I want to thank you for allowing us to share our journey with you. Now, this journey started on a very personal level for me and transformed into a common vision with a group of people working passionately to take the guesswork out of medicine. This is the mission of our company ResultCare
While I was training in med learning about cancer and breast cancer in the lab, mom was diagnosed with run of the mill breast cancer. Any one of us could get this.
----- Meeting Notes (12/9/13 20:37) -----3 months later tramatic brain injury fell down the stairs and was in the ICU forseveral weeks false pos testled to 6 months of unnecessary treatments which meant being in and out of the hospital, self injecting with dangerous blood thinnersPCP had never seen such a complicated case and was not aware of recent literature
----- Meeting Notes (12/9/13 20:37) -----how could these two systems coexistthere had to be middle ground where we were practicing evidence based mediccien with increased accuracy to provide better patient care
Provider is innodated with too much to do and too little tests. Growing market of direct to consumer molecular and genetic tests. Increasing strain on the provider with more tests that the provider doesn’t know about. End result is it is easier to click and order than it is to look up the literature. It is easier to give the patient what they want.Payers and hospitals are upset because they order tests that are medically unnecessary and they are left with the bill.
----- Meeting Notes (12/9/13 20:37) -----complex problem and you need the best team to do this
Product design, business, datascience, research and medicine
We aren’t solving this problem alone. We are backed by people who have done this for 20+ years. They are not only advisors but some are investors in the company.
With all the education on our team we had no idea how to approach this problem in a focused business savvy way and were very naiive in what we could achieve
We interviewed a gamut of people throughout the course. Please allow me to share with you our journey through the class learning from the lessons of Steve Blank and Abhas Gupta.
Physicians have been looking for a way to access lab information, and labs have been looking for a way to get their info out to physicians
Not all labs are the same. Group of specialty labs that did molecular and genetic tests that were struggling. They REALLYneeded our product to gain payer coverage and were willing to pay for it.
Oncologists, rhematologists, ortho, infectious disease; 10-15K in first 18 months to 2 years; 50K in first 2-3 years; doximity – 100K users in the first 18monthsCardiodx – 50,000 orders, $250-$500K, 20 sales reps, $150/test; $2.5M lossAvg molecular tests $500 (actually $2-5K) – 5% per order; 8M molecular testsPharma spends 200M on internet marketing alone in US per yearLabs spend 5M on sales people to get 50K tests per year so that’s $100 spent per test on sales costs. Average test costs $500We propose 5% of every transaction/test order with a volume of average 20K per test per labTotal volume of molecular tests is 8M at average price of $500 per test = $4B and we take 5% = 200M SAMWe estimate with 50K users (1/16 of total user market of 800K) we will have 1/16 of volume at 500,000 orders each at price of avg $500 per test = 250M – 12.5M from orders
Result care lean launchpad week 1 slides v2
TA K I N G
T H E G U E S S W O R K O U T O F M E D I C I N E .
THE TEAM Mima Geere Arman
Jahangiri Mitchell Geere UCSF Clinical Lab Medicine MD, MS Data, Ops, Partnerships UCSF Neurosurgery MD, Phd Users, Research System Product Design & Technology MBA in Design Strategy Design, Technology Kristen Bova Nima Anari Brandi Castro UC Berkeley MBA, MPH Customers, Contracts UC Berkeley PhD NLP Data Science UCSF Neurosurgery MD Users, Marketing, Data
THE EXPERTS LABORATORY CLINIC INDUSTRY
Dr. Tim Hamill Dr. Lee Balance Jeff Tangney UCSF Laboratories Director KPMG, CME Advisor, Pharmacy Innovations Co-Founder of Epocrates Founder & CEO Doximity Dr. Vivek Garg Elaine Allen OneMedical, Medical Director Biostatistician Founder of Metaworks ACO Chris Seaman Dr. Charles Chiu UCSF Molecular & Genomic Tests Director Dr. Kitch Wilson Stanford Molecular Pathology Fellow Dr. Mike Angelo Stanford Clinical Pathology Data Scientist, Atlassian Dr. Ami Parekh Commercial ACO Contracts Betty Kayton Finance Founding CFO, Dropbox
WHAT WE DID 112 TOTAL
INTERVIEWS 85 PROVIDERS 9 PAYERS Fellows Residents Med Students Nurses Attending Physicians Oncologists OBGYN Peds Hospital Med PCP Surgery Blue Shield of CA Keenan Associates United Health West HealthNet Hill Physicians Group (ACO) Highland Hospital Kaiser Meritage Medical Network 9 LABS 7 PARTNERS UCSF Stanford CardioDx Seven Bridges Genomics OneMedical Invitae 23andMe Verinata Doximity Eligible API Practice Fusion Castlight Health HealthCare Blogs ZS Associates 2 CHANNELS McKesson PracticeFusion
LESSON 1: CUSTOMER SEGMENTS Week
2 LLP COURSE 10 WEEKS Defined our customers. We thought we had a 5-sided market. Interviewed 45 customers Two groups care the most. Physician Users and Laboratories 2 Sided Market
LESSON 2: CHANNELS Week 3
LLLLPP C O U R SSEE 180 W EEEEKKSS COUR W Defined our Channels. Discovered importance of word of mouth with marketing to doctors. Synthesized list of networks. Over 400 personal physician contacts.
LESSON 3: VALUE PROPOSITION Week
4 L L P C O U R S E 8 W ELLLPPSC O U R SSEE 180 W EEEEKKSS LEK COUR W Product Market Fit. Physicians needed our product. Labs needed our product. Synthesized common pain points. Evidence to providers Cost Info Lab-specific collection info Turnaround Time Guidelines and Preferences Feature implementation.
LESSON 4: KEY ACTIVITIES Week
7 L L P C O U R S E 8 W ELLLPPSC O U R SSEE 180 W EEEEKKSS LEK COUR W Defined a viable business opportunity. Interviewed 5 specialty labs Specialty labs needed our product to gain payer coverage. Data Storage Lab dashboard for updates Orders & Billing Evidence Package Clinical Efficacy: User interest Product Strategy.
LESSON 5: KEY PARTNERS Week
8 L L P C O U R S E 8 W ELLLPPSC O U R SSEE 180 W EEEEKKSS LEK COUR W Second Pilot in process. Interviewed 3 more large hospital labs. Requested demo pitch to key decision makers. Early Revenue Strategy.