Healthtech Solutions Inc. (OTC: HLTT)
Healthtech Solutions Inc. (OTC: HLTT) , through its Mediscan Inc. subsidiary, created a cloud-based software for ultrasound technology that reconstructs the analog two-dimensional grayscale visual image into a digital three-dimensional, high-definition quantifiable format.
The Mediscan software application dramatically increases the medical professional's ability to use existing ultrasound devices at the point of care to derive meaningful data-driven clinical evaluations of a patient's pathology or trauma, facilitate support for treatment options, monitor the patient's ongoing progress or regress, and document compliance with required protocols and procedures. The Mediscan application also integrates with all popular EMR systems.
Healthtech Solutions Inc. acquired all of Mediscan's capital stock in a reverse acquisition transaction on November 13, 2020. On November 23, 2020, the shareholders of Healthtech Solutions Inc. consented to a resolution changing its name to Healthtech Solutions Inc.
The company's operational focus for the immediate future will be on Mediscan's continuing research and development of imaging, development of other medical solutions, and making strategic investments.
Mediscan software transforms an ultrasound analog 2D grayscale image into a digital 3D HD format. When paired with a portable ultrasound machine, the software application can enable these detailed and quantifiable scans by on-the-scene medical professionals, such primary care physicians, specialists and technical support staff, as well as sports trainers, emergency medical services (EMS) personnel, and technicians in isolation wards and emergency rooms.
Once an image has been captured in 2D, it is converted using a cloud-based software application process – a process that takes approximately one minute. The completed 3D image is viewed on the medical professional's computer monitor, pad or smartphone at the point of service. This technique can generate 3D medical images of different organs, such as the heart, lungs, tendons, skin and nerves.
This cloud-based software application for ultrasound devices is easy to use anywhere there is an internet connection. The application provides the convenience of point of care ultrasound with the image quality of CT or X-ray and the safety of very expensive MRI technology. For patients, it provides a convenient and comfortable medical experience.
Mediscan has filed two patent applications with the United States Patent and Trademark Office, both for a System Method, Apparatus, and Computer Program Product for Ultrasonic Clinical Decision Support (https://ibn.fm/lpImS).
The technology will initially be available as medical software-as-a-service (SaaS), resulting in cost-efficiency. The SaaS model eliminates the customer's need for external hardware and software solutions, as well as technical maintenance. The SaaS model is already widely used in the health care industry, most notably for clinical information systems and supply chain management, revenue cycle management and billing. Benefits include increased patient and physician satisfaction, lower operational costs, better workflows and more. Per company data, the Mediscan system is fast and efficient, which could generate a significant cost reduction.
Health and Wellness Applications
Mediscan's technology has shown success in musculoskeletal (MSK), lung and cardiac imaging, enabling rapid pathology evaluation. Scanning the lung and or the MSK sub-system, the application directly images the target area, saves it as a reference, and then compares it to previous images, helping to determine if the patient is progressing or regressing.
The cardiac application combines imaging with a therapy system that detects and classifies cardiac myopathy conditions via an "entrainment" process similar to that used in treating tachycardia. This application also features a comparison function where the latest imagery is interpreted against previous vetted cardiac images to detect progression or regression.
Mediscan's technology can also be utilized on the wellness market for diagnostics and support in a wide range of situations, such as sports injuries, physical therapy and dermatological indications.
COVID-19 causes complications with patients' cardiovascular and pulmonary systems. Mediscan's technology could help meet the growing need for advanced diagnostic and monitoring imaging at the point of care.
Portable ultrasounds equipped with Mediscan's application are a flexible and easy-to-use solution for health care providers to evaluate, triage and diagnose COVID-19 effects on contagious patients in isolation where MRI, CT or PET Scans are not accessible. With this technology, health care providers can easily detect lung lesions or heart muscle shredding, which often appear in patients with COVID-19.
Diagnostic Imaging Market Outlook
With the increasing demand for early diagnosis and a widening scope of clinical applications, any promising technological advancements in the field constitute a significant investment opportunity. The global market is also being driven by technological advances in the diagnostic imaging industry.
As standard ultrasound 2D greyscale images are generally the norm, and 3D imaging typically requires the use of CT, PET, MRI or X-ray technology, Mediscan's application could have a dramatic impact on the medical imaging industry, meeting the need for imaging equipment and devices that can generate human anatomy data in 3D.
The global market for diagnostic imaging was estimated at approximately $100 billion in 2016 (https://ibn.fm/xtInK) and was expected to grow steadily, creating a promising opportunity for Mediscan to distribute its technology and achieve its mission as a developer and distributor of medical imaging solutions designed for both long-term care and acute and emergency medical services.
Ned Swanson, MD joined Healthtech Solutions Inc. as CEO in May 2021. Prior to joining Healthtech, Dr. Swanson successfully co-founded PolarityTE, Inc. (Nasdaq: PTE), a biotech company that developed and launched SkinTE®, a product that uses the patient's own skin to regenerate functional skin. Dr. Swanson was a resident in plastic and reconstructive surgery at Johns Hopkins before leaving to co-found PolarityTE, gaining deep experience in clinical/academic medicine and surgery.
Manuel Iglesias is the President and a Director of Healthtech Solutions Inc. Mr. Iglesias has practiced law since 1980, specializing in business law, merger and acquisitions, securities and health care. Mr. Iglesias served as President, CEO and a board member of Hygea Holdings Corp., which provided primary care medical services throughout Florida and Georgia. He served as the National Chairman of the Republican National Lawyers Association in 2019 and 2020. Mr. Igleisias was awarded his MBA degree from the University of Chicago in 1981, a Juris Doctorate from the University of Chicago in 1979, and a BS in Foreign Service from Georgetown University in 1976.
Denis Kleinfeld is a Director of Healthtech Solutions Inc. and General Counsel and a Director of Mediscan Inc. Mr. Kleinfeld has extensive experience in business planning and regulatory compliance. Mr. Kleinfeld is a renowned expert in international tax and estate planning law. Kleinfeld received his Juris Doctorate from the Loyola University of Chicago School of Law in 1970.
Richard F. Parker is the Chief Research Officer of Mediscan Inc. He developed the technology that is the foundation of Mediscan's business plan. Before he joined Mediscan, Mr. Parker was employed as an engineer and business executive for 37 years. Previously, he was President and Chief Technology Officer of CytoWave LLC. Mr. Parker was awarded a patent for technology that supported a Method and Apparatus for Generating a Therapeutic Magnetic Waveform. During the past 10 years, Mr. Parker has published 14 papers and made numerous presentations focused on magnetic imaging and treatment of sports and equine injuries. He obtained his MSEE degree from the Georgia Institute of Technology in 1971.