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Pitch deck Pitch deck Presentation Transcript

  • Summary • Current referral scheduling process in healthcare is arcane, slow and inefficient • Bad for the patient, nurse, doctor, and health system • We facilitate, track and influence the whole process online • 3 minutes vs. 3 days • We’re raising $500k to execute on 3 already identified paying customers for the next 18 months • TriStar has committed $300k of raise • We’ve already generated over $120,000 in revenue, and have a royalty bearing license with major HIT co Bad Process We fix it, and then some Raised$300 k/$500k round Already$120 ,000+ in revenue, plus royalty
  • Team Founder, President, and Software Engineer Jon Gautsch • Notre Dame CS 2014 • Created and licensed product in 6 months Sales/Marketing Michael Dean • Notre Dame Science-Business 2010 • Previously top performing regional sales manager at Arteriocyte, Inc Software Engineer #2 Actively interviewing Ruby on Rails developers with 15+ years of software development experience
  • Team: Advisors Dr. Harry Jacobson • Former Vanderbilt Medical CEO • Grew Vandy from $750M/yr to $2.5B/yr Dr. John Doulis • CIO of Medcare Investment Funds ($1B) • CEO of Artemis (EMR co) • Won Clinical Informaticist of the year in 2012 Christopher Rand • Founder/Partner, Tristar Technology Ventures • Founder of Vertex Clinical Innovations • Previously ran tech transfer for Vanderbilt Dr. Nitesh Chawla • Founder and Chief Data Scientist at Aunalytics • Computer Science professor at Notre Dame • Director of Interdisciplinary Center for Network Science at ND Dr. Thomas Gautsch • Johns Hopkins trained Orthopedic Surgeon
  • Problem: Statistics • 60-70% of referrals go unscheduled • 68% of specialists receive no patient info from PCP’s • 25% of PCP’s do not receive timely info post-referral • Providers spend $20 in labor per document • 1 in 20 documents lost, costing $125 each • PCP to specialist referrals almost doubled from 1999-2009
  • Problem: Clinical Pathway Mgmt • Self insured health systems have referral leakage of up to 50% • No effective way to track or influence this
  • Problem and Value Proposition: Inefficient Referrals Group Value Referring Provider’s Office (PCP) • 15 minutes of administrator/referral nurse time per referral • Saved administrator time translates to significant decrease in employee costs • Reporting on whether their referred patients went to their appointments • Provide patients with better experience Receiving Provider Office (Specialist) • Higher quality referrals based on specified preferences • Higher quality referrals result in more surgeries or procedures, which dramatically increases revenues • Granular view of where patients are coming from • Understand relative market share Patient • Instantly gets appointment with most optimal provider • Saves money by staying in insurance network • Receives better quality care by going to most appropriate provider • Receives appointment instructions and reminders • Easy to change appointment if necessary, via txt or portal Health System • Convert insurance spend into revenue by ensuring employees stay within system for care • Identify which physicians refer out of network, and influence their behavior Insurance Company • Patients being guided to providers with better outcomes and more ideal contracts dramatically reduces overall care expenditure • Granular, real time view of clinical pathways of patients • Easily defined referral authorization rules, for any plan
  • Solution: Online Referrals • New Referral Flow via Preferral: 1. Collect patient insurance info 2. Answer specialty specific questions (~~ Preferral SmartGate filter algorithm ~~) 3. Show and book nearby appropriate appointments DONE
  • Solution: Benefits, for everyone • Patient chooses convenient, appropriate appointment • Algorithm provides specialist with better patient mix • Structured data paper trail! • Unprecedented analytics and BI • Referring offices get timely reports • Referrals stay in network VALUE TABLE HERE
  • Market Opportunity • Market Segments: • Private practice physicians • Physician networks (ACOs, IPAs, HMOs) • Large health systems • Insurance co’s • Healthcare IT co’s (licensing API)
  • Market Opportunity: Key Players Paying Customers - Growth Group: Private Practice Group: Hospitals, ACOs, IPAs Group: Healthcare IT Partners Role: Network Role: Individual Market Starter Role: Distribution Channel Value: $199 /mo Value: $5,000-25,000 /mo Value: Ex: $120,000 + royalty
  • Market Opportunity: Key Players Paying Customers - Scale Group: Self-Insured Health Systems Group: Insurance Companies Role: Network Role: Individual Market Starter Value: $4 PMPM Value: $4 PMPM Why? • Keep patients in network • Send to providers with best outcomes
  • Market Size Market Segment Size Private Practice $1.62B / yr Networks (ACO’s etc) $800M / yr Hospital Chains $1.9B / yr Healthcare IT licensing $650M / yr Insurance Co’s $1.2B / yr TOTAL $6.15B / yr
  • Traction and Progress • Non-exclusive licensed to large HIT firm • 200+ hospitals by Q4 2014 • $120,000 license fee, plus royalty • Large heart hospital and 25+ practices in Louisiana • Diabetes Care Group • Vanderbilt groups + physician practices Also in the pipeline: • Licensing deal with Nashville based specialty EMR company • Licensing deal with telehealth platform (300 Dr’s)
  • Product:
  • Product:
  • Product:
  • Capital Need: 18 mo runway CASH FLOW STATEMENT CASH FLOWS EBITDA $(77,020) $(57,429) Add: Collected Revenue 201,833 448,583 Less: Revenue (260,750) (577,500) Add: Equity Financing 500,000 500,000 Less: Accounts Payable (40,000) (40,000) NET CASH FROM (USED IN) OPERATIONS/FINANCING 324,064 273,655 CASH AT BEGINNING OF PERIOD 18,000 18,000 CASH AT END OF PERIOD $342,064 $291,655 Cash Balance with no Revenue (other than MedHost) $(36,929) Lowest Cash Balance $270,598
  • Capital Need: 18 mo runway INCOME STATEMENT 2014 18 Months REVENUE Partnerships $120,000 $120,000 Enterprise Licenses 115,750 176,250 Practice Licenses 125,000 381,250 TOTAL REVENUE 360,750 677,500 COST OF REVENUE Travel 25,000 43,000 Sales Commissions 9,867 30,367 Direct Marketing 17,000 29,000 Servers 13,000 20,800 Integration Fees 16,000 16,000 TOTAL COST OF REVENUE 80,867 139,167 GROSS MARGIN 279,883 538,333 Gross Margin % 78% 79% OPERATING EXPENSES Salaries and Benefits 259,903 449,262 Office Rent and Expenses 19,200 33,600 Legal 37,000 55,000 Accounting 12,500 20,000 Insurance 13,300 13,900 Research & Development 15,000 24,000 TOTAL OPERATING EXPENSES 356,903 595,762 EBITDA $(77,020) $(57,429)
  • Jon Gautsch jon@workmein.com $300,000 of $500,000 raise committed