HOUSTON--(BUSINESS WIRE)--Texas Medical Technology, a leading manufacturer and distributor of medical supplies and equipment, acquired 5 percent of OmnySense Ltd., an Israeli medtech startup that developed a cloud-based health information system for patients to self track their health at home. As a result of the investment, the two will collaborate further to develop remote solutions for reducing hospital readmissions. Texas Medical Technology also takes a consultancy position on the OmnySense board.
Hospital readmissions can indicate a breakdown in caregiving, whether in the act of transferring a patient from one care environment to another, or between facility and home. And in the U.S., hospitals bear much of the treatment cost for those readmitted within thirty days of discharge, which stands at $26 billion annually, according to CMS. For the medical sector to operate more efficiently and minimize expenditure, an emphasis needs to be placed on improving the rate of readmission to the most costly care possible—inpatient hospital care.
Through Texas Medical Technology’s investment, OmnySense will better provide U.S hospitals a service to automatically track the health of patients post-discharge, in order to minimize the risk of deterioration and eventual re-admission. The system will enable a hospital physician, or nurse, to receive alerts regarding deterioration of patients remotely, initiating direct contact with the patient to address health issues as they arise. The solution will be part of Texas Medical’s MetaHealth, a virtual platform currently in development akin to the Metaverse, which will ultimately enable vital signs and other medical data from these technology platforms to be easily accessed and monitored by hospital staff. This Metaverse for health will become pivotal in the future to change, enhance, and possibly transform health care.
Texas Medical Technology was established to meet the soaring demand for personal protective equipment during the COVID-19 pandemic and is currently extending its offerings to include digital health devices and services. The company now has a 144,000-square-foot factory in Houston, Texas that employs 550 workers from 53 countries, including refugees assisted by the YMCA of Greater Houston and the Catholic Charities of the Archdiocese of Galveston-Houston. Keeping in line with their mission to aid disadvantaged communities across the country, the company also recently announced joint ventures with The Modoc Nation of Oklahoma.
“We believe OmnySense’s user-friendly technology is the perfect tool to enable our hospital partners to track their discharged patients,” says Omri Shafran, Founder & CEO of Texas Medical Technology. “It will help keep patients healthy and minimize the readmission costs borne by the hospital.”
“We are excited to have Texas Medical Technology join us as a major investor,” says Yossi Aldar, CEO of OmnySense. “And we look forward to jointly pursuing the readmission-minimization market in collaboration with them.”
About Texas Medical Technology
Texas Medical Technology, one of the fastest-growing companies in the U.S., has taken the supply challenges and placed them on its shoulders by shifting attention to COVID-related PPE. Providing an array of advanced tech and non-tech equipment to empower administrators to monitor potential medical crises and protect employees. For more information, please visit https://texasmedicaltechnology.com/
About OmnySense Ltd.
OmnySense is a cloud-based medtech company that developed a multi-parameter, connected, on-the-spot check-up device. The device is seamlessly integrated into OmnySense's backend telehealth system, providing a complete solution for telehealth and remote monitoring. The user places the device in the mouth for 30 seconds, just like a regular thermometer. The measurements include temperature, 6-lead ECG, stethoscope-like functionality, heart rate, respiratory rate, oxygen saturation, and body composition. This data is automatically relayed into the OmnySense Cloud, where it can enable remote visits with physicians and heuristic-driven health monitoring and alerts. For more information, visit https://omnysense.com/