Patrick Baker of Palarum
An exclusive Tech Tribune Q&A with Patrick Baker, the founder and CEO of Palarum, which was honored in our:
Tell us the origin story of Palarum – what problem were you trying to solve and why?
As a former Chief Nursing Officer, I experienced firsthand the significant impact patient falls have in our hospitals. Every year, nearly 1 million patients in U.S. hospitals experience a fall. The average medical cost for each patient fall is $10,220 and extends a patient’s hospital stay by 6 days. But more importantly is the potential impact to a patient’s long-term health.
After spending many years reviewing the methodologies and best practices used by leading healthcare institutions, it became clear that a new approach was needed. Something that would be safe and comfortable for patients, but also convenient and reliable for the nursing team. After looking at several new technologies, I found an e-wearable based solution that could be developed into a patient “Smart Sock”.
We call our Smart Sock solution PUP, which is short for “Patient is Up”. After securing our patents and FDA approvals, we quickly partnered with several major hospital systems to conduct clinical trials. I am proud to say the results have been outstanding. While results vary by hospital, overall our PUP socks trials are showing a 80% reduction in falls versus national trends.
What was the biggest hurdle you encountered in your journey?
I believe the biggest hurdle is maintaining focus on your goals with so many ancillary issues that need to be addressed when starting a new business. Your passion is to provide a transformative new technology to the market, but in order to do that, you need to create the support infrastructure needed for your business – things like finding office space, attracting talent, selecting legal, financial, and manufacturing partners, etc.
Fortunately, we were able to find almost everything we needed here in Southwest Ohio. We have had strong support from state and local government leaders, access to a highly educated and motivated employee pool, as well as opportunities to work with experts in financial, technology, and healthcare services.
What does the future hold for Palarum?
We are very excited about the future of Palarum. Our technology is adaptable, allowing it to be utilized in an almost unlimited number of potential applications. This is not only our view, but also the comments we hear from leading healthcare professionals whenever we show them our technology. This includes home health, insurance, and sports performance applications.
What’s your best advice for aspiring entrepreneurs?
My coaching to any new entrepreneur is to have a definitive vision on how your new product or service adds value. There are a lot of great ideas and technologies, but the successful ones give the user a distinct benefit that enhances their personal or professional interests.