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SyTrue, Inc |
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January 5, 2015 Issue |
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The Most Powerful Name In Corporate News and Information |
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Transforming Medical Data Into Refined Smart Data |
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SyTrue, Inc
Interview conducted by: Lynn Fosse, Senior Editor, CEOCFO Magazine, Published – January 5, 2015
CEOCFO: Mr. Silvestro, what is SyTrue? Mr. Silvestro: Put simply, we’re the oil refiners of the new century – because data really is the new oil. There are some like us, but we refine data in a special way.
We take the information created in a healthcare site every day and we “process” that information into “downstream” products that are then offered to end users like hospitals or medical groups. For example, each year, two billion Microsoft Word documents are created at these sites. And all healthcare providers feel an imperative to take the information in these two billion documents and enter them into electronic medical records. That way, the nation gets data to use for decisions about care – to get a lab report, say, or do an X Ray. Easy to say, hard to do. To track all that, a healthcare site must transform information in one document into new information in a database usable by caregivers. Electronic medical records get only some of that done for a patient.
Enter SyTrue. We create a “smart-layer” refining process in the middle of this, and take all the information – paper notes, reports (called “unstructured documents”) and data in a medical database (called “structured data”) -- and transform it into usable information, or “smart data,” for caregivers and companies working with caregivers and patients.
CEOCFO: Would a company come to you to create something for them or do you develop products that you then offer to companies who might want to use them? Mr. Silvestro: Ours is a Platform as a Service (PaaS), so if your company has volumes of data and wants to convert that into smarter information, but lacks in-house experts, we help you. Our platform helps other technology companies use our platform to help caregivers -- much like the Intel chip in PCs. We’re in the cloud, so you access us easily anywhere. And we use medical web standards, so you can quickly send us a document and we transform it and hand you back smart data. You can use this smart data in your applications and deeper decision making.
People don’t know, for instance, that a typical hospital has some 160 different systems (only some of them “talking” to each other). That’s a big issue. So organizations using our platform get past that problem quickly. They are large technology companies with solutions for hospitals, the many physician groups and the US government. Each one needs a smart view of that “raw” data locked inside their systems or locked inside the two billion Microsoft Word reports. We work to make you smarter.
CEOCFO: How do you do it and what are the challenges? Mr. Silvestro: A key challenge in healthcare is the issue of getting your clinical documentation right – what your caregivers, for instance, record in notes about your case.
There’s “buzz” in healthcare about having better information on the outcomes of caregiving. But people quickly forget how clinical data and medical records get created. For a century, it’s been done with normal (or “natural”) language – in speech, dictation, notes in hand written records or (more recently) through electronic records.
But today’s electronic records really complicate this. Physicians use natural ways of recording information – plain English in the US -- but with electronic records, they’re forced into unnatural, time-killing steps. Doctors use a computer and find often-unhelpful drop down menus to record. In a way, they’re order entry clerks -- not healers – as they create care records. We’ve forced this pain on them -- hours of needless daily steps to get information into medical records.
That’s pain we at SyTrue help alleviate. We let caregivers document care in full narrative form, in minutes, and help them share that document in seconds as “smart data” from the point of care to some 10 to 20 different people involved, for example, in your neurology visit.
If you get a head injury, a trauma surgeon needs your report from a caregiver; or it’s the hospital’s risk manager -- seeing different pieces of your record – who wants it to make the right decisions about your care. Or a hospital’s electronic medical records may need to satisfy major federal requirements (for meaningful use) about your case. Families and patients also need the smarter data quickly so we help transform the whole picture. We help put care records in many hands.
Go back, for a minute, to the issue of care documentation. Right now, we don’t document and code information and turn your electronic record into smart data. Typically we do it only when we create a bill for care (for bills) -- not to help improve your care. If we focus on that fundamental issue, only smart documentation at the point of care solves this problem, turning raw information into smart data useful to others. When you fix the documentation issue, you really impact downstream decisions quickly. You also improve healthcare, and reduce costs while driving better outcomes across the US. Our platform fixes the documentation issue.
CEOCFO: How do you reach potential customers? Are people aware of you in the industry at this point? Mr. Silvestro: SyTrue has kept its head down for two years, validating how we do things and ensuring that our platform really helps organizations like vRad and Xifin and nVoq unlock their data in highly effective new ways. That really matters to patients. So our advanced technology gets embedded in company applications in a few days or at most weeks. We then turn their information into new content and analytics for their users to tap. We’re a bit like Intel chips inside computers. We’re a smart data layer that allows organizations to send their information to us, and after processing it, we get it back to them fast, in a refined form, as smart data. That’s what we give you as a client. So far, our marketing has been word of mouth. Moving into 2015, we’ll start to share our story with the rest of the world.
CEOCFO: What is your plan? Mr. Silvestro: You’ll shortly hear about our webinar series that vRad and SyTrue are doing together. So you’ll see our platform’s benefits in radiology – a very complex field. SyTrue will also do a monthly series showing you how our customers use our platform to extract and unlock data for many uses. We’ll show how caregivers are making an impact in their customers’ lives. And we’ll announce the growing number of major clients that are adopting SyTrue – to enhance the special insights they unlock from their data and then use as smart data in new ways.
CEOCFO: Are you funded for the role that you would like? Mr. Silvestro: We are a private company and we are adequately funded.
CEOCFO: What is the competitive landscape? Mr. Silvestro: Everyone has competitors. What I often say is that most people in the technology world we work in know us for results. Technically speaking, we’re in semantic search, natural language processing, biomedical terminology and interoperability. But the key is we’re a “smart data” company to clients. Across the US, I’ve been told “NO” in the past decade more often than my colleagues. That’s taught me a lot about what medical people need: better ways to transform data, new ways to harness it and deploy it – to offer far better care to patients.
So there is competition, but SyTrue offers you a unique value: We understand the pain points that prevent you from becoming a scalable provider working across thousands of facilities and hundreds of different document types, and still deliver accurate, smart medical data in the end.
Opening up healthcare’s black box – the box of raw data – like we’ve done is a bit unique. In much of healthcare, however, you often get just computer-assisted coding – from companies zeroed in on revenue and its management. You also find well-known established players in the arena. And you see special vendors’ tool kits that, in a way, are like engines of cars, but they are just engines. They still need others to build the car bodies and assemble the rest of the cars.
With SyTrue, you get a race car that you drive off the lot almost as soon as you want it. We add key extra tools so the average mechanic can retool his own machine – back “home” -- and tune it to the performance level he wants. That, to my mind, makes a giant difference. |
“When you fix the documentation issue, you really impact downstream decisions quickly. You also improve healthcare, and reduce costs while driving better outcomes across the US. Our platform fixes the documentation issue.”- Kyle Silvestro
SyTrue, Inc
Contact: Lee Dudka 571-228-5933
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Kyle
Silvestro