Welcome to the next post in our series of Product Snapshots in the Australian healthtech sector.
Say hello to Stethy.
In one sentence, describe your product?
Stethy is an AI assistant that helps doctors and pharmacists in diagnosing and treating patients.
What industry problem / challenge are you tackling?
Doctors and pharmacists often do not know the reason of the patient’s presentation to a clinic or pharmacy prior to the consultation. Working as a doctor myself this was a huge problem as you had no idea whether you would be spending ten minutes or 1 hour with the patient, causing further delays to more clinically urgent patients that need to be seen.
Stethy’s AI presents all the relevant and key clinical information about the patient in an easy-to-interpret manner and generates a list of diagnosis for the doctor to review ahead of their consultation with the patient. For pharmacists, Stethy’s AI curates personalised medication recommendations for the patient to meet their needs.
What is unique about your product in your market?
AI is at the core of Stethy’s product line. Stethy’s AI is remarkably intelligent and adaptable depending on the clinical scenario. There is real-time diagnostic activity engaging both the incoming patient and the respective doctor.
Stethy not only improves the efficiencies of the medical practice in both foot-traffic and dollar terms, but also revolutionises the way doctors, pharmacists and patients communicate.
Stethy uses the feedback from doctors to automatically update its algorithms to assist the doctors in providing the best clinical care possible.
What is the biggest risk to your company?
The Australian medical landscape has been moving at a slow pace in adopting new technologies and solutions due to the current regulatory environment governing the medical field, thankfully this is changing.
Australia is still behind in comparison to many other developed nations including the US and UK, who have been harnessing the power of data AI as part of daily clinical practice for a number of years now.
Australia possesses the potential to be a frontrunner in this field with more robust and active initiatives that will promote leading tech companies, such as Stethy, to transform the healthcare in Australia for all demographics.
What does success look like for the company?
Stethy being a core part of the everyday medical consultation process across medical clinics, hospitals, telehealth and pharmacies.
Why should a customer use Stethy?
Stethy allows for medical professionals to improve the quality of their interactions with their patients, help more patients on average, and boost their profitability and competitive advantage simultaneously.
Stethy achieves this in four key ways:
1. Boosting doctor efficiency by allowing them to see on average 1- 2 more patients per hour by aiding in the diagnosis process.
2. Reducing patient waiting time by an average of 10 minutes on a day operating at full capacity - improving the patient experience as well as increasing foot traffic and loyalty base.
3. Streamlined clinic workflow allows for automated bookings and triage - reducing the stress on staff of piling administrative duties and reducing risk of error.
4. Offering personalised recommendations to customers at pharmacies for over the shelf and prescription products to meet their needs.
How do we find out about Stethy?
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