Sept. 2, 2019
Temple Daily Telegram | Janice Gibbs
Stan Marett, founder of MR3 Health and a new tenant at the Temple Health and Bioscience District office and laboratory facility, was introduced to the board during its August meeting.
Marett came in third place at the District’s pitch competition in May during its annual Med-Tech Symposium.
MR3 Health offers at-home remote patient monitoring.
The name MR3 comes from monitor, report, respond and remediate, Marett said.
“We’re monitoring patient information at home to collect physiologic data and make that available to clinicians,” he said.
The device that collects this information is Bluetooth enabled. The information goes to a Cloud data base where the report is analyzed and alerts can be generated for adverse effects.
Negative data will alert clinicians and there are compliance alerts if the clients aren’t taking the readings, Marett said.
Ultimately, there will be several different devices that can monitor several chronic diseases, including hypertension, congestive heart failure, chronic obstructive pulmonary disease and diabetes.
Eighty percent of adults older than 65 have at least one chronic condition, 68 percent have two or more, he said.
There has been a big shift in the last couple of months in how Medicare has introduced new billing codes for remote patient monitoring, Marett said.
Doctors can start making money by providing these services.
The market of remote patient monitoring is expected to be about $31 billion by 2023, he said.
The MR3 Dermal Foot Thermometer and the service are patented and proprietary.
“The standard for protecting a foot ulcer is if it starts bleeding, then you have a foot ulcer,” Marett said.
Of the 30 million Americans with diabetes, 10 million have neuropathy and have lost the feelings in their feet. Those who develop foot ulcers number 1.5 million each year. There are 108,000 amputations that are a result of ulcers.
“We measure temperatures looking for trends,” he said. “If that higher temperature is sustained over a couple of days, an alert will be generated.”
The patented device has gone through three clinical trials with the studies published in medical journals.
“At this stage in the company all of the heavy lifting has been done, the patents, the clinical trials and the prototypes have been built,” he said. “We’re ready to build the final product and acquire inventory of the other devices that are more off the shelf. We’re ready to go to market.”
The medical communities in Temple are attractive to this company.
Clinical trials for MR3 devices were done in VA centers in Tucson and San Antonio.
“We’d like to work with the VA here,” Marett said. “Scott & White and its clinical presence are of interest to us.”
It’s believed this company can be grown through Medicare Advantage contracts and the remote patient monitoring through the fee for service Medicare, he said.
In five years, Marett said, the company can reach $70 million in revenue.
“There’s talk about reaching out to Scott & White Health Plan because of savings to them on the managed care side,” he said. “We’d like to have some conversations on the podiatry side in the clinics.”
San Marcos likely will be the manufacturing site of the device.
If a company wants to do business with the federal government, it needs its products to be made in the U.S., Marett said.