Time for Medicine
TfM is using cloud technology to bring specialist medical diagnoses to patients in primary care or at home, eliminating the need for – and cost of – millions of NHS outpatient appointments.
In 2013-14 there were more than 100 million scheduled NHS outpatient appointments in the UK, equating to approximately 20% of the NHS budget that year. Furthermore, the waiting list for outpatient appointments is often over 4 months.
Time for Medicine’s software can significantly reduce the NHS outpatient burden by collecting patient histories, symptom information and test results prior to the consultation, meaning more appointments can be offered per day, and each takes less time – in the region of only 20-25% of what is standard – to conduct.
Time for Medicine has an impressive team driving this venture forward. In the last 15 years alone, 5 companies Clive Minihan – joint MD and CFO – has been involved in have exited for a combined £165m. What do the businesses Clive has worked on have in common? He says they “need to be scalable globally, be capable of producing high margins, and offer some form of competitive protection”.
There are a number of initiatives in the “telehealth” space using Skype-type interfaces. However, while reducing the need for patients to travel to see a Clinician, appointments themselves take no less time. Herein lies the company’s competitive advantage.
Time for Medicine has recruited the support of over 60 clinical consultants in 20 specialties to assist with developing the software – a number of these clinicians are now investors. Their shareholder register includes GPs, nurses and pharmacies, as well as four NHS trusts, demonstrating end-user support for the offering.
The University Hospital of Wales has already deployed Time for Medicine’s Allergy module and is planning the deployment of the Dermatology and Sexual Health components to complement this. The company is also engaging with the NHS trusts in Essex – who are also among their shareholders – to deploy the software for Sexual Health information/treatment. An NHS trust in the Midlands is primed to deploy the TfM Teledermatology module. Now, the company is raising finance to help build the momentum around this increasing commercialisation.