MYnd Analytics Inc Seeks To Improve Mental Health Care With Unique Data Sharing Platform
By Pablo Erbar
MYnd Analytics Inc (OTCMKTS:MYAN) is a predictive analytics company active in the mental health care industry, with particular focus on the treatment of disorders through the correct use of drugs. The firm’s main concern is that patients react to certain medications differently, making it essential to adapt treatments to each individual.
In order to avoid adverse consequences while treating mental illnesses, MYnd Analytics developed a cloud-based platform called Psychiatric EEG Evaluation Registry, or PEER Online®, which enables physicians to exchange information regarding their patients’ neurophysiology.
As indicated by President and CEO George Carpenter, PEER Online® provides doctors with a tool that helps them determine whether or not a drug is suitable for their patient by comparing the results obtained from the use of different medications on individuals with similar brain patterns.
The idea of creating a platform for the exchange of treatment data was originally developed by oncologists treating pediatric cancer back in the 1970’s. MYnd Analytics simply applied the same concept to the mental health care industry, which was lacking such a tool despite being in desperate need of more effective treatment methods.
The short-comings of mental health care in the US have become a hot topic over the past few years and thus, the industry has gained a great deal of importance. In a recent interview with Small Cap Nation, Mr. Carpenter pointed out: “We’ve got a 24% percent increase in suicides among young adults. We’ve had a significant cost increase for mental health care, about $200 billion a year now in the US.” Large managed care companies have come to the conclusion that doing better medicine for mental health patients is the key to saving money. Since 57% of their costs stem from just 5% of their patients, most of which also present co-morbid mental disorders, treating the brain correctly could lead to a large cost reduction in other areas, such as cardiac cancer.
After gathering data for two decades, MYnd Analytics now boasts the largest database of its kind in the world, with 10,400 unique patients and 39,000 outcomes. This allows the company to determine how many patients similar to the one under treatment responded to a certain drug.
MYnd Analytics has done most of its work with VA and the military, both of which represent a huge market for its product. Mr. Carpenter claims that the managed care companies are also a great target for the commercialization of PEER Online®, “because they’re spending a lot of their money on 5% of their patients that we can help have also been very receptive to this.” Providers and patients themselves also present a great opportunity for MYnd Analytics’ tool.
In addition to the importance of PEER Online® for mental health care, MYnd Analytics also represents an attractive investment opportunity. According to the company’s CEO, mental health care and AI machine-learning represent the hottest areas for investors, with most of the capital flowing towards those industries. With this in mind, Mr. Carpenter’s description of MYnd Analytics as a “mental health care machine-learning company”, suggests that the company could derive great benefits from its unique position in both market segments.
Disclosures: The author, Pablo Erbar, holds no interest in any of the securities or entities mentioned above.