Valant Revamps Its Healthcare Software, Sees Significant Growth
The healthcare scene has evolved quickly and drastically in recent years, especially in light of the Covid pandemic. Demand for mental health solutions dramatically increased, and many providers needed to quickly shift to remote-friendly offerings for their patients. In the midst of this critical period for the healthcare sector, Seattle-based Valant quickly got to work, aiming to establish itself as a modern solution for the behavioral healthcare sector.
Valant provides software solutions for mental health businesses, such as therapists and psychiatric practices. Its electronic medical record and practice management solution works to help these professionals better coordinate their patient experience.
The healthcare scene has changed significantly since Valant was founded in 2005. Today, tools like virtual appointment setup and video conferencing are used widely to streamline the experience for patients and practices alike. In light of these developments, much of Valant’s recent focus has been modernizing its offerings and tying features like these directly into electronic health records.
The company received a strategic investment from Gemspring Capital in 2019 that it put toward updating its tech stack over the next two years. In the midst of this work, Ram Krishnan was brought on as Valant’s CEO in 2020.
“We got busy migrating all of our customers [to] that new tech stack and then started building a ton of new feature functionality,” Krishnan told Built in. “During the course of the pandemic, a lot of businesses got disrupted [and] lot of in-person medical practices got disrupted. We were very quick with this new platform to begin pivoting and integrating all kinds of workflows into our core product.”
Over the past year, Valant has launched several new product lines that align with its core platform, Krishnan said. Most recently, Valant introduced MYIO, a mobile app that works to help practices streamline operations while increasing patient engagement.
Short for “My Improved Outcomes,” MYIO is a comprehensive solution that enables patients to join telehealth sessions, sign intake forms, complete assessments, message their provider, view and request appointments, update payment info and make online payments.
“[MYIO is] intended to be the concierge between the patient and the practice, helping connect the two together on an app,” Krishnan said. “Really, the vision for us there is to sustain the digital relationship between the practice and the patient over time.”
Another recent development for Valant is its prospective patient management toolset. This offering provides a mental health inquiry form with patient-provider matching capabilities, according to the company’s site. After a patient fills out the form, Valant sends it through a matching algorithm to find the best provider suited to serve that particular patient, in terms of schedules and provider capabilities, Krishnan said.
Valant’s recent product development spree has contributed largely to the company’s consistent growth. Since 2020, Krishnan said the company has grown its revenue by over 20 percent and increased its headcount from 50 employees to around 120. Valant’s solution serves 16,000 providers today, Krishnan said.
As Valant continues to grow within the constantly changing healthcare sector, the company plans to fuel further adoption of its new app and help providers deploy MYIO to their patients, Krishnan said. Over the next couple of years, Valant will also focus on incorporating additional features to its app, including a way for providers to offer care in between sessions such as sending out reminders for patients to practice mindfulness and self-reflection.