Monitored Therapeutics Inc. to Expand Headquarters in Dublin
Founded in 2011 and based in Dublin, Monitored Therapeutics Inc. is a telemedicine company specializing in respiratory monitoring devices. The remote patient management company started with its focus on software, but later grew to include a physical device to assist with monitoring patients.
MTI came out of limits its founders saw in the medical field, specifically when it came to respiratory disease monitoring. Monitoring patients from home, health care organizations would be limited in the information and insight they could receive.
The central force behind its work, among other things, is the GoSpiro, a spirometer for the home or clinic that provides diagnostic quality test results.
“The challenge with spirometry, especially spirometry in the home, is that it’s an effort-dependent test,” said Jim Kamnikar, chief operating officer at MTI. He compares it to standing on a scale or putting on a blood pressure cuff, which is much easier for a patient to do from home.
“Typically what they do for spirometry measurement is they have a coach, they’re walking the patient through the measurement,” he said. “The quality of the measurement is really what’s key. So if someone doesn’t do the measurement, right, you can’t look at the numbers.”
MTI has customers all over the world, including the Cleveland Clinic, Mayo Clinic, Ohio State University Wexner Center, Indiana University Health and MD Anderson Cancer Center. Its products are used for monitoring lung transplant, chronic obstructive pulmonary disease and cystic fibrosis patients, and it also serve as a vendor for pharmaceutical clinical trials for drugs related to the respiratory system.
Caregivers—including lung transplant coordinators, physicians, surgeons and pulmonologists—then have the ability to check in on patients from wherever they are, from their phone or computer, allowing them to catch major problems sooner rather than later.
MTI’s device helps manage patients and provide test results remotely. The software also gives feedback on how a patient did and if they need to test again.
“Our solution is something that’s very unique to the marketplace,” said Kamnikar. “And we’ve had very, very rapid adoption.”
The company is constantly upgrading and updating its monitoring and software capabilities. MTI supports a number of different devices, including monitors for blood pressure, weight, pulse, oxygen levels and more. And Kamnikar said the company is working on its next generation of BYOD software—or bring your own device—where patients can be monitored through their own smartphones. MTI is maturing that software, allowing for caregivers to more easily monitor and communicate with patients through its app.
Kamnikar, a self-described serial entrepreneur, came onto the MTI team in 2017. He has experience creating and scaling businesses in the eCommerce realm, and was brought on board as the company was starting to over-sell its capacity.
He helped the company scale into what it is today, increasing its sales and support capacity, and bringing on additional personnel.
Recently, MTI received its first institutional capital investment from the Columbus-based capital investment firm Tamarind Hill. With that, MTI will invest $650,000 to expand its headquarters in Dublin and add 35 new personnel, in IT, account management and clinical project management positions.
MTI plans to relocate to a new, 17,000-square-foot building in the same community as its existing location early next year, in a testament to the growing telemedicine field in Dublin.
The investment and move comes as the company experiences major growth, despite early challenges the pandemic brought on.
When the pandemic first started, it hurt the business. There was a respiratory disease going around, which obviously is particularly dangerous for respiratory-involved patients. Thankfully, with MTI’s products, caregivers could keep an eye on patients from home.
But on the pharmaceutical side, patients could no longer come into clinical trials or even physician-initiated trials. It wasn’t until late 2020 that MTI started to see a rebound in business.
The way clinical trials are done has now shifted. Doing things remotely comes second nature, but pre-COVID, it did cause some concern. But because companies couldn’t recruit people for their studies, there has been a huge push to do what is called decentralized clinical trials, where patients can join trials from home.
The company has doubled revenues over last year and looks to double twice-over next year.
“The funding obviously allows us to handle the growth because we’ve kind of outsold our capacity to deliver,” Kamnikar said. “We’ve sold so much business and have so much business coming, so it’s a really great problem to have.”
For more information on Monitored Therapeutics Inc., visit monitoredrx.com.
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