Health information technology company Updox has received a $500,000 loan from the state of Ohio to develop a mobile version of its software aimed at independent physician practices.
Updox sells document management software to physicians and medical practices. The software is a web-based patient portal, e-mail and secure messaging system that features patient record importing and exporting, and document editing.
The mobile version of its software will have the same functionality but be optimized for the iPhone, iPad and Android operating system, said Sean Ramsey, the company’s president.
In addition, the company plans on using the state funding for two more initiatives: to integrate its software with more electronic health records (EHR) systems, and to promote its free secure messaging service to physicians, according to Ramsey.
Physicians use the messaging service to exchange information and patient data with other doctors, because e-mail isn’t secure enough for those purposes. Updox hopes to upsell physicians who like the free messaging service to the company’s full platform of services, Ramsey said.
Updox focuses on private physician offices with between one and five doctors. Prices range from $35 to $60 per month per doctor, with no upfront fee. The company is aiming to become the premier exchange platform for sharing medical information between different types of EHR systems.
Terms of the state’s 7-year loan to Updox include a 1 percent annual rate in the first year, and a 7 percent annual rate in the remaining years, according to the Ohio Department of Development. The loan also comes with a 1 percent annual servicing fee. Updox’s project funded by the loan is expected to help create 25 new jobs.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The company has eight employees, Ramsey said.
The company earlier this year received a job-creation tax credit from the state of Ohio valued at $258,000 over six years.
