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Apps4 health building for success 2013may16 - pdf format

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mHealth apps: Building for Success …

mHealth apps: Building for Success
Presented at Apps For Health, Mohawk College, May 16, 2013
Presented at COACH eHealth conference, Ottawa, June 5, 2013
"Building for $uccess"


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  • 1. Research  &  Development  in  mHealth  Building  for  $uccess  Launching  a  successful  m-­‐Health  startup      Adam  Cole,  Coral  CEA  Apps  For  Health,  May  16,  2013  
  • 2. Building  for  $uccess  Part  I  –  The  Environment  Part  II  –  RecommendaEons    
  • 3. adam  cole  •  Health  technology:  20  years  of  startup  and  entrepreneurial  experience  •  Built  a  company  with  >15  employees  •  P4H  acquisiEon  by  McKesson  •  McKesson  new  product  launches  and  M&A  •  CCTN  employee  #1,  grew  to  250+,  $34M  in  grants  •  Coral  CEA,  ~70  grants,  focus  on  data  liberaEon  •  Titles:  CIO,  CTO,  VP  IT,  Founder,  Director  Health  •  Various  boards  and  advisor  
  • 4. Many  people  enter  mHealth  space  envisioning  a  journey  that  looks  something  like  this…  
  • 5. Wrecked  and  abandoned  vehicles,  Hwy  80  linking  Iraq  &  Kuwait,  Post  Desert  Storm    Reality  looks  more  like  this…  
  • 6. Animated  slide:  Goal  is  to  take  your  company  from  startup  (bike)  to  high-­‐performance  (sports  car)  while  avoiding  common  traps/piBalls  (junk  car)  
  • 7. There  are  Successes  PointClickCare  Revenues  $60M  WellDoc  Angel  $17M  Excelleris  ~5%  of  B.C.  pop.  Adimab  VC  $40M  PaEents  Like  Me  Awarded  $2M  RWJF  Castlight  Health    Series  D:  $100M  23andMe    Series  D:  $58M  ZocDoc    Revenues  est.  $35M  iTriage    Acquisi[on  est.  $25M  Fitbit    $300M+  valua[on  
  • 8. For  every  one  m-­‐Health  success  there  are  countless  failed/abandoned/unsuccessful/unsustainable  health  apps  
  • 9. $    (Revenue,  valuaEon,…)  Consumer  health   Popula7on  health   Commercial  health  m-­‐health   e-­‐health   wellness   enterprise   devices   biotech  Who  pays?  individual    à    employer,  health  company          à      insurer,  gov’t  
  • 10. Healthcare  system  Aging  populaEon  More  quanEty  &  more  expensive  intervenEons  drugs  devices  diagnosis  EscalaEng  administraEon,  management,  paperwork  Obesity  epidemic  and  chronic  disease  burden  FragmentaEon:  Care,  communicaEons,  administraEon,  research,  public  health  
  • 11. Healthcare  system  Consumerism,  self-­‐ownership  AutomaEon  &  lean  pracEces  IntegraEon  PrevenEon,  educaEon,  address  social  determinants  Involve  the  family  CoordinaEon  (vs.  siloed  care)  Free  markets,  compeEEon  Incent  efficiencies  
  • 12. Global  Economies  (GDP)  United  States  of  Healthcare,  $3.2T  Canadian  Healthcare  Economy,  $207B  
  • 13. Tradi7onal  Retail  Model  Vendor  sells  to  Consumer  (1:1  relaEonship)  
  • 14. Healthcare  Retail  Model  Vendor  sells  to  ???  (1:3  relaEonship)  Pa7ent  Payer   Provider  
  • 15.            Pa7ent  -­‐Consumer  -­‐PopulaEon  -­‐Caregiver  Payer  -­‐Insurance  -­‐Employer  -­‐Public/Gov’t  Provider  -­‐PCP/allied  HCP  -­‐Pharmacists  -­‐Hosp/LTC        -­‐LHINs  
  • 16. Hospitals  Hospitals  Animated  slide:  Complexity  of  healthcare  system.  Note  that  hospitals,  as  significant  as  they  are,  are  but  one  minor  facet  of  overall  system.  
  • 17. What  is  the  answer  to  this  integraEon  complexity?  •  Minimize  dependencies  
  • 18. What  is  the  answer  to  this  integraEon  complexity?  •  Minimize  dependencies  •  Embrace  ecosystems/partnerships  
  • 19. What  is  the  answer  to  this  integraEon  complexity?  •  Minimize  dependencies  •  Embrace  ecosystems/partnerships  •  Share  data  and  promote  open  data  – UHN  
  • 20. What  is  the  answer  to  this  integraEon  complexity?  •  Minimize  dependencies  •  Embrace  ecosystems/partnerships  •  Share  data  and  promote  open  data  •  Provide  value  back  to  those  whose  data  you  want  – Use  their  customer  as  a  surrogate  
  • 21. 49%$35%$15%$1%$Costs$Popula7on   Costs  5%  of  our  populaEon  accounts  for  84%  of  the  costs!  Whereas  half  of  the  populaEon  accounts  for  only  1%  of  the  costs.  
  • 22. Perspec7ve:  The  25yo  male  technophile  syndrome  Avoid  the  blinders  inherent  to  your  own  perspec[ve.  
  • 23. Building  for  $uccess  Part  I  –  The  Environment  Part  II  –  RecommendaEons    
  • 24. Avoid  OPM  
  • 25. However,  if  you  do  work  with  OPM…  
  • 26. What  to  know  when  pitching  your  first  VC,  Mark  Ruddock  
  • 27. MVP
  • 28. MVP•  Be  nimble  •  Learn  •  Iterate  •  Adapt  •  Know  your  market  •  PerfecEon  is  the  enemy  of  good  enough  
  • 29. Dropbox  MVP  
  • 30. Dropbox  MVP  •  “Experiments  were  failing  leq  and  right”  •  Cost  per  acquisiEon  was  $233  -­‐  $388,  for  a  $99  product  •  Lots  of  pressure  (or  guilt)  to  do  things  the  tradiEonal  way  •  One  size  doesn’t  fit  all  •  Build  the  right  thing  over  building  things  right  
  • 31. Big  problems  Focus  on…  
  • 32. Prac7cal  problems  Focus  on…  
  • 33. The  Enterprise  Focus  on…  
  • 34. Revenues  Focus  on…  
  • 35. Execu7on  Focus  on…  
  • 36. Integra7on  Focus  on…  
  • 37. MVP  Focus  on…  
  • 38. Focus  on…