PatientSource - Comprehensive Analysis Report

Summary

PatientSource, established in 2012 by Dr. Michael Brooks and Dr. Philip Ashworth, is a UK-based electronic patient record (EPR) system provider. The company's mission is to improve patient care through technology designed by clinicians. PatientSource distinguishes itself by offering user-friendly, customizable digital solutions that address the shortcomings of traditional, paper-reliant systems.

1. Strategic Focus & Objectives

Core Objectives

• PatientSource aims to enhance clinical practice by providing technology designed and tailored for clinicians.

• The company focuses on delivering solutions that are user-friendly and improve patient care.

• A key objective is to offer customizable and interoperable EPR systems suitable for various healthcare settings.

Specialization Areas

• PatientSource specializes in cloud-based Electronic Patient Record (EPR) solutions designed by clinicians.

• The company offers modular systems that can be customized to meet the specific needs of different healthcare facilities.

• Key areas of expertise include interoperability and agility, enabling the company to address diverse challenges in different environments.

Target Markets

• PatientSource targets hospitals, clinics, and healthcare departments requiring customizable and efficient EPR solutions.

• The company positions itself as a provider of agile and interoperable systems suitable for various healthcare environments.

2. Financial Overview

Funding History

• PatientSource has raised an undisclosed amount in funding.

• Their latest seed round was in 2013.

• Participants included Martlet Capital, Incubate, Cambridge Angels, and Syndicate Room.

• PatientSource has 10 institutional investors, including Martlet Capital, Incubate, and Cambridge Angels, as well as 45 angel investors, including Peter Cowley.

3. Product Pipeline

Key Products/Services

• Full Electronic Patient Record: Designed to provide healthcare professionals with essential information to improve patient safety and staff efficiency.

• Modular Based EPR: Offers a customizable system that can be tailored to specific needs.

• Workflow Tools:

• eReferrals: A module for managing referrals.

• Trackers (Ward Boards): Provides access to patient care pathway information.

• Messaging and Chat: Enables secure communication between healthcare professionals.

• eObservations: Allows remote monitoring and management of patient vitals.

• PatientSource Pay: An integrated payment solution for healthcare providers.

4. Technology & Innovation

Technology Stack

• PatientSource’s EPR system is cloud-based and tablet-compatible.

• The modular design allows healthcare facilities to create a bespoke system tailored to their specific processes.

• Key features include electronic medical records, electronic prescribing, electronic investigation, case notes, observation charts, auditing, and electronic discharge and bed management.

• The system includes an eObservations module for remote patient monitoring.

• It offers integration with tools like BP machines and SATS monitors for home-based monitoring.

• Compatibility for Teams/Zoom enables video consultations.

• PatientSource Pay is integrated for processing transactions.

5. Leadership & Management

Executive Team

• Dr. Michael Brooks: Co-founder, CEO, and Chief Medical Officer

• Dr. Philip Ashworth: Co-founder and COO

• Lee Francis: Co-founder, Sales, Marketing and Partnerships Director

• Phil McSweeney: Executive Chair

• Dr. Tom Ash: Senior Software Developer

• Cheryl Lewis: Programme Manager

• Alison Tant: Technical Configuration Analyst

• Damian Quinn: Implementation and Product Specialist

• Nick Jenvey: Performance and Reporting Lead

• Daniel Buckley: Head of Marketing

6. Competitive Analysis

Major Competitors

• Modernizing Medicine

• Practice Fusion

• Hint Health

• Elation Health

• Valant Behavioral Health EHR

7. Market Analysis

Market Overview

• The global patient engagement solutions market was valued at USD 22.5 billion in 2023.

• It is projected to reach USD 41.8 billion by 2028, reflecting a CAGR of 13.2%.

• Key drivers include government initiatives promoting patient-centric care, increasing demand for patient engagement, collaborations, and the rising use of mobile health apps.

• North America holds the largest market share, while the APAC region is expected to see the highest growth rate.

8. Strategic Partnerships

• EIDO Healthcare: Informed Consent

• Advanced Clinical Solutions: Compliance

• Sanome: Diagnostics

9. Operational Insights

• PatientSource emphasizes a clinician-led design, ensuring its EPR system is user-friendly and meets the practical needs of healthcare professionals.

• The company’s modular approach and focus on interoperability allow flexible deployment and integration with existing systems.

10. Future Outlook

Strategic Roadmap

• PatientSource is positioned to capitalize on the growing demand for patient engagement solutions and electronic health records.

• The company is focused on interoperability and agile deployment.

• Strategic opportunities include expanding its modular EPR system, enhancing remote monitoring capabilities, and further integrating its payment solutions.