Tom Foley, Chief Growth Officer at GenieMD, was interviewed by Adam Torres of Mission Matters Innovation Podcast.
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Tom Foley is focused on helping patients reach a greater state of wellness through GenieMD, a white-label virtual healthcare platform that reaches across the continuum of care.
The state of modern healthcare
As Foley explains, we have a growing population, an aging population, and a sicker population than ever, contracting more chronic conditions as time goes by. A patient dealing with chronic illness sees nine different doctors on average in a given year, but they only spend 15 hours in front of those practitioners. What happens the rest of the time is a part of the puzzle Foley says GenieMD hopes to address.
“Healthcare is not just about the number of doctor visits; it is about the continuous care of a patient,” he says. “More than prescribing medicines, we should engage a patient on a 24/7/365 basis versus an episodic care model, and turn it into value-based care. Value-based care is about helping patients achieve better outcomes.”
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How are virtual innovations revolutionizing healthcare?
GenieMD is a global company that’s been providing virtual care services for ten years. Virtual care is different from “telehealth,” Foley explains, as there’s no continuous care model aligned with telehealth (i.e., virtual doctor/patient appointments). Little to nothing happens in healthcare unless there’s reimbursement associated with it, he explains; in telehealth, there’s no remote patient monitoring, which may be necessary for a chronically ill patient. That’s where virtual care steps in.
“6 out of 10 adults in the US have at least one or more chronic conditions, so the need for continuous care is increasing,” he says. “Some of our competitors focus on urgent care, some focus on primary care. I haven’t heard one talk about continuous care. And that’s ultimately what the differentiation is, because we talk about care in the home, but in reality, it’s care anywhere.” He explains that GenieMD works directly with healthcare systems large and small, self-insured employers, educational institutions, and more to provide a full continuum of care as needed.
The road ahead for GenieMD
“Virtual care is still young,” Foley says. “We recently launched several new features of GenieMD, and it’s gaining a lot of attention from our current customer base and attracting new customers, which is great. Still, what’s next is a lot of hard work, smart work, relative to continuing to roll out and ultimately reach those patients.”
“At the end of the day, no program matters unless you’re reaching those patients,” he continues.