The future of healthcare will be shaped by data. Big data and artificial intelligence will revolutionize how healthcare is practiced and delivered in the coming years. Healthcare organizations are investing heavily in these technologies to achieve better outcomes for patients at a lower cost. We sat down with Mike Cook, CEO of IDENTOS Inc, a company which last month made the list of Canada’s Top Growing Companies in 2022, to gain insights on his journey as an entrepreneur, why patients need better access to their health data, and the importance of building a financial partnership with a trusted and reachable lender to support your organization’s growth strategy.
Why do patients need better access to their data?
Patients want to be more actively involved in managing their health, and access to health data allows for this participation. By having easy access to their data, patients will feel empowered to make more informed decisions about their care, which can help connect their care journey, avoid unnecessary health complications, and reduce healthcare costs. As Mike explains, “IDENTOS is a software solution that helps identify who patients are and allows them to consent to have their health data used. We also have a mobile application that some of our customers use to help patients connect and discover their services. I think we can all attest that in the past we haven’t had enough access to our health data, but now, every province across the country is investing heavily in making that data more available, so it’s a good time to be on the market.”
Understand the patient’s experience
Healthcare data includes information about a patient’s health status and history. This data can be collected in different ways, such as diagnostic equipment, online surveys, wearable tracking devices, lab tests and healthcare providers. Healthcare data can aid providers in making better diagnoses and creating customized care plans for each patient. This helps patients keep track of their health and stay informed about their treatment. In the future, the volume and types of data will likely expand. As Mike recalls: “one of our most exciting research-based projects right now is in BC, working with researchers to help children with diabetes connect their insulin pumps and their data with researchers and their clinicians for an integrated experience.
Managing your cash flow
The business cycle associated with projects in the healthcare industry is often considered lengthy, Mike explains, “it can take a while to win healthcare contracts. Even when you win one, kicking it off can take a while.” The right financial partner will support your organization’s growth strategy, fill in gaps in your service offerings and provide financial capital to fund loans. They serve as a trusted advisor and strategic partner to accelerate the development of any business. Mike continues, “the important part of the selling cycle is finding a financial partner to help you manage the cash flow for stability in a business over a time horizon. You need to make sure that your project cycle is lined up with your cash requirements, particularly in the healthcare sector. That is exactly the value that we struck together in our partnership with OKR.”
Choose a lender that matches your size
OKR Financial has helped Mike plan IDENTOS’ working capital in an impactful way. It has allowed them to hire more talent, access new markets and commit to new projects across Canada. Mike says that OKR came opportunistically as a “fit for purpose conversation,” one he could maintain and strengthen over time. “We found a company that is easy to get a hold of, easy to talk to and share our thinking with. We truly value the convenience and the type of relationship that is a match to our size,” he concluded.
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