- Updated Apr 6 2018 at 11:00 PM
Sunday, April 08, 2018
The Trick Is To Build Your House On The Rock And Not Upon The Sand. Same Applies To Digital Health!
This appeared over the weekend.
When serial entrepreneur Dean McEvoy looks for new investment opportunities he searches for someone who is in love with solving a problem. And that is what he found with Tyde creator Romain Bonjean.
French-born Bonjean and his co-founders Shamus Cooper and Sudeep Gohil (both are Tyde advisers) launched the health business two years ago. Tyde is the first consumer-focused app for the federal government's My Health Record platform that is being rolled out by the Australian Digital Health Agency.
It's a single point to access and manage records, appointments and prescriptions that has real-time treatment adherence data, and that allows multiple users to interact in real time. Users can join the entire family's health records together.
"We got a great team in health informatics," says the 40-year-old Bonjean. "It is quite a complex activity to get the right architecture, connect properly, and the security and safety and privacy measures put in place are second to none. It makes banking and stock broking look like child's play next to it.
"Fundamentally we are a consent engine. We have the right to store a copy of your record and we are the only ones in the market to have this level 4 certification."
Tyde started with seed capital of just $800,000 and now has raised an additional $3 million from investors such as McEvoy, who first met Bonjean via start-up accelerator Startmate. Other investors include Christopher Hill from Chicago Ventures, who sold his Spotlite business to UnitedHealth Group for an estimated $US400 million. Alan Jones of KPMG's High Growth Ventures (also adviser/mentor for start-up incubator BlueChilli) and several Melbourne-based family offices have put in money too.
McEvoy – best known for selling Australia's first group buying site Spreets.com to Yahoo!7 in an estimated $40 million deal – is also chief of industry technology group TechSydney. He says companies like Tyde, with a major focus on consent by the user, will become even more important given the Facebook-Cambridge Analytica story that this week revealed even more users, 87 million, were compromised in the scandal enveloping the social media giant.
"Romain is one of the most resilient founders I've seen," McEvoy says. "I believe people fall in love with problems. I could see that he was so passionate about health and I could see he was really passionate about wanting to help people. That's how I look for investments, I Iook for people who fall in love with a problem because they will keep working until they find a solution.
Tyde provides a single point to access and manage records, appointments and prescriptions that has real-time treatment adherence data, and that allows multiple users to interact in real time.
"What's going on right now with Facebook is going to drive a greater demand for companies like Tyde. Your health data is so private and so important.
Lots more here:
I have to say I was somewhat startled when I read this. Among the things I seem to have noticed are:
1. Tyde is holding a copy of your myHR data – when you can’t as I understand it? (See para. 5)
2. They are linking records for a whole family which hardly seems to make no sense in terms of privacy or utility.
3. They appear to be melding some myHR data and other data from their own app for appointments and prescriptions in some way undefined in the article. One wonders about data synchronization etc?
If you go here there is a little more:
Tyde is an application that puts you at the centre of your health, securely consolidating all your health information in one place, giving you secure fingerprint access to all your records. Tyde allows you to create your very own ‘personal health journal’, so no details are lost along the way.
If you go to the website you read the following:
In a matter of minutes you can sign up, log on and connect all of your medical information using our simple MyHealth Record access. Once registered you will always have your information in the palm of your hand, constantly updated and always ready.
I wonder what is meant by the term ‘official health records’ – which we all know is more than often pretty incomplete and hard to navigate? Where do GP and specialist records fit etc.?
A collection of apparently smart people have provided $3M extra funding so I hope they know what they are doing. I personally would not build any business on the sayso of and expectations of the ADHA and the myHR! The analogy in the title is pretty true I reckon!
Posted by Dr David G More MB PhD at Sunday, April 08, 2018