UAE-based Grace Century’s Portfolio Company, The Quantum Group, has established BlueBox.Care Inc. to revolutionize the use of wearable, home and transportation-based technology, Internet of Things (IOT), the entrance of predictive analytics and artificial intelligence (AI) in the healthcare sector.
The development of technology in the healthcare has created enormous amounts of additional data without the ability to utilize and aggregate this data into useful information for providers. Quantum believes this has hurt doctors and has done little to improve healthcare, or reduce costs, said a press release.
Noel Guillama, CEO of the Quantum Group and creator of Blue Box explains, “Today, we have the opportunity to use billions of personal devices to track our every step, action and activity level. While this information is of interest to healthy individuals, it is of critical value to those that are battling chronic conditions ranging from diabetes to heart conditions. For instance, the FitBit® or Apple® Watch on your wrist is of little value to your medical provider, because the information is passed to your cell phone and not into their files, or more importantly, your electronic healthcare record (EHR) on their computer. We are planning to connect off-the-shelf devices to an aggregator of health information using technology and people to gather, process, interpret and act as a material health event occurrence much like a control tower gathers, processes and acts on events to coordinate and provide for safe airplane traffic. We will be that central control station, to contact consumers, caregivers and/or providers as situations warrant, based on established protocols, with qualified medical and para-medical licensed professionals.”
Grace Century CEO, Scott Wolf comments backs Noel Guillama saying the Mr. Guillama always believed that wearable technology with all sorts of sensors and trackers, was barely scratching the surface of healthcare. “To manage the “highway” of information of this data and its aggregation was where the benefit to society and the value to a company lay.” Wolf adds, “Noel believes doctors don’t want and can’t handle more data, in part because there is too much available, plus this creates material legal liability if the information is gathered, and not acted upon. Despite the increased risk to doctors of medical malpractice in this respect, that useful information is the key to both increasing wellness, life-span and reducing the cost of care for the future,” Mr. Wolf said.
The firm is presently in discussions with various capital groups who are anxious to capitalize on this untouched segment of the market.