Patientory’s Mobile App Has Yet To Go Public And The Company Has A $3.53M Market Cap: Mogul Watch
Chrissa McFarlane is the founder and CEO of Patientory, a tech company that is credited with being a leader in the healthcare data revolution with a mobile app that has yet to be introduced to the public.
Patientory is bringing blockchain solutions to medical records — one of the biggest pain points in the medical industry — in areas of cost-efficiency, security and access to healthcare data.
Three years ago, McFarlane left a job to pursue a new healthcare data access model based on advancements in blockchain technology.
Patientory is marketed as “an easy way to securely store and manage health information in real time.” The company seeks to create access to healthcare data via an app integrated with the Patientory Stiftung PTOY Blockchain network. The goal is to foster a web of data engagement, storage and data access among key stakeholders including patients and doctors in the healthcare industry.
In 2017, Patientory famously raised $7.2 million from 1,728 individual contributors in three days during a crowd sale. McFarlane has spoken extensively in public about her desire to inspire others to take the leap and start their own companies.
A graduate of Cornell and Wake Forest universities, McFarlane worked in the healthcare industry and is now considered one of the leaders in the dapp blockchain space for the medical field.
Patientory has a total market capitalization of $3.53 million, according to Market Beat.
Not bad for a company whose mobile app has yet to be introduced to the public.
“Today, excitement is brewing around Patientory’s mobile app,” McFarlane told Moguldom. “In the next five years, we want to see how we successfully introduce that technology and how it is useful in people’s’ lives.”
Patientory was in the inaugural class of the Boomtown Health-Tech Accelerator in Colorado. This led to a collaborative exchange with the Denver-based Colorado Permanente Medical Group, part of the Kaiser Permanente consortium based in Oakland, California.
On Aug. 13, McFarlane was named a finalist in the Informa Pharma Intelligence MedTech Entrepreneur of the Year Awards. The winner will be announced on Sept. 23.
McFarlane spoke to Moguldom about her company and its future in this Mogul Watch interview.
Moguldom: What was your motivation in starting Patientory?
Chrissa McFarlane: Following 10 years working in and with healthcare organizations, I could see healthcare provider organizations urgently needed secure, scalable, and cost-effective health information management solutions to empower patients and healthcare organizations to use actionable data to make clinical decisions for improved operational efficiency and health outcomes.
Moguldom: What are some of your notable wins thus far?
Chrissa McFarlane: Last year we created a global not-for-profit and introduced the PTOY coin, which was exciting. In 2017, The Patientory Stiftung was established to be a global not-for-profit, healthcare member-organization that connects healthcare industry adopters of disruptive technologies, right now with a focus on blockchain adoption. It provides neutrality for its PTOY utility currency that offers users access to the platform to store and secure health information. PTOY generated enough buzz in the blockchain community that it managed to raise $7.2 million over a three-day period last year through cryptocurrency crowdfunding. The crowdfunding resulted in 1,728 contributors who bought 70 million PTOY coins. The PTOY coins are utilized to access the PTOYNet, a private permission blockchain with public data storage. This blockchain is similar to that on which Bitcoin currently operates.
Moguldom: What are your thoughts on building a good team?
Chrissa McFarlane: That is the core of any business. Team is what drives the business forward and what delivers success.
Moguldom: What does success look like for your company?
Chrissa McFarlane: Being able to impact as many people as we can and help them lead and live healthier lifestyles.
Moguldom: How do you keep the creativity flowing to make the best product/services for clients?
Chrissa McFarlane: Being in front of our customers. Being in the market and understanding their problems and knowing what they want.
Moguldom: What do the next five years look like for your company?
Chrissa McFarlane: It’s growth. Being able to introduce this new technology in a very conservative industry. Today, excitement is brewing around Patientory’s mobile app, which is yet to be introduced to the public. Patientory’s mobile app is an advanced healthcare app that lets users create a patient profile to keep track of their health history. The free-to-use app is designed to advance consumer-driven healthcare. The mobile app empowers consumers to take better control of their health and manage their health information with efficiency and security benefits for all healthcare stakeholders. In the next five years, we want to see how we successfully introduce that technology and how it is useful in people’s lives.
Moguldom: What will people say about your leadership in the organization years from now?
Chrissa McFarlane: Hopefully, they will recall inspiration and pushing people to become their best while driving growth to help individuals lead their best lives. So many people have become empowered and inspired since I began Patientory. It is very fulfilling.