacies, labs, drug manufacturers, and
other supply chain participants – in one place.
This ecosystem has all the attributes of blockchain
technology that make it highly functional and secure. The
ecosystem is designed to overcome the obstacles that
pandemics like COVID-19 would bring us. It paves the way
for supply chains to deliver healthcare essentials like drugs
& protective equipment faster; improve clinical trials and
evaluate tests; provide vaccines & treatments effectively;
and remove duplicate products & counterfeiting.
Tell us more about the solutions that you offer, giving
Blockchain Firm a distinctive edge to stand out from the
competition.
We provide blockchain solutions for all industries that
include finance, healthcare, logistics and supply chain
management, real estate, voting, e-commerce, insurance,
education, digital identity, gaming, and apps. Our solutions
are purely designed to solve the current challenges that
every industry faces. We also specialize in creating
customized solutions based on the client's requirements and
the feasibility of their business.
For any business (small business or an industry), adopting
blockchain technology isn't just a regular transformation.
There lie many complications that could affect the business
model, and that's why those businesses still stay behind the
line.
We are ready to end this by developing performance-
oriented blockchain platforms that would govern and
operate the business as it is, but with added efficiency. Our
solutions and services list doesn't end with blockchain. We
also assist crypto-based businesses in developing
cryptocurrencies (coins & tokens), exchange platforms,
payment gateways, wallets, and trading bots as well.
As a seasoned business leader, what is your opinion
about the effects of the pandemic on the healthcare
supply chain sector, and what were the challenges that
Blockchain Firm came across?
18 MM 2021|www.insightscare.com
21. Tendulraj
Sindu
We strive to
create sustainable
blockchain ecosystems
for all kinds of industries
and help them ease
their business
models
Founder &
Managing Director
Co-founder &
Chief Executive Officer
19 MM 2021|www.insightscare.com
22. One of the many things that the COVID-19 pandemic
proved is, "We need more practical and scalable supply
chain systems to balance supply & demand. If there is
another outbreak like this one, the whole world could
collapse." The healthcare supply chain witnessed huge
problems, especially in production and distribution. Almost
all participants in the supply chain found it challenging to
meet the sudden increase in demand. Besides,
interoperability, security, privacy, and traceability also
became major concerns for businesses.
All these issues were mainly due to the current supply chain
model that focuses only on lowering costs and on-time
delivery. And once the pandemic hit the world, these
businesses had no choice but to focus on inventory
management - the most important method to overcome the
disruptions in the supply chain. As a company, the only
challenge we faced was making SCM businesses
understand the importance of a new supply chain model
backed by blockchain technology.
With continuous development in technologies such as AI
and ML, what is your prediction about the future of the
supply chain solutions niche?
Blockchain has already proved its effectiveness in
addressing challenges in the healthcare industry. It provides
faster access to data, global data sharing, improving
collaboration, and increasing transparency. When AI and
ML are integrated into the same, the results would be
outstanding. We have already seen many tech giants and
industry leaders giving importance to the use of AI & ML in
supply chain management.
When AI is introduced to the supply chain, it helps build a
powerful network with excellent optimization, improved
accuracy & productivity, high quality, and lower costs.
Artificial Intelligence (AI) and Machine Learning (ML)
have all the necessary factors to alter the way the supply
chain industry works. The inefficiencies like machine-based
errors, manual errors, and uncertainties can be eradicated to
a great extent. So, it would be pretty easy and smooth to run
a supply chain business powered by blockchain, AI, and
ML combined.
What would be your advice to the entrepreneurs
aspiring to venture into the healthcare supply chain
solutions space?
People who are venturing into the healthcare supply chain
space should understand this, "Your business should have
excellent scalability and built on modern technologies so
that when pandemics like COVID-19 hit you, you can
easily deal with the uncertainties in the right way."
How do you envision scaling Blockchain Firm's
operations and offerings in 2021?
During the pandemic (and post-pandemic), we saw many
companies reducing their size to manage money and other
constraints. But we chose to be different. Rather than
downsizing, we decided to upsize. We balanced employees'
requirements and clients' requirements effectively during
the pandemic. While many companies were laying off their
employees, we actually brought many new faces to our
organization.
We believe that as long as we give good solutions and
products to our clients, we will meet the essential part of
every business – customer satisfaction. We are currently
focusing on developing more sustainable blockchain
platforms. And also, we have added more services and
solutions to our list. We are currently working on merging
blockchain technology with Artificial Intelligence to build a
decentralized, robust, and secure platform.
What is your opinion on the future of the supply chain
industry considering the evolving customer preferences
due to the COVID-19 pandemic?
To be honest, Covid-19 showed companies how they lack
efficiency & scalability, how vulnerable their businesses are
to risks, and other things. This is a good chance for
companies to reevaluate their processes & business models
and open up the doors for innovation, opportunities, and
digitization in the post-pandemic world. Covid-19 has
helped the supply chain, in particular healthcare, to adopt
innovative methods in the process. In my opinion, there will
be more digital supply chains developed with promising
features and customer-centric approaches soon.
20 MM 2021|www.insightscare.com
23. Prominent Leaders
• Tendulraj - Tendulraj is the Founder and Managing
Director of Blockchain Firm. His professional journey
started in 2013 when he was determined to start his
own company that would provide value rather than
generate income. He started 'Teekz' to help students
and fresh graduates to improve their technical
knowledge, skills, and communication through the
Studentrepreneur program. After Teekz saw a dramatic
success, Tendul wanted to venture into something big
and world-changing. And so, he started Blockchain
Firm.
• Sindu - Sindu is the Co-Founder and CEO of
Blockchain Firm. She played an equal role similar to
Tendul in establishing Teekz and Blockchain Firm.
Sindu's goal is to embrace women in blockchain, and
she has been doing it to the fullest. Being a blockchain
developer and tech enthusiast, it was her idea to
develop sustainable blockchain solutions. Her vision is
to make Blockchain Firm a globally recognizable brand
with its footprints in various technologies.
•
The 20 Most Emerging Startups
to Watch In 2021 by Innovativezone
Super 30 Companies - 2021 by Fortune
India Exchange
Accolades
21 MM 2021|www.insightscare.com
24. As the supply chain market is expanding globally
and in complexity, the margin for errors is
shrinking. On the other hand, the competition is
increasing in the digitally connected world, and it has
become difficult to maximize production by reducing
uncertainties of all kinds. Mounting expectations with the
efficiency between suppliers, the industry seeks to use AI
for its daily operations.
Artificial Intelligence and machine learning, especially,
have already started to change the state of the supply chain
industry by enterprising wide visibility into all aspects
required and introducing some methodologies that humans
cannot imitate in a bigger picture. AI in supply chains is
helping to deliver the powerful optimization capabilities
that are required for more accurate incapacity planning,
improved productivity, higher quality, lower costs, and
greater output, all the while fostering safe working
conditions and executing operations like:
Accurate Inventory Management
Inventory accuracy can give out a precise number of items
in and out of the warehouse. There are many procedures
involved, like order processing, picking, and packing,
which is time-consuming, and there is a high chance of
error happening while executing this job. Also, accurate
inventory management can help to maintain an ample
amount of stock which can help in unexpected stock-outs.
With the efficient tools powered by AI that can manage
mass data, these intelligent systems can analyze big
22 MM 2021|www.insightscare.com
26. databases quickly and guide forecasting supply and
demand. AI-powered systems can also predict and discover
habits and forecast seasonal demands, resulting in anticipa-
tion of future trends as per the customer's demand while
reducing the costs of unwanted inventory.
Warehouse Efficiency
An efficient warehouse is an integral part of any supply
chain, and AI can assist in the timely retrieval of any item
from the warehouse and ensure the safe delivery of that
item to the customer.
AI systems also solve several warehouse issues more
quickly and accurately than a human can; it also helps
simplify complex procedures that involve a lot of work and
time. AI-driven automation efforts have significantly
reduced the need and cost of warehouse staff.
Enhancing Safety
AI-based automation tools can ensure intelligent planning
and efficient workhouse management, which eventually can
enhance the safety of both workers and materials. AI can
also analyze the data of the workspace and inform the
manufacturers about the possible risks. It can also record
stocking limitations and update the operations along with
the necessary feedback with risk factors. This helps the
manufacturers react swiftly and firmly to keep the
operations steady and secure while ensuring the safety of
the workers and the materials.
Reducing Operations Cost
The biggest benefit of AI systems in the supply chain is
reducing operating costs. From customer service to the
warehouse, these systems can work error-free for a longer
time and execute the tasks quickly and efficiently,
eventually reducing the time, errors, and workplace
incidents. The robotics involved in warehouse operations
provides greater speed and accuracy, resulting in increasing
the productivity of working.
On-time Executions
AI systems can help in reducing the dependency of manual
efforts, which makes the entire process faster, safer, and
smarter. This helps to execute the tasks within the time limit
and thus, maintains the commitment between the supplier
and its customer. Automated systems normally accelerate
the traditional warehouse procedures and work in a well-
designed manner with minimal effort to execute the job on
time.
AI Driving Effortless Management
By implementing AI systems, supply chain managers can
enhance their decision-making by predicting the system's
congestion and coming up with effective solutions to
simplify and execute their operations in an efficient manner.
Furthermore, AI systems can predict the exact quantity of
the expected outcome across distinct stages of the schedule,
which enables optional alternatives if any interruptions
occur when executing the scheduled task.
The software used by the supply chain amplifies the
decision-making by using cognitive predictions and
recommendations on optimal actions, which eventually
increases the performance of the supply chain. It also helps
manufacturers with consequences across various scenarios,
including time, cost, and revenue.
It is extremely critical for the manufacturers to get complete
visibility of the supply chain, with minimal efforts, looking
at the complex supply chain network that exists today.
AI systems offer a single virtual layer of data that reveals a
glimpse of the entire supply chain's performance, helps to
eliminate the congestion, and picks opportunities for
improvement with the real-time data, which is monitored by
these AI systems constantly.
AI: Performance Delivered
Artificial Intelligence (AI) is accelerating the working
principles of the supply chain by eliminating the extra
efforts which are eventually saving time, and with the
fundamentals of working effortlessly, AI is driving the
supply chain industries to a new era of promising automa-
tion systems with the newly emerging techniques ready for
the future.
- Abhishek Joshi.
24 MM 2021|www.insightscare.com
27.
28. Your Health at Your Fingertips
Consolidating Medical Data for Better Administration
Chrissa McFarlane
Founder and CEO
Patientory has received many
accolades, including
• ‘The 10 Most Innovative Digital
Healthcare Solution Providers
2018’ by Insightscare
• The 2018 ‘Globe Award
Winner’ in International Trade by
the U.S. State of Georgia
• ‘Technology Pioneers 2021’
cohort by World Economic Forum
• ‘Top 100 Start-up of the Year’
• Recently, Patientory was
nominated for ‘Best Digital Health
Solution 2021’ for the 2021 Prix
Galien USA Award by Galien
Foundation.
• Patientory is on the top 10 list of
successful blockchain companies
that are thriving today.
26 MM 2021|www.insightscare.com
29. The Healthcare industry, in
general, has advanced
exponentially in the past few
decades. The credit of this
advancement mostly goes to the
inclusion of the latest technological
innovations in the industry.
In the past, medical records from
visiting different healthcare
professionals used to get stored
differently, which made it difficult to
get an overview of the complete health
of an individual. But with the
introduction of blockchain technology
in the healthcare space, it has now
become possible to store all the health-
related information of an individual in
one centralized place.
Patientory, Inc. is one such company
that is providing these vital services to
both patients and enterprises to better
manage their health. The company is
spearheaded by Chrissa McFarlane,
its Founder, and CEO.
In the following interview, Chrissa
elaborates on how the company is
transforming the healthcare space with
cutting-edge technology.
Below are the highlights from the
interview:
Please brief our audience about
Patientory, Inc., its USPs, and the
key aspects of its stronghold within
the healthcare supply chain niche.
Patientory, Inc. is a population health
data management and analytics
company that empowers patients to
manage their healthcare data while also
providing enterprises with holistic data
points to help them develop more
comprehensive care plans. We are one
of the three HIPAA compliant
platforms that combines blockchain,
big data, and machine learning to help
enterprises better understand consumer
health data.
We are the only company that provides
on-chain healthcare population
analytics on top of a specific healthcare
blockchain, and we have done so with
a fraction of the funding that our
competitors have received. Being one
of the first movers using Blockchain
technology in the Health IT market, we
provide a solution for both patients and
providers.
Tell us more about the solutions that
you offer, giving Patientory, Inc. a
distinctive edge to stand out from the
competition.
We are all aware that patients and
providers still face challenges
managing health data on a daily basis,
as healthcare is generalized, not
personalized, and data aggregation is
limited. Both providers and patients
lack the comprehensive data to make
the most efficient decisions.
Due to a lack of interoperability and
access across current management
systems, providers, employers, and
pharmaceutical companies are unable
to see the whole picture; they are
unable to create efficient care plans for
patients without access to all patient
data. So, we came up with a solution
that fills these gaps and gives patients
an opportunity to own their health data,
where Patientory democratizes
individual ownership of the world’s
health data and incentives to improve
health outcomes.
Patientory Inc. provides patients with
access and insights, comprehensive
healthcare data, risk management
analytics, and AI-driven clinical trial
recruitment management systems
through its two decentralized
applications, the Patientory mobile app
and enterprise software tool Neith.
This is achieved by integrating a
blockchain-enabled network to gather
and analyze siloed healthcare data,
which includes daily lifestyle factors,
and in turn, reduce the cost of care.
Our increased interoperability
improves care coordination while
ensuring data security, minimizing
health breaches and penalties, and
decreasing IT expenditures.
As a seasoned business leader, what
is your opinion about the effects of
the pandemic on the healthcare
supply chain sector, and what were
the challenges that Patientory, Inc.
came across?
The COVID-19 pandemic has
impacted every nation, business, and
supply chain all over the world. The
pandemic highlighted the inadequacies
and weaknesses in the health care
supply chains. It brought to light
previously unseen vulnerabilities and
10 Most Promising Healthcare Supply Chain Management Solution Companies for 2021
27 MM 2021|www.insightscare.com
30. many organizations have suffered staff
shortages and losses due to the
COVID-19 crisis.
One of the most difficult aspects of
managing this public health crisis has
been the manufacturing and
distribution of medical devices,
surgical supplies, and medicines to
those on the clinical frontlines.
However, for our company,
we didn’t really face
any challenge, and I
would say the
pandemic really
brought to
light the nest,
the means for
supply chain
in healthcare
and tracking,
which brought
our solutions to
the forefront.
With continuous
development in
technologies such as AI and
ML, what is your prediction about
the future of the supply chain
solutions niche?
I see the promising future of the supply
chain solutions niche with continuous
development in technologies such as
AI and ML. There is no doubt that AI
and ML are becoming essential to
innovative supply chain transformation
as AI and ML can deliver
unprecedented value to supply chain
and logistics operations.
We all know that the COVID-19
pandemic put a tremendous amount of
pressure and stress on many supply
chain industries. Many organizations
are increasingly pressed to work
smarter to fulfill customer’s needs and
expectations.
Some organizations are starting to use
AI technologies across the end-to-end
supply chain to help make predictive
and prescriptive decisions. So, I
believe having advanced technologies
like AI and ML will definitely add
value and help to normalize the current
situation facilitating both consumers
and providers.
What would be your advice
to the entrepreneurs
aspiring to venture
into the healthcare
supply chain
solutions space?
I have always
believed in a
future when
healthcare is no
longer defined by
the large expenses
that currently plague
the economic systems
and the general people.
The most important thing we
need to do is continue to raise
awareness, be a voice for the others
coming behind us, and learn to step
outside of your comfort zones in order
to create an industry that looks and
performs quite differently in the future.
Especially for new entrepreneurs, it is
always crucial to network and connect
with others to explore your expertise
and opportunities. I would say
networking is the most important part
to explore and attract different
opportunities.
How do you envision scaling your
company’s operations and offerings
in 2021?
In 2021, we envision scaling our
company’s operations and offering
through partnerships and campaigns.
ABOUT THE LEADER
Chrissa McFarlane is the Founder and
CEO of Patientory, Inc., based in
Atlanta, and a Forbes contributor on
healthcare and blockchain topics. She
was named as one of the top women
‘leaving their mark on the MedTech
field in health IT’, by Becker’s
Hospital Review. Chrissa McFarlane
founded Patientory after working more
than a decade in the healthcare
technology industry and realizing there
was a need for more personalized,
secure, and consumer-driven health
information management solutions.
Chrissa has worked in a variety of
sectors in the healthcare technology
industry, from microbiological research
to pharmaceutical operations
consulting, as well as working with
health insurance providers and
hospitals. She has devoted her career to
healthcare and blockchain, and she
believes that blockchain has the
potential to improve healthcare by
integrating socioeconomic
determinants of health into care.
Chrissa is a Digital Health Influencer
for HIMSS and an
influencer/ambassador for the Metro
Atlanta Chamber of Commerce. She is
passionate about fostering digital
innovation in the healthcare industry.
Chrissa is also a published author and
her debut book ‘Future Women:
Minority Female Entrepreneurship and
the Fourth Industrial Revolution in the
Era of Blockchain and Cryptocurrency’
was published in 2019. She is a pioneer
with influence in the areas of both
blockchain and healthcare.
Being one of the
rst movers using
Blockchain technology in
the Health IT market, we
provide a solution for
both patients and
providers.
28 MM 2021|www.insightscare.com
31.
32. The liver is one of the hardest working organs in the
human body, converting nutrients and generating
amino acids to help fight infections. Maintaining
liver health becomes increasingly important as we age.
To help protect this vital organ, older Americans should
avoid alcohol, take acetaminophen in moderation, consult
with a physician before taking supplements, eat a balanced
diet and get tested for viral hepatitis, especially if they were
born between 1945 and 1965.
Hepatitis C, an infection caused by the hepatitis C virus
(HCV), is contracted from infected blood and can put
certain people at higher risk of infection. Hepatitis C is the
most serious type of infection because it can be chronic and
cause severe liver damage. Over one-third of HCV-infected
people progress to advanced fibrosis and cirrhosis, and of
those with cirrhosis, about 3 – 5% each year develop
decompensated cirrhosis and/or hepatocellular carcinoma
(HCC).
Unfortunately, a large number of chronically HCV-infected
persons in the U.S. are older and have lived with HCV
infection for decades. Those with long-duration chronic
HCV are at risk for the most advanced forms of liver
disease.
In response, more physicians have adopted
vibration-controlled transient elastography (VCTE)
technology, a painless, non-invasive and simple
examination to help identify and monitor liver disease
earlier.
HCV and Liver Disease Connection
Almost one-third of Americans have asymptomatic liver
disease, also known as fatty liver disease (FLD), about 85
million Americans have nonalcoholic fatty liver disease
(NAFLD), and 20% have nonalcoholic
its more severe form
steatohepatitis (NASH).
One study on how NAFLD affects patients treated and
cured for HCV found that NAFLD identified in patients
prior to treatment remained after they’d been cured of HCV
infection. Among those with NAFLD before treatment,
6.25% still had substantial liver scarring after being cured
of HCV infection.
The good news is that NAFLD can be reversible if caught
in the early stages. Weight management is the most
effective way to control or reverse NAFLD. A loss of 3-5%
in weight can improve liver health. Together, exercise and
diet therapy can lower fat accumulation in the liver and
improve hyperlipidemia, hypertension, and insulin
resistance.
The Importance of VCTE Tools
For treating HCV and liver disease, physicians should
consider taking a holistic approach to patient engagement
30 MM 2021|www.insightscare.com
33. and support behavioral changes that will lead to better
outcomes and higher quality of life.
VCTE technology, such as FibroScan, a non-invasive point
of care examination, provides results that can empower
physicians with data and information they can use in real
time to refer patients to a specialist or suggest changes to
their overall care plans, if needed. What’s more, VCTE
tools are covered by Medicare, Medicaid, and many
insurance plans.
The best non-invasive liver exams are highly mobile, can be
easily operated by a medical assistant and interpreted by the
healthcare professional. Results are numeric measurements,
not images, which allows for simplified interpretation and
consistency.
This enables physicians to monitor changes in the livers of
patients with HCV over time for the most effective care and
outcomes. Once identified, FLD patients can receive
proactive intervention and alter their lifestyle to slow
disease progression.
31 MM 2021|www.insightscare.com
34. The human body might appear simple on the outside,
but it is a complex structure with its own
limitations. Although(reviewed), it is designed in
such a way that it can easily adjust to a slightly higher or
lower temperature internally or externally. However, if
exposed to extremely harsh conditions for a long time can
lead to a fatal illness, which can even result in death.
The cold storage industry is a growing one. According to
CBRE, after 2000, the cold storage industry grew by 43%.
Today, the industry is valued at $107.18 billion and is
expected to grow by 13% by 2028. It is an evolving
industry; the owners are responsible for the safety of the
employers as the employees are working in extremely hard
unnatural conditions.
Safety measures are to be followed at cold storage facilities
because they help ensure the safety of everyone working in
32 MM 2021|www.insightscare.com
36. the facility. Since the working conditions are extremely
harsh, the risks are larger, which can affect the lives of
many people. There are certain precautions that every cold
storage owner, along with the employee working there,
must know.
Here are the five health and safety precautions that every
cold storage owner must know and follow:
Temperature Check and Control
Cold storage facilities do not just store one kind of thing
unless it is specially designed for storing one specific type
of item. Having said that, few things are stored at a lower
temperature, which can prove fatal when there is a change
in temperature. That is why it is essential to check the
temperature of the facility frequently.
Temperature control plays a very crucial role in the safety
of the employees. Exposing the
employees to extremely cold temperatures can result in fatal
conditions. Working in cold conditions can lead to frostbite,
frostnip, hypothermia, immersion injury, etc. All these cold
room illnesses can be fatal or can cause permanent damage
to the body, skin, and even blood vessels. That is why it is
important to control the temperature at cold storage
facilities.
Protective Clothing
When working in a cold storage environment, it is essential
to wear protective clothing and equipment all the time. It is
also the responsibility of the owner to provide all the
necessary clothing and equipment for working under such
harsh conditions. Protective gears for the body, head, hands,
eyes, and face are required. Wear spacious or separate eyes
and face protection as they often cause fogging due to
breathing.
Make sure that there are layers before you wear the
protective suit to prevent extra heat loss from the body. The
layers below the protective gear should be able to keep the
body warm. Also, eat high calory food and drink more
water as it maintains energy levels in cold conditions and
minimizes the risk of fatal diseases like hypothermia.
Efficient and Required Training
Working in cold storage might seem easy, but it is a
challenging task as there is a cold environment and the
additional protective gear on, making it difficult for the
employee to move and work. Efficient training in sustaining
and maintaining productivity in such cold conditions is
required for safety.
Apart from that, the packages which are stored at the
storage facility might be dangerous. To handle such things
under cold conditions often require training with proper
measures. Healthy work practices should also be a part of
training, as a 10-minute break at room temperature after
every 50-minutes of work. Continuously working in cold
conditions can adversely affect the health of workers.
Infrastructural Safety
Under a cold storage facility where the temperature is
controlled manually, it is essential to maintain the facility.
Cleaning and keeping the facility dry can prevent major
hazards like slipping. Make sure the facility is well
maintained, and everything is easily accessible to avoid
spillage, etc.
Ice-build-up can cause a lot of safety hazards at the
facilities including, ice-build-up on storage racks, ceiling,
and even on floors. Also, electrical accidents can be
problematic and hard to stop in cold conditions if not
maintained properly. Check and clean the electric
appliances and wires to avoid any electrical hazards like
short circuits.
Well-lit Facility
Cold facilities are often monochromic and are isolated. This
causes problems for the workers to work efficiently and can
lead to accidents. That is why make sure that the cold
storage facility is well lit. Along with that, there should also
be sufficient spacing between the racks to avoid accidents,
collisions, and other damages to the property and the
employees.
Working in cold storage facilities can affect the workers in
many ways. Often the health conditions of the employees
are at risk. Make sure you take the necessary measures to
ensure the safety of employees. If safety at the workplace is
maintained, it also indirectly ensures the longevity of the
business.
-Ashlesh Khadse
34 MM 2021|www.insightscare.com
37.
38. Our recognition stems
from the condence
our partners have
shown in us and our
ability to expand so
quickly within a short
timeframe.
Dr. Sameer Ahmed Khan
Founder and CEO
The traditional approach towards purchase planning
was limited by demand and supply aggregation to
find the cheapest alternative in the healthcare
sector. This approach lacked focus on critical aspects of
quality care management, transparent consumption
tracking, and supply chain process chokes. Due to this,
hospitals faced quality issues, siloed consumption leading
to wastage, dark purchasing, and delays in supplies due to
several broken linkages.
StratMed is India’s first transparent group purchasing
organization and has introduced an approach that looks at
every aspect of the supply chain optimization curve –
Clinical Requirement Mapping, Processes, Industry Cost
and Consumption Benchmarks, and building a wider supply
Eco-system.
StartMed’s Founder and CEO, Dr. Sameer Khan is an
expert in the health care industry. In the following
Making Healthcare Efciently Viable
About the leader
Being a qualied doctor himself, the Founder and CEO, Dr. Sameer Ahmed Khan has deep clinical
expertise, which when combined with his long-standing growth-leadership experience gives StratMed a
unique value advantage of providing both clinical and business advisory support to hospital partners.
Dr. Sameer has played an integral role in setting up four agship hospitals of fortis healthcare in India
and steering revenue realization goals for leading healthcare brands. He has 20+ years of growth
leadership experience. He held a leadership role in driving revenue, strategy, growth, and sourcing
across large healthcare providers.
36 MM 2021|www.insightscare.com
39. interview, he shed some light on the operations and services
provided by the firm. He believes that this endeavor is a
step towards making healthcare more productive and value
efficient. Following are the key aspects of the interview.
Please brief our audience about StratMed, its USPs, and
the key aspects of its stronghold within the healthcare
supply chain niche.
StratMed partners with leading pharmaceutical companies
and medical equipment manufacturers to provide large
quaternary care hospitals, single specialty hospitals,
corporate chains, community hospitals, nursing homes, and
clinics with future-ready, end-to-end solutions for
optimized hospital purchase planning and supply chain
management.
While the clinical experts at StratMed work closely with the
clinical leadership team within a hospital to evaluate and
improve formulary design practices, process solutionists
work towards de-bottlenecking. Supply partners engage at a
deeper level to provide better value solutions and
StratMed’s proprietary data-driven technology platform –
Integer™ creates the intelligence layer for sharper decision-
making and planning.
As a seasoned business leader, what is your opinion
about the effects of the pandemic on the healthcare
supply chain sector, and what were the challenges that
StratMed came across?
The pandemic taught us how not to ‘depend’ on a single-
supply source. Added to this is the impetus on localization.
When the supply lines broke down during the pandemic, we
leveraged our tech platform Integer™ to map the alternate
source pools from our wide network of suppliers. This
10 Most Promising Healthcare Supply Chain Management Solution Companies for 2021
combined with predictive consumption analytics, we were
able to support hospitals despite the challenges.
With continuous development in technologies such as AI
and ML, what is your prediction about the future of the
supply chain solutions niche?
AI and ML provide the much-needed intelligence layer, but
they can be harnessed only if the underlying data is accurate
and data attributes are comprehensively captured. Hence,
our focus is on creating the right data landscape and
leverage AI and ML applications for demand planning and
forecasting, formulary design benchmarks based on
specialty and treatment procedures, inventory level
tracking, optimization, etc.
What would be your advice to the entrepreneurs
aspiring to venture into the healthcare supply chain
solutions space?
Look beyond ‘Bulk Purchasing’ and focus on cost
optimization methods that enhance clinical outcomes and
do not disrupt them.
How do you envision scaling StratMed’s operations and
offerings in 2021?
We have an aggressive growth plan for the coming years.
While we will keep scaling our presence in India, we will
also strengthen our presence in UAE. Our goal is to add 300
hospitals, 20,000 Beds, across India by 2023. We also
intend to enter the MENA region and Southeast Asia in the
coming fiscal.
On the offerings side, we plan to introduce different models
of engagement – PaaS, Consulting, and Managed Services
within the context of hospital supply chain optimization.
37 MM 2021|www.insightscare.com
42. Synthium Health
The supply chain is an integral part of most
establishments. It becomes an even more crucial
process to consider when it comes to the healthcare
space. During the COVID-19 pandemic, the role of supply
chain management became more evident when supply
shortages risked the whole community’s health.
All the components of the healthcare system fastened their
seat belts to deliver in the grueling pandemic situation. The
supply chain space also rose to the occasion to help the
community in a time of crisis like this.
One of the prominent names in the arena, Synthium
Health, left no stones unturned to provide their cloud-
based, digital information, and eCommerce platform
engineered exclusively for the healthcare industry.
Spearheaded by Vijay Reddy, the CEO of the company,
Synthium Health is disrupting the healthcare supply chain
sector through its unified platform which connects
providers and suppliers directly to the end customer,
eliminating the middleman.
In the following interview, Mr. Reddy expands more on the
services offered by the company and its functioning.
Please brief our audience about Synthium Health, its
USPs, and the key aspects of its stronghold within the
healthcare supply chain niche.
Synthium is an intelligent, collaborative healthcare
technology platform that aims to link supply chain
participants in health industry such as manufacturers,
GPOs, distributors, and providers and enables them to
interact, transact and grow together.
Synthium was published on CCBeast, Disruptor Daily,
TechBullion, and Medical Design & Outsourcing magazine.
Tell us more about the solutions that you offer, giving
Synthium Health a distinctive edge to stand out from
the competition.
Suppliers/Manufacturers
(https://www.synthiumhealth.com/suppliers/): Manage 360
degrees view of sales
Ÿ Setup catalog and start selling
Ÿ Reduce costs with lower credit card processing fees as
well as accept eCheck/ACH payments
Ÿ Automate recurring payments
Ÿ Manage sales team
Ÿ Analytics & Reports
Upcoming features:
Ÿ Generous credit options to support cash flow
Ÿ Ability to target customers across different sectors such
as B2B and B2C.
Ÿ Target customers on other platforms such as Amazon,
Walmart, and eBay
Ÿ Lower shipping costs on LTL (Less Than Truckloads)
and TL (Truck Loads) shipments
Ÿ Multiple storage locations
40 MM 2021|www.insightscare.com
43. Vijay Reddy is an Entrepreneur, Blockchain, and
AI enthusiast with a passionate drive for software
development and wanting to bring disruptive
technologies and innovation in the healthcare
industry. He is currently working on a medical
devices SPAC and hoping to bring growth
opportunities for the innovative medical device
companies alongside the development of an
eCommerce platform that serves to reduce
dependency on middle layers in the current
healthcare supply chain.
After completing his MS in Computer Science, he
entered the healthcare space with OSI Systems
(now MedAssets, Inc.) in 1991 and progressed to
be the Chief Information Officer for the company,
where he was instrumental in helping the
company become one of the largest revenue
cycle management companies. Over 50% of the
hospitals in the US utilized the software and
services.
After leaving the company, he started his
entrepreneurial journey in 2001; he launched
several companies along the way, including:
Ÿ Clinical knowledge base (unique project for AI-
driven clinical diagnosis/decision making)
PayD – A unique patented idea to pay the
medical practices
Ÿ Medical billing and transcription services for
hospitals and medical practices
Ÿ Medical Coding Platform
Ÿ Blockchain and more.
He was invited as a guest speaker in healthcare
events such as:
Ÿ HMMC (Healthcare Manufacturers
Management Council)
Ÿ BlockTrain
Ÿ HealthTech O2O
By running and moderating user groups such as
Healthcare Blockchain & AI with over 2,700
members and Medical Coding/Claims Analysis
with about 1,600 members on LinkedIn, he is up
to date with the industry changes.
Vijay Reddy
CEO
41 MM 2021|www.insightscare.com
44. Healthcare providers
(https://www.synthiumhealth.com/providers/): Synthium
saves healthcare providers time, money, and effort to
procure products at the best active price.
Ÿ Improve medical supplies procurement process
Ÿ Analytics & Reports
Ÿ RFQs
Ÿ Surgery scheduling/management
Healthcare professionals such as physicians, nurses, and
others (https://www.synthiumhealth.com/clinicians/): A
networking platform with the following benefits:
Ÿ Network with other professionals and strengthen
professional goals and business connections
Ÿ Clinical advice from peers
Ÿ Keep up with FDA product recalls, healthcare news, and
more
Ÿ Career and business opportunities
As a seasoned business leader, what is your opinion
about the effects of the pandemic on the healthcare
supply chain sector, and what were the challenges that
your company came across?
Pandemic affected everyone, including the healthcare
supply chain. The healthcare supply chain was put under
tremendous pressure due to supply shortages and a surge in
demand for certain supplies. As far as Synthium is
concerned, we started offering COVID-related products to
our customers and tried to fill the gaps in procurement. We
published educational materials to educate medical
practices.
With continuous development in technologies such as AI
and ML, what is your prediction about the future of the
supply chain solutions niche?
AI and ML impacted most industries. The healthcare supply
chain would gain tremendous benefits by
adopting/embracing the technology. We developed easy to
use Synthium Analytics, so our customers do not need a
data scientist, powerful computers, or setup cost:
Ÿ An advanced 9-step system of predictive modeling to
predict the outcomes.
Ÿ Time series algorithm along with 12 other different
types of algorithms that run simultaneously to provide
highly accurate analysis.
Ÿ Instant recognition of attributes like CPT codes, ICD
codes, HCPCS code, etc.
Ÿ Smart grouping of DRG, UNSPSC code.
What would be your advice to the entrepreneurs
aspiring to venture into the healthcare supply chain
solutions space?
The healthcare supply chain industry is complex and huge.
There are several opportunities where one can make a
difference/innovate in optimizing expenses and innovative
product lines. An additional benefit is that this is a
recession-resistant industry. With an aging global
population, it is definitely a growing industry with
opportunities for all.
42 MM 2021|www.insightscare.com