In today’s fast-paced digital world where technology is evolving at an unheard-of pace, the tools of the present are not enough for businesses who aspire to be at the forefront of their industries.
And this is why such companies turn to solution providers who can help them harness the power of the technology of tomorrow to actively shape the future rather than await it.
Source Meridian is one of those future-oriented problem solvers who is providing its customers in the healthcare and life science industry with “early access to cutting-edge technology” using tools such as big data and artificial intelligence.
“Technologies that are the hot thing right now will be the normal thing in three years. It’ll be yesterday’s news after that. That is why I want my people to be experts in healthcare so that they can understand the client’s business and come up with forward-looking solutions,” Michael Hoey, founder of Source Meridian, told The Sociable.
He says the fact that the team of international software engineers and data scientists behind his software-as-a-service (SaaS) development company are not just pure technologists enables them to bring more value to the table through analyzing and questioning the customer’s existing offerings and business model and suggesting new ones that can result in new streams of revenue.
The fact that Source Meridian has zeroed in on SaaS makes it highly relevant in today’s digitally transformed and connected era.
SaaS proved a savior when the world moved online in the wake of the coronavirus pandemic, with the global SaaS market estimated to grow from $225.6 billion in 2020 to $272.49 billion this year at a compound annual growth rate (CAGR) of 20.8%.
Its adoption in the healthcare industry in particular is increasing at a rate of 20% per year, and it is predicted that the cloud computing market in this critical sector will reach $51.9 billion by 2024.
Healthcare interoperability & real-world evidence
In addition to focusing on providing big data and AI-driven solutions, Source Meridian—which has offices in the United States and Colombia—specializes in healthcare interoperability.
The company develops software that analyzes data across institutions and electronic medical records for a unified view of a patient’s journey, bringing together both federated and central warehouse technologies while adhering to patient privacy regulations.
Real-world evidence is another area of focus at Source Meridian, Hoey explained, referring to the clinical evidence about the usage and potential benefits or risks of a medical product that is being increasing used by medical product developers to support clinical trial designs and observational studies to generate innovative treatment approaches.
The company uses a combination of technical mapping and functional expertise to put together comprehensive healthcare analytics programs and deliver successful real-world evidence projects.
Under Hoey’s leadership, Source Meridian was recognized at the top Latin American startup by StartUpCity in 2020, and, according to its founder, is being trusted by a growing list of customers and partners.
When asked why he decided to focus on life sciences and healthcare, Hoey said these areas have fascinated him for as long as he remembers and that he has always been excited about how technology can help propel them forward.
He got his start working for Accenture in their pharmaceutical practice in the 90’s and later went to work as chief technology officer for a submission publishing startup called ESPS, which had a successful exit through an IPO after several years.
Hoey is also a founder of Ipsum Clinical, a leading Colombia-based site management organization with local expertise covering patient recruitment, trial preparation, and patient retention, which provides technology services as well.
In addition, he works as the chief technology officer of PurpleLab, a claims data warehouse used for building provider networks and sales targeting.
PurpleLab, which is one of the main clients of Source Meridian, is conducting in-depth studies on COVID-19, and the insights gained are being used at Source Meridian to contribute to the advancement of research and medical treatment in this area.
Easier access to data
On the major developments that have taken place in the field of life science and healthcare, the CEO of Source Meridian said it was very difficult in the past to get hold of and anonymize data for analysis purposes.
“But we’re at a point now where this issue is fairly solved, and we’re starting to get bigger and bigger data sets, are able to join disparate data sets more easily, and can get deeper insights while respecting user privacy,” he commented.
Hoey sees a very bright future for Source Meridian because he believes in the capabilities of his team to deliver unique, innovative technological solutions in the life science and healthcare sphere.
“They say business is only as good as its people, and we work very hard to not only attract top-tier talent but make Source Meridian a place where they want to work and grow and where they feel they can contribute to different aspects of projects in meaningful ways,” he said.
Hoey added that he is proud of the fact that the turnover rate at Source Meridian is less than 5% and said his team are committed to building game-changing products for customers that “use the technology of tomorrow rather than the technology of today.”
Disclaimer: This article mentions a client of an Espacio portfolio company.