Accelerating speed to diagnosis, allowing immediate access to patient ECG data, and enabling new revenue streams for physicians credited in rapid sales growth for leading ECG analysis platform
BELLEVUE, Wash.–(BUSINESS WIRE)–Cardiac Insight, Inc., a healthcare innovator specializing in wearable cardiac sensors and automated electrocardiogram (ECG) analysis software that delivers highly differentiated benefits to healthcare providers and patients, announces record market growth over the previous two financial quarters.
Cardiac Insight reports 86 percent growth compared to the same period through Q3’2019, despite challenges presented amid the COVID-19 pandemic and limited access to healthcare providers. This achievement constitutes a record sales quarter, including new customer acquisition and strong reorder rates from the company’s customer base. This follows a 100 percent spike in year-over-year sales reported from 2018 to 2019.
Cardiac Insight CEO Brad Harlow sees additional growth opportunity in 2021 as favorable reimbursements for long-term ECG monitoring go into effect nationwide.
“Our simple to use ‘in-sourced’ ambulatory diagnostic solution, the Cardea SOLO™ System, is becoming more in demand as the results of its unique value spreads. We allow healthcare institutions to grow procedural revenues and integrate the most effective clinical solutions, whether deployed in-office or through telehealth.
“The value to cardiology practice groups, clinicians, and patients is immediate. Our recent market gains, particularly with large hospital systems, offer strong validation of our disruptive technology. And this is just the beginning. We see exceptional market opportunity with new beneficial reimbursements as the CMS proposed code changes and rates for long-term continuous ECG monitoring and recording go into effect on January 1, 2021 and are adopted by payers,” Harlow said. “Our strong position as a preferred digital health solution, combined with the demonstrated increase in clinic productively and profitability, sets the stage for another record-breaking year in 2021.”
Cardiac Insight, a privately held ECG technology innovator, provides the only all-inclusive seven-day ambulatory ECG system that comes complete with in-office rapid automated analysis and reporting, eliminating the need for outsourced ECG services. The unobtrusive, single-use Cardea SOLO wearable sensors and the immediate availability of results for physician review are key patient– and clinician–friendly benefits driving the switch from traditional Holter ECGs and service-based wearables to the new Cardea SOLO System.
Cardiac Insight continues to increase new customer acquisition velocity and acquire larger customers, recently signing multiple major health systems to long-term contracts and passing a milestone by doubling the number of sensors delivered — and patients monitored — compared to the prior year.
The Cardea SOLO™ disposable wearable sensor is typically applied to the patient in a hospital clinic or physician office. It also can be shipped directly from Cardiac Insight or the clinic location to the patient for self-application through Cardiac Insight’s telehealth program. After an optimal seven-day wear period, the patient removes and returns the sensor to the cardiologist’s office by mail or in person. Cardea SOLO’s robust, algorithm-based ECG software then analyzes the sensor data in-office, producing a comprehensive report to direct clinical decision-making within five minutes.
ABOUT CARDIAC INSIGHT, INC: Cardiac Insight, Inc. (www.cardiacinsightinc.com) is a leading U.S. digital healthcare innovation company specializing in the development of medical-grade, body-worn sensor technology and automated cardiac analysis solutions through its proprietary algorithms and software platforms. The company’s products include the Cardea SOLO™ wearable ECG Sensor and Software Analysis System, and the Cardea 20/20 ECG™ – the only resting ECG System designed for cardiac risk screening in young athletes at all levels of play.
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