South Florida: The Emerging Healthtech Hub
South Florida is experiencing a surge in healthtech innovation and growth, positioning itself as a major hub for the industry. Miami’s tech scene is witnessing a rapid expansion of startups focused on addressing current healthcare challenges while also developing groundbreaking technologies to improve patient care and healthcare delivery.
Why is South Florida an ideal location for healthtech? The region boasts a diverse population, providing a strong base for clinical studies and a large market for health-related products and services. Furthermore, the healthcare infrastructure, anchored by the second-largest health district in the United States, offers a fertile environment for startups to grow and test new technologies. South Florida’s strategic location as a gateway to both Latin America and the Caribbean presents significant opportunities for expansion into these markets.
Recent reports highlight South Florida’s strength in life sciences and medtech as a key factor in the Miami area’s rising global ranking as a tech hub. This article explores some of the key players driving this transformation, encompassing various areas from telemedicine solutions to biotech, robotics, AI, and advanced health data analytics.
Telemedicine and Digital Health Platforms: Expanding Access and Efficiency
The rise of telemedicine and digital health platforms has been a significant trend in Miami’s healthtech scene, starting with MDLive, an early success story founded in 2009 and acquired by Cigna in 2021. Several new companies are continuously innovating in this field.
HealthSnap provides a comprehensive telemedicine platform that integrates patient health data with remote monitoring tools. This enables personalized remote care, which is increasingly important for managing chronic conditions and reducing hospital readmissions. The platform is designed to improve patient engagement and healthcare outcomes. Under the leadership of co-founder and CEO Samson Magid, HealthSnap secured a $25 million Series B round in February and employs over 400 people.
HealthBird, co-founded by Ariel Dominguez and Irena Tigranyan, is another Miami-based startup simplifying the health insurance experience. Their user-friendly platform allows users to compare, purchase, and manage health insurance policies online, addressing the need for transparency and simplicity in the health insurance market. This user-centric design is a key differentiator.
BeMe Health is another notable player, focused on the mental health needs of teenagers and young adults. Their digital platform provides accessible mental health support, using a combination of AI-powered tools and human-led interventions. This approach aims to reduce the stigma associated with mental health and make it easier for young people to access help. Under co-founder and CEO Dr. Nicoletta Tessler, BeMe recently raised $12.5 million to expand its platform.
Opción Yo, part of BeMe Health, is specifically designed to provide culturally sensitive mental health support for the Hispanic community. It connects individuals with bilingual therapists who understand the unique challenges faced by this population. Led by co-founder Daniela Sichel, Opción Yo ensures that mental healthcare is accessible and relevant to a broader audience.
Papa, an eldertech unicorn founded in 2017, connects older adults and families with companions and caregivers through a digital platform. Papa’s “family on demand” service addresses the social determinants of health by offering companionship, transportation, and other support services. The company’s innovative approach has received national recognition and significant investment, including a $150 million Series D round in 2021.
“When unicorns are built around a specific category like healthtech, other people that want to start businesses look to Florida as like ‘wow, this is a place that you can do it’,” said Papa’s founder and CEO Andrew Parker in an interview. “I do believe Miami can be the epicenter of healthtech.”
Streamlining Healthcare Operations: The Role of AI and Automation
Automation and artificial intelligence are increasingly crucial in improving healthcare operations’ efficiency and effectiveness.
Osigu, based in Miami, is using AI to transform revenue cycle management. By automating processes such as claims management, Osigu reduces administrative burdens for healthcare providers and insurers, accelerating payments and improving cash flow. Osigu’s founder and CEO, Fernando Botrán, highlights the importance of Miami’s connectivity to Latin America and the presence of U.S. investors in the company’s success.
ModMed (Modernizing Medicine) of Boca Raton is revolutionizing healthcare with its specialty-specific electronic health record (EHR) systems. Founded in 2010, ModMed offers tailored EHR solutions for various medical specialties, incorporating features like automated billing, telehealth integration, and data analytics. Their focus on user-friendly systems has established them as a leader in the EHR space, enabling healthcare providers to optimize care and reduce administrative complexity.
Neotypica uses AI to improve diversity in clinical research by identifying and recruiting under-represented groups for drug trials. Their approach combines various data sources and a large language model to make the recruitment process more efficient and inclusive.
Innovations in Biotech and Robotics: Advancing Medical Research
Biotechnology is experiencing significant growth in Miami’s healthtech ecosystem.
EVQLV, led by Andrew Satz, uses AI to accelerate the discovery and development of therapeutic antibodies. By simulating and optimizing the antibody design process, EVQLV significantly reduces the time and cost associated with developing new treatments. This technology holds substantial potential for advancing medical research and bringing new therapies to market faster.
HelixVM is a telehealth startup connecting patients directly with healthcare providers through its online platform, streamlining access. The startup uses proprietary software and AI to match patients with the most appropriate doctors without requiring primary care referrals. Patients can receive consultations, prescriptions, and treatment, enhancing access to healthcare.
NAVIGANTIS is focused on revolutionizing stroke care with its VASCO robotic platform. NAVIGANTIS recently secured a $12 million Series A financing round to develop the VASCO robot, which aims to make neurovascular procedures, like mechanical thrombectomy for stroke patients, more accessible.
Neocis is revolutionizing dental surgery with its Yomi robotic system. Yomi allows dentists to precisely plan surgeries, using robotic guidance during operations. The system leads to increased precision, reduced invasiveness, and faster patient recovery times. The platform has assisted in 40,000 dental implants.
FloSpine, based in Miami, is developing innovative spinal implants and surgical tools designed to improve surgical outcomes and enhance recovery times for patients undergoing spinal surgery.
Insightec, an Israeli company with its U.S. headquarters in Miami, is a leader in using focused ultrasound technology for non-invasive surgery. Their Exablate Neuro product has proven effective in treating conditions like essential tremor and Parkinson’s disease, offering safer and effective treatments.
“We’re starting to see from a computational standpoint that there’s going to be a need to understand diseases with the work around quantum and AI and life sciences and neurosciences,” Maurice R. Ferré, co-founder and CEO of Insightec, recently told Refresh Miami. “I think we have an opportunity to win in this community. We’re starting to see the pieces come together.”
Health Data Analytics: The Power of Information
The ability to analyze and leverage health data is transforming the healthcare industry, enabling more informed decision-making and personalized care.
MedSys Health, based in Fort Lauderdale, uses remote patient patient monitoring to transform healthcare delivery. Their virtual care platform provides continuous health monitoring, enabling healthcare providers to access real-time data on patients’ vital signs. The technology aims to improve care management, reduce hospitalizations, and lower medical costs.
Longevo, founded by Andres Moreno, empowers businesses in Latin America to build healthier workforces. The platform addresses challenges such as weight management, sleep difficulties, and stress levels, improving self-esteem and reducing absenteeism in the workplace.
CarePredict is improving the wellbeing of seniors through wearable devices and AI-powered software for residents in both living facilities and at home. The system collects thousands of data points daily, analyzing subtle changes in behavior that could indicate emerging health issues.
Peli Health, co-founded by Kerstin Recker and Helen Grimshaw, addresses pelvic health by offering a comprehensive online platform. The platform provides education, tools, and expert care communication for women. It includes an “ask the expert” section, MD-approved content, symptom trackers, and a community chat.
These startups are innovating within their respective niches and contributing to a broader transformation in healthcare delivery. As these companies continue to grow and innovate, Miami is solidifying its position as a major hub for healthtech, attracting talent and investment from across the industry.
