April Showers Bring May Growth for Phyzit
April was a productive month for the folks at Innovate Arkansas client firm Phyzit.
Phyzit, you may recall, is the Little Rock startup featured recently in Arkansas Business. Co-founded by Dr. Stephen Canon, a pediatric urologist with UAMS and ACH, Phyzit has developed an app, Phyzit TCM, that enables doctors and patients to communicate post-visit via telemedicine and mobile messaging.
Phyzit recently signed three new clinics and is in discussions with three more with demos scheduled. Phyzit now is in 14 clinics in Arkansas and one in New Jersey.
It is proving to vastly improve the transitional care management (TCM) process, which can represent a distinct bump in the health-care road, Phyzit says, such as:
- 1 of 5 patients readmitted per month for 9 million Medicare admissions;
- TCM costs Medicare $26 billion per year;
- CMS invested an estimated $1.34 billion on this problem through creation of TCM codes in January 2013.
“In today's healthcare, we must utilize all the tools available to be efficient and still maintain the level of care our patients deserve," said Zana Johnson, care manager for the Family Clinic of Ashley County in Crossett, told Arkansas Business. "That’s what Phyzit TCM does. It makes my job easier without all the stress, so I can concentrate on my patients and their needs."
The app, developed for iOS, has been beta tested by Dr. Brad Bibb in Ash Flat. Bibb, a family practice physician, reported additional revenue of $1,400 a month using the app and his patients' hospital readmissions were cut by 50 percent.
New data reveals the app has increased Bibb's readmission reduction rate to 66 percent.
During its beta run at Bibb's clinic last fall, Phyzit TCM was responsible for:
- A 52 percent reduction in the 30-day readmission rate;
- A 23.4 percent reduction in total Medicare costs for roughly 365 Medicare part B patients;
- Projected annual savings of $814,000.
Good stuff. Keep up the good work, guys.
Stay tuned. Definitely more to come from Phyzit...