Technology advancements continue to expand our capabilities across all areas of our lives. While consumer technology advancements certainly bring an added level of entertainment, new breakthroughs in medical technology will have a far-greater impact on our future. New technologies will be able to combat a wide range of ailments and common medical problems, which will provide greater quality of life, higher average life expectancies, and more.
Unfortunately, technological innovation has not been evenly felt throughout the health sector. While a lion’s share of the innovation lies within treatment, other areas like health records have fallen through the cracks and continue to be in an outdated condition. In a digital world, the health sector still largely utilizes paper medical records and manual data entry, which creates numerous inefficiencies.
However, it appears the tides are shifting, as the health care sector continues to embrace digitalization. According to Zion Market Research, the global digital health market is forecast to grow from $122.66 billion in 2017 to $431.11 billion in 2024. This represents a compound annual growth rate (CAGR) of around 19.35% between 2018-2024.
Furthermore, BIS Research estimates that global “big data” in health care will grow from $14.25 billion in 2017 to $68.75 billion in 2025. This relates to utilizing artificial intelligence, machine learning, and other advanced technologies.
One such medical technology company that stands to benefit from this strong growth is ORHub, Inc. (OTCQB: ORHB).
Overview: ORHub, Inc. (OTCQB: ORHB)
ORHub, Inc. is a Laguna Beach, California-based advanced surgical software-as-a-service (SaaS) solutions provider. The company also has offices in Tempe, Arizona; Newport Beach, California; Bellevue, Washington; and Jacksonville, Florida.
Born from the “Microsoft for Start-Ups” program and hosted on their Azure cloud platform, ORHub, Inc.’s suite of products are hosted with a top-tier cloud network provider. This helps ensure the company can focus on solving the problems that plague the business of surgery.
The HIPAA-compliant platform allows health care providers to digitally capture accurate surgical records and analyze its data in real-time. “ORHub’s cloud-based software solution captures information before, during and after surgery to fill a void in the current surgical information infrastructure and provides the first platform to capture and measure the surgical process on any web-enabled device,” according to the company’s description.
The company’s surgical resource management (SRM) application is then able to automatically creates a live surgical case receipt that tracks each element of a surgical case including type of procedure, indication, and materials used that is verified by the physician and nurse. This means the report will capture everything from implants, biologocis, surgical procedures used to product’s manufacturer, utilization, and other information.
This is not only extremely convenient, but it also solves a major problem and inefficiency within the current health care climate. Health care providers are often burdened with massive amounts of paperwork and data entry, which ultimately takes time away from seeing additional patients. With the automatic live surgical records being generated, providers will see reduced costs and improved workflow, which can lead to greater quality of care for patients.
Through September 2018, ORHub, Inc. has collected data from over 5,700 surgical cases so far this year alone. The company also noted a greater than 80% physician adoption rate.
ORHB: Recent News & Developments
14th– ORHub announced that it had appointed Dr. Burak Ozgur to its Medical Advisory Board. The award-winning neurosurgeon is considered to be among the best in the U.S. specializing in minimally invasive spine neurosurgeries.
“What’s exciting about ORHub is that finally there is a product that aims to streamline the practical aspects of surgical equipment, implants and tools for the hospital OR system while helping to translate that value into surgical outcomes and efficiency,” detailed Dr. Ozgur.
27th– The company announced that it has expanded its core platform capabilities to include new features focused on helping improve reimbursement for providers. ORHub’s SMART Scanning technology helps free up nurses from manually inputting the data. Furthermore, this allows for more accurate reimbursement.
“Our internal research indicates that our taxonomy approach to optimizing reimbursement and our proprietary scanning and parsing technology resolve chronic surgical problems by uncovering missed revenue opportunities and capturing time savings that could result in millions of dollars of efficiencies that can be recovered per hospital. We are excited to scale our modules to market in the next quarter and will continue to work with our clients to provide breakthrough technological solutions that align with value-based healthcare,” detailed Colt Melby, CEO of ORHub.
20th– ORHub announces plans to expand data analytics platform in response to U.S. Food & Drug Administration (FDA) and Centers for Medicare and Medicaid Services (CMS) initiatives in Electronic Health Records (EHR).
Back in June 2018, the FDA announced that all new trials of medical devices must provide Healthcare Economic Information before receiving approval. Furthermore, CMS announced a set of reforms to help improve care quality while reducing burden from paperwork.
15th– ORHub announced that it had filed a U.S. patent for an augmented reality-enabled feature for Electronic Health Records. Specifically, the patent is for protection of using “3D Avatars for Electronic Medical Records.”
“Following our launch and implementation of our cloud-based SaaS Surgical Resource Management (SRM) platform, this patent filing further propels us along our development journey to extend beyond manual data capture in the surgical environment utilizing innovative new technology,” said Colt Melby, Chief Executive Officer of ORHub. “ORHub is committed to bringing transformative surgical economics for our rapidly growing number of providers to break through current challenges that EHR systems face.”
8th– ORHub announced mid-year updates, which included the company’s continuing efforts evolving from product innovation into a sales and marketing focus. The company announced that it had completed data analytics for 5,700 surgical procedures so far in 2018.
ORHub, Inc. also completed its uplisting to the OTCQB Venture Market, which provides greater transparency and confidence for investors.
2018 Milestones Year-to-Date
- Upgraded to the OTCQB Venture Market
- Powered data analytics for over 5,700 surgical cases to date
- Developed three new modules that will move to market by calendar Q4 of 2018
- Strengthened senior management team with the appointment of Barney Monte as Interim Chief Financial Officer
- Strengthened the Board of Directors with the appointment of Stephen Cochennet as an Independent Director and Chairman of the Audit Committee
- Outsourced technology programmers to a third party, helping reduce headcount by nearly 70% as we normalize operations and scale to market
- Expanded indications from spine into cardiovascular and neurological surgical cases
Management & Advisors
Colt Melby, CEO
Mr. Melby was appointed Chairman and CEO of the company after the ORHub Asset Purchase. He was an initial Member of ORHub, LLC in November 2015 and served as its CEO. He has had a 30+ year career as a senior level executive in both public and private companies. Mr. Melby is an active entrepreneur and investor, taking officer positions when needed. His focus is on high-growth companies, recently in digital health and regenerative medicine.
Since December 2015, Mr. Melby has been an independent Director on the Board of News Beat Social (NBS), a company that is in the process of a Reg A plus IPO. Prior to ORHub and the Company, between 2008 and 2014, Mr. Melby served as Chairman of the Board at CUI Global, Inc. a publicly traded holding company that develops and commercializes Innovative Industrial and Power Technologies (Nasdaq:CUI). Between 2012 and 2014, Mr. Melby also served as Vice Chairman of the Board at Quest Resource Holding Corp (Nasdaq:QRHC) and was the CEO of Earth911 (the predecessor company to QRHC). Previously, Mr. Melby financed the acquisition of Smith & Wesson by a public company. He subsequently served as President and Chief Operating Officer of publicly held Smith & Wesson Holding Corporation (NASDAQ:SWHC) from September 2002 to December 2003 and served on the Board of SWHC between 2001-2008. Mr. Melby has also served in a number of positions within the aerospace industry, most recently with Metal Form, Inc., a privately held aerospace manufacturing company, where he served as President and Chief Executive Officer from 1987 to September of 1999.
William Dobkin, MD (Co-Founder and Advisor)
William Dobkin, M.D., along with Mr. Wiggins, was a founder and visionary for the ORHub software system. In November 2015, they formed iDataMD, LLC to pursue this vision. Dr. Dobkin’s primary vocation since 1985 has been the private practice of Neurosurgery. His current specialty is treating complex problems associated with the spine. He has been involved with roughly 15,000 surgeries involving the brain and the spine. Along with Dr. William House, one of the giants of American medicine, Dr. Dobkin previously specialized in surgical treatment of acoustic neuromas and was blessed to operate on hundreds of patients from around the world. Dr. Dobkin has degrees in Chemistry and Biology and earned his medical degree at the University of Southern California. Thereafter, he spent 6 years in post-graduate training at the Los Angeles County – USC medical center.
Richard Lee, MD (Advisor)
Richard Lee, M.D. is a spinal surgeon practicing in Orange County, CA. Dr. Lee is the Co-director of the Spine service at the nationally acclaimed, high volume surgical hospital, Hoag Orthopedic Institute (HOI). He has been with HOI since 2010 and serves or has served in various positions including the medical executive committee, quality assurance committee, clinical leadership committee, infection control committee, and spine committee. Dr. Lee has also served as a consultant to major corporations including Stryker, Johnson & Johnson, and Globus Medical, giving him insight into the demands challenging the biomedical industry. Dr. Lee’s professional career began as a researcher in molecular biology at the University of California Berkeley, Lawrence Berkeley National Laboratory, and NASA. After receiving a BA degree in Molecular Biology with Honors (1998) from UC Berkeley and a Doctorate in Medicine with distinction (2003) from Albert Einstein College of Medicine, he went on to the Yale School of Medicine for General Surgery internship (2003-2004) and Orthopedic Surgery Residency training (2004-2008) and to Harvard Medical School for Spinal Surgery fellowship training (2008-2009).
Overall, ORHub, Inc. continues to make great decisions in order to gain as much exposure to the digitalization of the healthcare sector. The all-star management team has an extremely successful history of running public companies and developing technologies. Backed by a heavy-hitting Medical Advisory Board, the Company has an effective leadership to truly carry out its objective to transform the business of surgery. The company has already completed 5,700 data collections on surgeries this year, showing that there are still massive amounts of growth still to be had. As the Company transitions into the sales and marketing aspect of operations, the revenue growth engine is just getting fired up.
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