DISCLAIMER: The author of this article holds stock in one or more of the below-mentioned companies. This article is meant to inform and educate. It does not and should not constitute financial advice.
The U.S. is the largest medical device market in the world, making up 40% of the global medical device market overall. By 2023, it’s expected to grow to $208 billion as global markets soar to all-time highs. Lockdowns and telemedicine referrals drove the global arena to hit $432 billion in just two years, sending the entire industry on course to reach $658 billion by 2028.
Although Teladoc appointments existed long before the Covid-19 pandemic, it wasn’t until the world went into a lockdown that most people started to avoid the doctor’s office altogether. Some feared catching the virus just by going in for a routine appointment. Others just didn’t want to take a chance leaving the house because not much was understood about its transmission.
No One Was Ready for Digital Medicine… Until They Were.
Digital medicine has inadvertently broadened the scope and capabilities of independent health care practices and providers. For a good majority of the pandemic, some offices avoided booking in-person visits altogether, attempting to minimize the potential spread of the coronavirus.
Teladoc services began to thrive. And while some practices just found it to be more convenient, others began adopting it for the potential of what it could be.
Independent practices are in constant competition with larger, more dominant healthcare systems. And still, there’s nothing like the personal care and attention of a primary care provider whose independent practice means a lifelong friendship with a physician that we can depend on.
Given this sentiment and the current state of the healthcare industry, medical practitioners are becoming more aware of technologies that can assist them in day-to-day decision-making. They’re seeking out both preventive and chronic care management tools that will allow them to provide each patient with improved healthcare services, a more thorough diagnosis of the ongoing medical conditions and additional options for long-term treatment and quality.
Understanding that it’s not always convenient for patients to meet face-to-face, a majority of physicians are now open to providing remote checkups and screening services but will need to find accommodations for those services in an effort to gain a clearer picture of one’s own health histories, behaviors, lifestyle choices and risk of disease.
Electronic medical records (EMRs) don’t always show the entire picture. And although they may include personal health data, they tend to suggest general information without taking a host of critical variables into consideration.
The revamping of outdated EMRs and Informatics systems is way past overdue. But unfortunately, gathering data is only half the battle.
Most doctors are prevention-focused and would prefer to treat their patients as early as possible to avoid worsening conditions and disease progression.
Meet the QHSLab Expert System
Using real-time assessment and monitoring tools, a doctor can perform routine checkups at a distance. They can also gather comprehensive patient data – and even make an official diagnosis – before or upon arrival of their first in-office visit.
It can take weeks to months on end to get an appointment with a specialist, and – more often than not – patients are expected to return for more than one visit before learning of any conditions. It’s not often convenient, as the patient has to take the first available appointment and usually has to travel long distances.
Traditionally, patients had to first be referred to a specialist before reaching out to book an appointment. More often than not, patients would be required to book an appointment months in advance and plan to show up for a series of visits before getting an official diagnosis.
But now, patients can visit their own doctor – and keep all medical histories in house.
The Quality Health Score Lab QHSLab Expert System is a comprehensive Software-as-a-Service (SaaS) platform that allows patients to disclose detailed medical histories, personal feelings and emotions towards their conditions.
The platform includes:
- Numerous screening assessments
- Point-of-care diagnostics
- Home therapeutic monitoring
- Specialty pharmacy treatments
The system itself is capable of gathering, storing, processing and analyzing large datasets without compromising the security, accuracy or precision of diagnosis. In addition, Geolocational data may also be gathered and assessed based on where a patient lives, works and plays, qualifying a host of triggers and allergic conditions based on the weather, environment, pollen count and air quality index in the local area.
Data is stored within a sophisticated database that captures and assesses all variables before suggesting any type of diagnosis. Through the implementation of artificial intelligence (AI) and machine learning (ML) functions, biometric and psychographic data can be recorded and assessed in the early detection, management and possible reversal of various chronic diseases and comorbidities – including long-lasting mental health conditions.
All details of their physical and mental health are stored confidentially and away from prying eyes.
The system allows both physicians and healthcare organizations to capture and store electronic patient information in a secure, HIPAA-compliant database. Patients are asked a series of questions related to their health, emotional state and mental well-being, as well as their experiences and behaviors under certain situations and scenarios.
Most questions are contingent upon the response of previous patient data and will be parsed based on the answers provided and asked in a series. Interviews can be conducted during the very first visit and won’t require any follow-up unless the patient’s health abruptly changes.
Because so much time has elapsed between visits, several new variables would come into play. For example, a patient could develop a new illness, diseases could progress, and the patient could endure some sort of mental duress related to their ailments.
A patient’s data is analyzed by specific and proprietary algorithms, assisting the physician in making a solid diagnosis and allowing them to prescribe and coordinate appropriate care and treatment.
This process meets with all current regulatory compliances. Because doctors won’t have to track down referrals or wait on information to be forwarded to their office, patients receive better healthcare, and more transparency is provided during the treatment process.
We Can’t Throw Out the EMR, But What Makes QHSLab So Different?
The QHSLab platform determines the root causes of chronic diseases, not merely the symptoms. Not to mention, many chronic illnesses come hand-in-hand with other comorbidities. And sometimes, these comorbidities, in combination, present themselves as a totally different disease.
Receiving the wrong diagnosis can lead to worsening conditions, irreversible trauma and even death.
Machine learning now allows physicians to prevent these situations by using these real-time data monitoring and assessment tools within a flexible, cloud-based platform that’s constantly updated, improved and readjusted to provide a more accurate and high-level diagnosis than ever before. It sees what we cannot, especially when there are too many factors to consider.
These value-based tools allow patients to have more say and control over their own health. And if answered honestly, patients are able to understand the how’s and why’s behind their most pressing matters – and work diligently to take care of “self” in the process.
Through this system, doctors quickly and effectively assess patient responses to healthcare screening and understand the core of the patient’s concerns instead of just assuming and misdiagnosing their illness.
As problem areas are identified, interactive artificial intelligence (AI) engines branch into a more circumstantial line of questioning and will provide an array of interventions that can be matched to individual user requirements.
Doctors are also able to remotely monitor patient vitals, such as their pulse rate, respiration, body temperature and blood pressure, which means doctors are able to provide their patients with more frequent and ongoing treatment and monitoring as the patient continues on the path to recovery.
The platform itself is extremely scalable, allowing an unlimited number of user sessions to be activated at once. In addition, the system has a high level of availability and has shown virtually no signs of downtime or system error – even when operated within the most remote of geographic locations.
Its advanced artificial intelligence engines and algorithmic prowess have also been programmed to evaluate the effects of newly prescribed medicines and treatment plans.
QHSLab expands into a plethora of digital healthcare intervention programs that both identifies and addresses allergies and asthma-related conditions, problems rooted in mental health, musculoskeletal pain and well-being, hypertension, metabolic syndromes, sleep disorders, dietary assessments, weight loss and much more.
The company’s AI-driven approach not only helps a patient seeking intervention and treatment, but it also provides both educational and motivational materials for participants in the early stages of medical and behavioral changes and disorders.
QHSLab Is a Major Win for Mental Health.
Some people don’t realize they suffer from a mental health disorder until something happens or they receive a surprising diagnosis.
What’s worse is that most people avoid visiting the doctor’s office and avoid going in as much as possible. So, there’s no medical professional to diagnose issues that are going unattended.
A study by the National Institution of Mental Health (NIMH) shows that nearly one in five adults lives with a mental illness in the United States. In fact, it’s so common that as of 2020, it’s said that 52.9 million adults were living with a plethora of conditions and varying degrees of severity.
There’s so much negative stigma surrounding mental health that there’s no wonder people feel uncomfortable or embarrassed to open up to a stranger. Someone who has a mental illness, however, may feel more comfortable speaking with his or her primary care provider that they’ve built a relationship with over time. Some feel even less ashamed and can be more honest when conducting mental health surveys in an electronic system.
With higher levels of trust, doctors see a higher level of accuracy across diagnoses.
So, Who is QHSLab, Anyway?
Formally the USA Equities Corp (OTQCB: USAQ), QHSLab is a publicly-traded medtech company founded by CEO Troy J. Grogan that develops AI-enhanced tools for doctors, who practice digital medicine, so that they may provide proactive preventative healthcare diagnosis and improve clinical outcomes altogether.
These tools are desperately needed at the frontline of today’s healthcare environment, especially in areas where there’s a shortage of specialists in the area. These tools significantly lower costs for insurance providers, who encourage early prevention and wellness visits to avoid skyrocketing costs for the medical care of long-term illnesses that could have otherwise been avoided.
Plus, they provide smaller, independent practices with the ability to save more lives, bring in additional revenue to their offices and meet with more patients in a shorter amount of time.
Founded in February 2019, QHSLab is an early, growth-stage medtech startup that is disrupting the industry with its medical devices and assessment platforms. The company expands its unique footprint in the digital healthcare industry by promoting a systems-based approach to prioritizing prevention and disease management while providing more affordable ‘digital’ alternatives to face-to-face interactions.
Although its permanent name is currently pending Financial Industry Regulatory Authority (FINRA) approval, USA Equities Corp announced its name change to QHSLab, Inc. in December 2021.
The Birth of a Killer Medtech Platform
In December 2019, Medical Practice Income, Inc. was acquired by USAQ for 2.2M shares, and in June 2020, the flagship QHSLab product was introduced. Initially, the platform was introduced to around 150 medical practices on a “freemium” use basis.
But in November 2020, the commercial release of AllergiEnd®, a paid service, became a priority.
Physicians using the QHSLab product were the first to learn about AllergiEnd®’s immunotherapy treatments and diagnostic-related products. So, the company began shipping out the system and generated over $124,500 by the end of Q4. But, little did it know, it would go on to make over $1.4 million in the next year alone.
In March 2021, an amended distribution agreement with the MedScience Research Group would be solidified and significantly reduce the costs the then-USAQ would incur in the production of the AllergiEnd® product.
The company’s annual Form 10-K would reflect its growing demand, showing profitability for the first time ever. And on December 31, 2020, both an 8-K and press release with the SEC indicated that the company expected future revenue to be around $300,000 for Q1 2021, indicating a significant estimated quarter-over-quarter growth.
Through September 2020, physicians using the QHSLab and AllergiEnd® products had provided an estimated 375 allergy patients with a QHSLab allergen immunotherapy prescription. In total, these practices would generate an additional $664,608 in revenue for QHSLab service offerings – and the independent research firm, Litchfield Hills, would initiate coverage of QHSLab with a “buy” rating and price target of $5 per share.
Due to its profound success within the first few months of launch, the company would acquire all intellectual properties for the AllergiEnd® product. This would include the method patent, trademark and website, as well as the diagnostic and allergen immunotherapy product portfolio, costing the company $1.6 million in stock and a promissory note.
By acquiring these assets, the company would be able to fully integrate the entire product portfolio while creating more impact on the company’s marketing platform, customer relationships, its cost structure and the overall bottom line.
In August 2021, QHSLab would see that it was all worth it. With a capital infusion of $750,000, it would now be able to grow sales and marketing initiatives while improving the product development pipeline. In addition, new members were added to the executive team, and experts were recruited from all over the world.
By October, the company would reincorporate itself from Delaware to Nevada before launching its “Q-Scale” project – a comprehensive mental health risk assessment that assesses a patient's "quality of life” and provides appropriate treatment relative to patient diagnosis. This initiative would target the growing mental health crisis while providing physicians with greater insight into the “unseen” aspects of a person’s mental health that could be contributing to their ongoing physical ailments and conditions.
This highly interactive healthcare portal would first debut before an audience of medical professionals at the University of Miami: Miller School of Medicine.
In January 2022, QHSLab successfully launched its QHSLab platform in the Greater South Florida area. Since then, the company has forged several partnerships with national institutions and medical service organizations (MSOs) across the country.
Its goal is to educate medical practitioners on platform capabilities, introducing them to solutions that could potentially enhance a patient’s overall quality of life while ensuring a significant source of revenue will continue to flow throughout their offices.
Those who have adopted the QHSLab Expert Systems in South Florida, as a whole, have reported an excess of $600,000 in less than 6 months.
To date, almost 200 general practice physicians are using the QHSLab’s freemium and paid AllergiEnd® services within their offices.
Throughout 2021, over 11,000 patients are reported to have received allergy diagnostic testing across the United States. This generated approximately $3.8 million in new reimbursements for these practices as a whole. Allergen immunotherapy treatments were then provided to more than 1,000 patients and generated an additional $1.2 million in new reimbursements for their services.
Because assessments are reimbursable through insurance and cost nothing up front, independent practices have everything to gain from adding these tools into their current medical practices.
How is QHSLab Disrupting the Medtech Industry?
According to the American College of Allergy, Asthma & Immunology, allergies are the sixth leading cause of chronic illness in the U.S., affecting 50 million Americans, with costs of more than $18 billion each year. Globally, the allergy treatment market was valued at $24.65 billion in 2017 and is expected to reach more than $40 billion by 2025. In addition, the global mental health market is estimated to reach $537.97 billion by 2030.
Concerning the QHSLab, AllergiEnd® allergy testing and treatment system, and the platform’s diagnostic capabilities for patients suffering from heart disease, diabetes and other comorbidities, the company is positioned for considerable growth, especially for micro-cap investors, who fully support medtech companies during early infancy.
QHSLab is currently expanding its visibility within the digital healthcare market. The company’s products can be used independently or in concert with other pharmaceuticals, biologics, products or devices to optimize patient healthcare outcomes.
These preventative healthcare products not only provide patients with a more intrinsic healthcare experience, but they also provide individual practices with additional streams of revenue that are fully reimbursable by healthcare providers, such as private insurance companies, Medicare and Medicaid.
The U.S. market for allergy treatments was valued at $17.4 billion in 2020 and is on course to grow at a compound annual growth rate (CAGR) of 6.48% within the same span of time.
The latest 10-K by QHSLab reports that “It is estimated that practices utilizing AllergiEnd® and QHSLab enjoyed an additional 5-10% income for their practices with the addition of the Company’s products and treatments. It is noted that not all of these 163 practices commenced utilizing the Company’s products at the beginning of 2021, so in many cases, on a rolling 12 months basis, the Company’s products and services may, in fact, be supporting many of these practices to achieve new income levels well above 10% compared to not using the Company’s platform, products and services.”
In another recent disclosure, QHSLab reported a direct target market of more than 250,000 independent primary care providers across the U.S., suggesting that an estimated 30% of primary care physicians in the United States (approximately 75,000 providers) are currently or intend to begin services such as QHSLab.
According to the company, a major near-term goal is to “recruit 5,000 provider customer accounts (~7% of those who reported that they intend to start a service like QHSLab), purchasing $10,000-$20,000 worth of annual products and services ($50-100mm yearly revenue).”
The company provides primary care providers with a myriad of educational opportunities and training programs. Some of these include expert-led webinars and e-learning experiences, as well as continuing medical education (CME) workshops in an ongoing partnership with the University of Miami: Miller School of Medicine.
Its current channels of distribution include medical service organizations and the Independent Practitioner Association (IPA), with plans to expand through local and national distributors and group purchasing organizations.
A few other companies already operating in this sector include Biotricity Inc (NASDAQ: BTCY), Novartis AG (NYSE: NVS), the Cerner Corporation (NASDAQ: CERN) – and even Goodrx Holdings Inc (NASDAQ: GDRX).
While each company has proven to be quite valuable in the World of Medtech, there’s only one QHSLab and one AllergiEnd®.
DISCLAIMER: The author of this article holds stock in one or more of the above-mentioned companies. This article is meant to inform and educate. It does not and should not constitute financial advice.