Tuesday, June 14, 2011

The Pitch

NeuQuest electronic health records target small to medium biz

By Lynette F. Cornell

NeuQuest Labs
Headquartered: Boston
Phone: 617-418-1869  
Email: michael.doherty@neuquest.com
URL: www.neuquest.com
Year Founded: 2006
Employees: 4

In the company’s own words:
“NeuQuest is finalizing late stage development to its online electronic healthcare record (EHR) solutions. The web-based applications allow healthcare providers to streamline patient progress in a user-friendly environment. Automating data-driven applications enhances the doctor-to-patient experience, while reducing administrative time, cost and possible error. All applications exceed HIPAA compliant requirements for small- to medium-sized medical practices.”

About the technology:
NeuQuest has developed an electronic health record system that unifies patient record information, patient billing and collections, clinical scheduling, automated patient charting, self-reported symptom assessments and patient demographics reporting. Healthcare providers access the secure web-based SaaS practice management portal to capture, update and organize information across their provider’s network. Providers are able to document the patient’s demographic information, including allergies, medications, immunizations, encounters, issues, surgeries, calendar scheduling, medical claims billing and custom reporting. The data-driven applications automate patient registration, forms and billing, allowing the system to scale with growing organizations. The company’s strategic partnerships minimize cost, while adding functionality and revenue sharing incentives, according to CEO Michael Doherty. The company recently completed an agreement with Surescripts LLC, which advertises itself as “the largest e-prescription network,” and has future integration plans with more partners. The company also plans to attain certification from the Certification Commission for Health Information Technology (CCHIT), a nonprofit organization that certifies EHR providers based on integrated functionality, interoperability and security.

People behind the company:
Michael Doherty, president and CEO, took on the role in August of 2006 and has previous startup experience. The company’s key contributors include independent experts offering support as needed.

The pitch:
NeuQuest is seeking industry partnerships and $250,000 in seed money to complete development and certification. The company estimates that 80 percent of product development is complete and has technically scoped the remaining requirements without any barriers, according to Doherty. The company also plans to hire additional employees to accelerate the process to market and its product certification. NeuQuest expects to generate recurring revenue in six to twelve months.

The market:
The company is pursuing the health information technology market, which is a $4 trillion industry, according to Doherty. The company’s soft target is small- to medium-sized medical practices that have multiple doctors, administrators and specialists. Trending opportunities include new technologies and medical practices converting from paper to electronic format, said Doherty.

The competition:
Doherty declined to name specific competing companies but said that their established competitors gravitate toward larger contracts. Those companies use outdated technology, unstable networks and overly-developed products, which has created new opportunities for companies like NeuQuest, he said.