Why is the Healthtech Industry Thriving in Austin?
COVID-19 has drastically affected the world. It has led people to shift their focus from transitional healthcare patterns to modern healthcare approaches.
To leverage this paradigm shift, the health-tech industry is offering tech-focused healthcare solutions to the people. Many startups have already come up with healthcare products to help people, doctors, and medical staff.
Austin, for one, has gained good traction by health-tech companies in recent times.
Based on its affordability, talent, and lifestyle, Austin is voted as the #1 place to live in America for the third time. With many big tech giants opening their centers in Austin, it is no secret that it has become a hotbed for startups and innovations.
According to Angelos G. Angelou, CEO at AngelouEconomics, there are millions of dollars invested in venture capital business and another billion dollars in corporate entities.
Well, why the city has garnered attention by so many tech enthusiasts is a reason to ponder upon. Let’s dig deeper.
Growth of the Tech Market in Austin
Austin’s growth in the tech market can be attributed to its large pool of talent. Due to the University of Texas in Austin, it attracts the best talent in the country. Not only this, but 1 in 5 tech jobs in Texas also has its source in Austin. All this has resulted in a steady growth of 73.9% in tech jobs over the last ten years, which is more than any other metropolitan in the US.
Another reason tech companies are flocking to Austin is the local support it receives from organizations like WeWork, Capital Factory, and TechStars. These companies offer resources and innovative workspaces to startups, which has resulted in cross-disciplinary tech development in recent times.
For instance, the health-tech is a front runner in embracing technologies like Artificial Intelligence. This has led to many entrepreneurs bringing new ideas to the market. Shakeel Rashid, accelerator director at Capital Factory, reported that artificial intelligence and machine learning would play a crucial role in health care in the coming days.
With the increasing number of companies adopting virtual or online communication modes, startups are coming forth to tap this opportunity. For instance, LitLingo Technologies has been working on making a communication platform based on AI & NLP. The software focuses on risks and errors within the business communications platforms like office messages, emails, and customer service ticketing.
Growth of Healthtech in Austin
In the past few years, Austin has become a leading healthcare hub with establishments like Dell Medical School and Dell Seton Medical Center, offering practical training to students. In 2014, a non-profit organization, with the mission to encourage innovation and ensure broad community benefit, was established under the name – Capital City Innovation Inc.
Also, with so many health-related businesses and startups in the area, Texas’s capital city is expected to generate a mammoth of job opportunities along with a $2-billion per year economic activity.
According to the Texas Economic Development Corporation, Austin is one of the leading biotech states in the country with more than 5000 life science firms. Advanced Scanners, for instance, provides 3-D technologies to the doctors to perform brain surgeries. This company is a part of the health catalyst program of Dell Medical School that focuses on enhancing the smooth transition from research to healthtech products.
According to Texas State Sen. Kirk Watson, the medical school has always been envisioned as a catalyst for the city’s health ecosystem. He further reports that 25 years from now, people will look back on the creation of the medical school, thinking of it as a strong foothold for this city’s robust future. This is because the school always looks out for ways to partner with health-care focused companies.
In a nutshell, many healthcare and healthtech institutions are developing across the region. Hence, one can’t deny the growth trajectory Austin is currently witnessing when it comes to healthcare and technology.
Healthtech Startups that are Changing the Healthcare Market in Austin
The whole health-tech market has been observing a revolution in Austin. With the growth in technology and the adoption of new healthcare solutions, there has been a boom in this industry. Many startups, especially app development companies, have taken the healthcare industry to the heights of success in Austin. Let’s explore a few of them.
This company builds software for healthcare professionals and private and public enterprises. It focuses on interoperability, software applications, and data management.
It focuses on patient records and is the first interoperability product of its kind. It records all the information about the patient being hospitalized and organizes it neatly. It was founded in 2004 and is operating successfully with the total funding of $33.1 M.
It is a health care application that assists patients, doctors, and hospitals separately. It allows the patients to contact their doctors using their smartphones.
Based on their communication, the doctor decides whether the patient must come to the hospital, or the diagnosis can be made over the app. What’s more, these services are even available for pets and veterinarians.
It has the total investor funding of $24M.
3. Meretz / Gaming-Fitness Applications
This startup builds gaming-fitness applications that track users’ physical activity and rewards them for accomplishing their daily goals. These rewards are in the form of virtual currency, and it can be utilized to make in-app purchases on your favorite mobile games and unlock other rewards.
This health tech company has attracted many users since its launch and is on its way to transforming the health tech industry.
It has brought lab tests to your doorsteps. Well, this Austin-based company offers a variety of standard tests that adults might need to take throughout their lives. Users can simply order tests of their choice on their website and get them done at their doorsteps.
The results and analysis are provided on the secure platform. The company started with total funding of $2.5 M.
It is a company that was founded to make the post-acute care facilities as smooth and efficient as possible. It provides a health record system that is specially designed for patients.
They have a suite of devices, applications, and services to make the work more efficient and effective for post-acute care (PAC). It has a sleek UX which fosters communities around healthy decision making. It was founded in 2011 with the funding of $325K.
It is a leading provider for cloud-based applications that features Electronic Health Records (EHR), revenue cycle management and medical billing, patient engagement, care coordination, population health management, etc.
It has got more than 15 national recognitions and continues to push innovation across its programs. They even host various events that bring fresh talent to the light, minimizing the barriers to enter the healthcare space. This company was founded in 1997.
It is a next-generation AI company that employs machine learning to discover inconsistencies between clinical evidence and physician documentation.
They have helped healthcare companies to interpret clinical data and ensure its validity by leveraging machine learning analytics. The company was founded in 2010 and succeeded in helping the healthcare industry with technology.
The healthcare industry is experiencing a revolution worldwide, as COVID-19 has hugely impacted the lives of the people. There is a need for innovation and expanding access to affordable and quality healthcare to everyone.
With the technology and healthcare sector advancing in Austin, there is a lot of scope for the budding entrepreneurs in the coming years. Taking help from the local app development companies in Austin, it becomes straightforward for the companies to thrive.