Quick Take:
- Ehave, Inc. announced that they have entered into a licensing agreement with telemedicine company Activ Doctors Online
- The agreement will allow mental health patients to request an online consultation from their computer or mobile device
MIAMI, Sept. 08, 2020 (GLOBE NEWSWIRE) — Ehave, Inc. (EHVVF) (the “Company”), a provider of digital therapeutics delivering evidence-based therapeutic interventions to patients, announced today it has entered into a licensing agreement to license a complete suite of telemedicine solutions from Activ Doctors Online. The agreement will allow mental health patients to request an online consultation, obtain a second medical opinion, as well as provide access to their complete medical history from their computer or mobile device.
In addition to pioneering the efforts of patients taking ownership over their health records by utilizing blockchain technology that is both HIPAA and GDPR compliant, Ehave plans to use this agreement to expand into the Medical Second Opinion market. As a result of COVID-19 the Medical Second Opinion Market has seen impressive growth. This would be one of the first end to end platforms available for patients to take ownership of their mental health records. Ehave intends to use its Ehave Dashboard along with its agreement with MyLifeID to offer patients a secure and easy way to manage their health records across multiple systems, while offering them the opportunity to request an online consultation, or obtain a second medical opinion, in the comfort of their home.
According to Reportlinker.com the medical second opinion market was valued at $3.2 billion in 2019 and is projected to reach $10.7 billion by 2027. According to the report, the medical second opinion market is expected to grow at a CAGR of 16.8% during 2020-2027. The growth of the medical second opinion market is mainly attributed to the increasing prevalence of chronic diseases, growing emphasis on superior treatment outcomes, and rising focus on healthcare cost optimization.i
The American Psychiatric Association (APA) defines Telepsychiatry as a subset of telemedicine. It can involve providing a range of services including psychiatric evaluations, therapy (individual therapy, group therapy, and family therapy), patient education and medication management. Telepsychiatry involves not only direct interaction between a psychiatrist and the patient. It also includes psychiatrists supporting primary care providers with mental health care consultation and expertise. Medicare expanded telemedicine coverage for 7 mental health services in 2015. As a result, many insurance companies and telemedicine providers are encouraging tele-mental health.
According to ResearchAndMarkets.com the Global Electronic Health Records (EHR) Market is forecast to grow from an estimated $ 30 billion in 2020 to $ 40 billion by 2025.iii Growth in the market is anticipated on account of rising demand for centralization and streamlining of electronic healthcare systems, technological advancements in the field of healthcare IT, and increasing awareness about the use and importance of EHR. Moreover, increasing government funding and expenditure for the development of healthcare IT solution are promoting the adoption of electronic health records, globally.
In May 2020 McKinsey & Company published a report titled “Telehealth: A quarter-trillion dollar post-COVID-19 reality?”iv The report says “acceleration of consumer and provider adoption of telehealth and extension of telehealth beyond virtual urgent care, up to $250 billion of current US healthcare spend could potentially be virtualized.” The 10-page report also says “Approximately $250 billion—or ~20%—of all Medicare, Medicaid, and Commercial OP, office, and home health spend, could potentially be virtualized. Approximately $250 billion—or ~20%—of all Medicare, Medicaid, and Commercial OP, office, and home health spend, could potentially be virtualized.”
A June 27, 2019 press release by Adroit Market Research projects the Global Telepsychiatry Market will grow to $6,380.3 million by 2025.v The report also said more than 50% of psychiatrists will reach retirement age by 2025, and the number of doctors will continue to drop as a result of insufficient reimbursement policies. In addition to Ehave, key players in this market include InSight Telepsychiatry, American Telepsychiatrists, Iris Telehealth, SOC Telemed, Advanced TeleMed Services, FasPsych, Genoa Healthcare, Encounter Telehealth, Arcadian Telepsychiatry, and InnovaTel.
We have seen a tremendous shift in the demand for virtual care, and we believe our society is on the cusp of a paradigm shift for the way healthcare is performed in our healthcare system.” Mr. Kaplan continued, “Under the terms of this licensing agreement we will be able to provide the technology that allows patients to connect with their mental healthcare providers remotely. This is a service that has seen a tremendous increase in demand as a result of the Covid-19 outbreak.”
Ben Kaplan – Ehave, Inc. CEO
Additional Ehave Inc. Statement
We are truly grateful for the patience and support of EHVVF shareholders! Please join the conversation on our Ehave supporter’s telegram group at https://t.me/EhaveInc
About Ehave, Inc.
Ehave, Inc. is a provider of digital therapeutics delivering evidence-based therapeutic interventions to patients. Our primary focus is on improving the standard care in therapeutics to prevent or treat brain disorders or diseases through the use of digital therapeutics, psychedelics, independently or together, with medications, devices, and other therapies to optimize patient care and health outcomes meeting privacy and HIPAA & GDPR Compliant. Our main product is the Ehave Dashboard which is a mental health informatics platform that allows clinicians to make objective and intelligent decisions through data insight using Blockchain technology. The Ehave dashboard offers Offline Encrypted Digital Records Empowering Healthcare providers and patients and it’s a powerful machine learning and artificial intelligence platform using artificial intelligence to extract deep insights from audio, video and text to improve research with a growing set of advanced tools and applications developed by Ehave and its leading partners. This empowers patients, healthcare providers, and payers to address a wide range of conditions through high quality, safe, and effective data-driven involvement with intelligent and accessible tools.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is contained under the heading “Risk Factors” in Ehave, Inc.’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (SEC) on September 24, 2015, as amended, which is available on the SEC’s website, http://www.sec.gov.
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i https://www.globenewswire.com/news-release/2020/07/21/2065358/0/en/Medical-Second-Opinion-Market-Forecast-to-2027-COVID-19-Impact-and-Global-Analysis-by-Disorders-Service-Providers-and-Geography.html
ii https://www.psychiatry.org/patients-families/what-is-telepsychiatry
iii https://www.businesswire.com/news/home/20200527005390/en/Global-Electronic-Health-Records-EHR-Market-2020
ivhttps://www.mckinsey.com/~/media/McKinsey/Industries/Healthcare%20Systems%20and%20Services/Our%20Insights/Telehealth%20A%20quarter%20trillion%20dollar%20post%20COVID%2019%20reality/Telehealth-A-quarter-trilliondollar-post-COVID-19-reality.pdf
v https://www.globenewswire.com/news-release/2019/06/27/1875124/0/en/Telepsychiatry-Market-to-hit-USD-6-380-3-million-by-2025-Global-Analysis-by-Type-Routine-Forensic-Crisis-In-home-Primary-Secondary-Research-Growth-Drivers-Adroit-Market-Research.html