The Silicon Review
“Our interactive tools allow patients to share their genetic risk assessments with their doctor or potentially a new provider. These tools become extremely valuable in the overall continuum of care for the lifetime of a patient.”
Precision Genetics (PG), a healthcare technology company, specializes in molecular testing services and integratable technology solutions that enable a higher standard of care. Besides, it offers creative and cost effective ways to reduce the ever-rising costs of out-of-pocket healthcare so providers can focus on the long term goal of well-being for their patients or employees.
PG is based in Greenville, South Carolina.
The Silicon Review contacted Nate Wilbourne, founder and CEO of Precision Genetics, who spoke about how the company is making a difference in this segment and plans to stay at the forefront. Below is an excerpt.
Head to Head with Nate Wilbourne, Founder and CEO of Precision Genetics
Q. How does Precision Genetics allow busy physicians and providers to immediately develop individualized treatment and prevention plans for their patients?
To drive physicians and providers to order molecular services you need to address the fundamental flaws with third-party genetic and molecular testing. At Precision Genetics, we have found that becoming part of the physicians’ workflow within the medical record addresses one of the first challenges by automating the ordering process. However, once a test is ordered you must address the second problem with delivering information and decision support tools where the physician or provider can utilize the information to make informed decisions at the point of care with their patients. Delivery of the results and analysis is good but when you can provide discreet data points to the providers that are backed by high-level evidence, physicians can become more efficient in treating their patients while providing personalized treatment plans based on the patient’s unique characteristics.
Q. What can you tell us about Precision Genetics’ interactive tools and how do these tools empower patients in general?
We provide tools to empower both providers and patients. Our interactive tools allow patients to share their genetic risk assessments with their doctor or potentially a new provider. These tools become extremely valuable in the overall continuum of care for the lifetime of a patient. Our long-term vision will be that a patients’ genetic profile will become part of their PHI regardless of specialist, healthcare system, or provider group. This should transition into the pharmacy as well. We want to empower the pharmacist filling prescriptions of a potential risk based on an individual’s genetic profile who is receiving the medications and not solely relying on the drug utilization review (DUR) systems.
Q. That’s not all Precision Genetics does. What are its other focus areas?
We focus on providing personalized medicine tools across multiple disciplines. The reality is that our technology platform allows us to deliver clinical solutions that can be utilized by most specialists. Technology is the bridge to drive physician adoption and ultimately change the standard of care regardless if you’re a primary care physician, a cardiologist, an internist, or an oncologist. Giving providers access to individualized information is a new way to treat their patients.
Q. Can you provide us with one or two success stories describing the challenges your clients (physicians or providers) faced and how your solutions helped them overcome those challenges?
It starts most commonly with physicians who have complex patients where the typical treatment plans have failed. We see a lot of positive impact with mental health providers that treat patients with high levels of anxiety, major depressive disorder, ADHD, bi-polar disorder, etc. Frequently a slight change to a drug regimen or combination of medications based on an individual’s unique metabolism can make a huge difference in their overall quality of life. The same can be said for perioperative patients in managing their pain levels intraoperatively and post-operatively. We can use molecular sciences to manage patients in the surgical suite assisting providers with their pain management, their response to anesthetics, while potentially avoiding post-operative complications such as post-operative nausea and vomiting and other issues. Educating providers is a critical component to physician adoption. The science and clinical studies assist us in these efforts.
Q. How do current partnerships and collaborations benefit Precision Genetics in terms of growth and expansion? And is the company seeking fresh partnerships?
Partnerships and strategic relationships are integral to our current and long-term succession plans. By partnering with innovative health systems, physicians, and other companies, we can change the way we deliver care in the US. We are very grateful to have many strategic partnerships with academic health systems and leaders that are striving for the same mission — better patient care and enhancing outcomes. We are constantly looking to expand those strategic relationships.
Q. From your perspective, how is the industry you serve currently evolving? And where does Precision Genetics stand at the moment?
The industry is starting to see where technology can change the way we think and deliver care. If you asked 100 physicians or hospital executives they would all say that genetics and genomics will play a huge role in the future of medicine. However, we are only scratching the service when it comes to applying these results into our standards for care. Most clinicians agree that tracking outcomes by using genetic and genomic sciences is the future of medicine. But many of them look to innovative thought leaders that provide services that can change the way we have historically operated. I feel that Precision Genetics is one of the most innovative technology and diagnostic providers in our space.
Q. How do you plan to counter challenges that you think Precision Genetics might face in the next five years?
Clinical trials and studies are imperative to the future of our clinical assays. We have to provide the outcomes data to the doctors, the patients, as well as the payors. Physicians will add these tests into their practice as long as the science supports the needs and we can ensure financial coverage for these tests. By employing talented scientists, clinical thought leaders, technical personnel, and executive leaders that can address a provider’s problem areas and provide solutions. Our success will be leveraging our strategic partnerships, generating positive outcomes, and then scaling on a national level for all physicians and patients to have access.
Q. What new endeavors is Precision Genetics currently undertaking?
We are working on some incredible technology partnerships to deploy our clinical solutions into the pharmacies where many of these drugs are deployed. We want to heighten the awareness of not just the prescribing doctor but the Pharm D’s and pharmacists who administer many of the prescriptions. We are applying some technical clinical support tools in oncology and other chronic disease markets. We want to use the platform to drive greater efficiencies in specialties that rely on molecular sciences.
About | Nate Wilbourne
Nate Wilbourne is the founder and CEO of Precision Genetics. He has a passion for improving the way we deliver healthcare in the US and focuses on disruptive technologies that can impact the standard of care across multiple disciplines. With over 20 years of experience in global healthcare, his specialties include start-ups, venture capital, private equity, sales and marketing for a diverse platform of solutions and services. Nate’s extensive experience in the healthcare industry has allowed him to develop relationships with the nations’ largest healthcare institutions, physician practices and various providers. Prior to starting Precision Genetics, Nate was responsible for client relations, operations, sales and marketing, and business development for multiple healthcare entities including a large division at Stryker Corporation. Nate was a professional basketball player in the NBA and various international teams. He graduated from the University of South Carolina with a BA in Finance in 1997.