Talking Medicines Raises £1.1 Million to Scale-up Patient Tracking
The current digital world really cares about the audience’s perspective and experience. In the healthcare industry, this perspective concentrates on improving the patient experience. And one way through which healthcare facilities can achieve this is via patient sentiment analysis.
Patient sentiment analysis is a process of receiving feedback from the patients and at the same time, understanding their emotions and clinical care experience. It is achieved by analyzing reviews, posts, feedback, and discussions.
In the same regard, with an aim to transform the industry’s understanding of patient sentiment, a social intelligence company, Talking Medicines has raised £1.1 million in funding. The syndicated funding round was led by Tern, an investment company specializing in the Internet of Things (IoT) along with The Scottish Investment Bank.
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The round raises the sum of the company to £2.5 million, from three prior seed funding rounds with previous investors, including the impact investors SIS Ventures and the Scottish Investment Bank.
With the funding, Talking Medicines will launch and roll-out a new AI data platform to translate what patients are saying into intelligence by providing a global patient confidence score by medicine.
Incepted in 2013, the firm is led by CEO Jo Halliday alongside co-founders Dr. Elizabeth Fairley and Dr. Scott Crae. It uses a combination of Artificial Intelligence, Machine Learning, and Natural Language Processing tools to analyze patient experience at home.
By mapping patient speech from social media and connected devices to regulated medicine information, it creates data points to establish trends and patterns of patient sentiment.
Talking Medicines CEO Halliday, said: “This investment will scale our team and the development of our AI, ML, NLP tech tools to translate what patients are saying into actionable pharma-grade intelligence through our global patient confidence score by medicine.”
RepuGen, in a six-month study carried out on more than 29,000 patients, has shown that happiness, faith, anticipation, anger, distrust, and sadness are the usual feelings of the patients right after their visits to their healthcare practitioners. It also offered observations into any high, mild, or low emotion. Such an understanding of the patient’s emotions enables healthcare providers to respond promptly to patient concerns. Furthermore, as far as the business perspective goes, they can even launch marketing campaigns based on this understanding and can retain and acquire new patients.
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