CrowdMed is a venture harnessing the ‘wisdom of crowds’ to help solve difficult medical cases quickly and accurately online. Their 60% success rate of bringing patients closer to a correct diagnosis is an enticing prospect for their average patient who has been sick for 8 years, seen 8 doctors, and incurred more than $60,000 in medical expenses before submitting their case on the site.
How they’re disrupting
Patients submit their case online for as little as $99, set a financial reward for correct diagnosis, and let CrowdMed’s prediction market technology collect and filter diagnostic suggestions from the medical detectives participating. The site then spits out a detailed report containing the best suggestions to discuss with your doctor.
Medical detectives, who needn’t be trained medical professionals, can pick and choose cases to suggest solutions for, build up their reputation, and earn the right to participate in more advanced cases.
350 million people worldwide suffer from difficult to diagnose rare diseases.
Investments and future
The company has received $3.15m seed investment so far, from some of Silicon Valley’s top venture capital firms including NEA, Andreessen Horowitz, Greylock Partners, SV Angel, Khosla Ventures and Y-Combinator.