Neither Sensiotec nor WellStar would disclose the investment amount, but Sensiotec CEO Robert Arkin placed the total at seven figures during a press event at Tech Square in Midtown Atlanta. The investment comes from WellStar’s Center for Health Transformation (CHT), a partnership-based organization committed to advancing the development of solutions designed to benefit the healthcare industry.
Sensiotec is a maker of biosensor and digital health technology products. Its Virtual Medical Assistant (VMA) is the world’s first FDA-cleared, non-contact, patient monitoring solution that uses radar technology to provide continuous monitoring of patient vital signs. VMA streams important internal organ movement, patient movement and bed occupancy from a sensor located under the patient’s bed or chair.
As a result, the technology is able to capture large data sets over extended periods of time to identify early warning signs in patients and provide faster, more responsive care as a result. Healthcare providers are also able to access this data in real-time from any remote device.
This is the CHT’s first direct investment into a health technology company and will help increase patient access to healthcare while reducing overall costs, according to CHT Project Manager Stephen Fraime in a written statement released earlier today.
It’s hoped that more innovative products will be invested in soon to reduce healthcare costs and pressure on the industry. New products from Butterfly Network, including a small handheld ultrasound device that is able to connect with phones to talk with medical professionals remotely, are hoped to deplete hospital pressure and costs globally. This is only the start of telemedicine innovation.
The CHT evaluated more than 60 investment opportunities before deciding on Sensiotec, and based its decision on Sensiotec’s potential to improve patient outcomes while reducing inpatient, at-home and long-term care costs.
WellStar Health System is the largest nonprofit health system in Georgia and serves more than 1.4 million residents.
Photo Credit: Sensiotec