MaRS Innovation/VitalHub: How iPhones® Are Helping Health Care
- MaRS Innovation Invests in Mobile Health Technologies Created at Toronto's Mount Sinai Hospital
- Initial $300,000 Investment to Give VitalHub Inc. Crucial Head Start in "White Hot" Mobile Health IT Sector
TORONTO, ONTARIO--(Marketwire - Jan. 25, 2011) - Doctors, nurses and administrators can now access electronic health applications on mobile, hand-held technology through VitalHub Corp., a unique spinoff company of Toronto's Mount Sinai Hospital, thanks in part to financing from MaRS Innovation.
MaRS Innovation invests in the most commercially promising discoveries of Toronto's leading universities, hospitals and research institutions, and this funding rounds out a sizeable seed round of financing for VitalHub.
"Some of Canada's most innovative medical discoveries are in the area of e-health. The mobile IT health sector in particular is white hot. MaRS Innovation is very active in identifying, funding and then supporting the ones that have the greatest commercial potential and we are excited to have made this investment in a leader like VitalHub Corp," said Dr. Rafi Hofstein, CEO of MaRS Innovation.
Mount Sinai health care providers, much like those at most other hospitals, are forced to access multiple, PC based, electronic health applications in order to gain a comprehensive view of any given patient's status. When dealing with patient's health, time is crucial. Staff needed rapid access to vital information, but often this meant memorizing multiple passwords, locating a computer, and learning to interact with multiple applications each with different interfaces.
Mount Sinai's IT department set out to reduce complexity, permitting clinicians to spend more time with patients and less time struggling with technology. The result is a highly intuitive mobile solution, which gives clinicians unified access to all electronic patient record systems on Apple iPhones(R) and iPads(R).
In order to enable other hospitals facing similar challenges to benefit from this made-at-Mount-Sinai technology, the Hospital spun out VitalHub Corp. to commercialize the system.
"This creates the best of both worlds; not only does the VitalHub technology make us more efficient and let our clinicians spend more time on their patients, we hope it will create a new revenue stream for the Hospital by making our health information technology available to other hospitals around the world," said Mount Sinai President and CEO Joseph Mapa.
The closing of this financing is an important step in VitalHub's growth and development.
"We are thrilled to have an astute investor like Mars Innovation recognize the opportunity that VitalHub presents. This funding will enable us to complete our roll-out at Mount Sinai and will support further product development and deployment to more hospitals," said Neil Closner, CEO of VitalHub Corp.
About MaRS Innovation
MaRS Innovation (www.marsinnovation.com) provides an integrated commercialization platform that harnesses the economic potential of the exceptional discovery pipeline of 16 leading Ontario academic institutions. MaRS Innovation is a not-for-profit organization with an independent, industry-led Board of Directors, funded through the Government of Canada's Networks of Centres of Excellence and contributions of its member's institutions. Designed to enhance the commercial output of Ontario's outstanding scientific research cluster, MaRS Innovation will make a significant contribution to Canada's economic outlook and the quality of life for Canadians and others around the world. MaRS Innovation advances commercialization through industry partnerships, licensing and company creation. MaRS Innovation's mission is to put Canada on the global innovation stage, by better connecting research with industry and strengthening Canada's competitive capacity in knowledge-based businesses - in short, to launch a new generation of robust, high-growth Canadian companies that will become global market leaders.
VitalHub Corp. (www.vitalhub.com) was born out of frustration with traditional health care IT complexity. The company's technology was originally conceived and piloted at Toronto's Mount Sinai Hospital as a way to provide efficient access to its many clinical applications. VitalHub's mission is to bring intuitive and cost effective access to hospital patient information for the thousands of physicians, nurses and other care providers who are tired of having technology distract from their time available for treating patients. The VitalHub system has been designed to interface with any and all existing or legacy clinical systems within a hospital in order to provide clinicians with a single, comprehensive view of their patients, made available on a mobile device. VitalHub allows for unparalleled accessibility and convenience.
About Mount Sinai Hospital
Mount Sinai Hospital is an internationally recognized, 472-bed acute care academic health sciences centre affiliated with the University of Toronto. It is known for excellence in the provision of compassionate patient care, innovative education, and leading-edge research. Mount Sinai's Centres of Excellence include: Daryl A. Katz Centre for Urgent & Critical Care; Lawrence and Frances Bloomberg Centre for Women's & Infants' Health; Christopher Sharp Centre for Surgery & Oncology; Centre for Inflammatory Bowel Disease; Centre for Musculoskeletal Disease and the Samuel Lunenfeld Research Institute. For more information about Mount Sinai Hospital, please visit us online at www.mountsinai.ca.
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