WorkMeIn Deck


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WorkMeIn Deck

  1. 1. Company Purpose• Streamline and centralize patient referrals – Both: • Patient referrals between PCP’s (primary care physicians) and specialist physicians, and • Patient referrals from physicians to diagnostic providers (blood tests, CT’s, MRI’s, Ultrasounds, X-Rays, etc.)• Take the currently long and inefficient process (multiple days, phone calls, faxes) and make it a very quick single transaction• Collect useful data on all referrals, and use it to further increase referral and provider efficiency• Provide specialists with a better mix of incoming patients, thus increasing their profitability• Patient should leave original appointment with referral appointment(s) in hand
  2. 2. Problem• Current referrals (in private practice) generally take place over the phone, with fax machines, or email like systems – Can take multiple days just to make appt• Patient typically has no say who/where/when their new appointment will be.• Specialists have little-to-no control over their incoming referrals, and no data on their competitors’ incoming referrals.• Specialists like orthos or cardios DON’T want their appointments to be available to just anyone, like on ZocDoc. – Specialists and diagnostic providers want their appointments JUST in the hands of the patients who really need them.
  3. 3. Problem: statistics• 60-70% or referrals go unscheduled• 68% of specialists receive no patient information from PCP’s prior to patient visit• 25% of PCP’s do not receive timely information post- referral• Providers spend $20 in labor to file each document and lose 1 in 20 documents, costing $125• 86% of mistakes in healthcare are administrative• Providers need to fill out an average of 20,000 forms/year• Average ratio of staff handling paperwork to doctors is 8:1• Lost referrals can cost a facility $100’s of thousands to millions per year in lost treatment revenue
  4. 4. Problem: Current Referral Process 3.) Later that day, or days 4.) Referral nurse calls one later, PCP’s referral nurse of the specialists and asks 1.) PCP Decides to refer 2.) PCP makes little note in spends time looking up for appointment times patient to specialist patient’s chart which local specialists (making multiple referrals, accept patient’s insurance they stack up each day) 7.) IF: the appointment 6.) Referral nurse calls8.) ELSE: The referral nurse worked for the patient, the patient tells patient their 5.) Referral nurse chooses has to call the specialist referral nurse will fax the appointment time/place one of the appointments again to get a different specialist the patient’s (hopefully it works for the for the patient appointment information, and be done. patient)9.) Repeat 6-8 until patienthas appointment, or gives LATER: 68% of specialists receive no patient Currently, 60-70% ofup (60-70% or referrals go unscheduled) information from PCP’s prior to patient visit referrals go unscheduled
  5. 5. Solution 3.) Patient gets to choose the appointment Patient leaves PCP office1.) PCP decides to refer 2.) PCP (or nurse) runs that works for them, happy, appointment(s) in patient to specialist query on WorkMeIn with the specialist they hand want• Queries only include providers who accept the patient’s insurance plan• Patient gets to choose appointment• CCD’s (continuity of care documents) are included with each referral for smooth patient handoff• Completed referral takes about 2 mins using WorkMeIn
  6. 6. Solution: Bigger Picture• Probability (heuristic) of each patient referral requiring surgery is calculated at the time of referral using classification algorithm (in development) –> The patient’s “Priority Score” – Specialists set how restrictive they want to be with their schedule • Specialists can give priority to PCP’s they have personal ties with, or who’s referrals lead to most surgeries – Patient’s “Priority Score” and PCP’s “weighting” with each specialist is combined at the time of referral to determine how soon the patient can get in with each specialist
  7. 7. Solution: Bigger Picture (continued)• So, if a patient had a high probability of needing surgery, they would be able to get in with the most competitive surgeon right away• If patient had low probability of needing surgery, they might have to wait for the most competitive surgeon, but could get in with Dr. New-in-town tomorrow• This increases Dr. Big-shot’s surgery:newpatient ratio, and helps fill Dr. New-in-town’s clinic, making them both more profitable• On top of this, the patient is still getting to choose the appointment that works for them
  8. 8. Why Now?• Affordable Care Act – Stage 2 Meaningful use- right around the corner • CCD’s, and XML based continuity of care document • ^ Mandated standardized communication protocols between EMR’s/EHR’s – Private Practice Pressures: ACO’s and IPA’s • Physicians assuming greater responsibility for the health of populations, not individuals • Physicians are relinquishing private practice autonomy in favor of networks and group formations – Accountable Care Organizations (ACO) and Independent Physicians’ Associations (IPA) • ACO’s and IPA’s bring together providers and reward them for controlling costs – Incentive to increase efficiency, as well as keep patients within ACO/IPA
  9. 9. Why Now? (In short)• Patient data is being standardized and thus easily passed with referral• Massive downward financial pressure on private practice physicians – WorkMeIn makes them more efficient, more competitive, and more profitable• IPA’s and ACO’s – WorkMeIn helps them keep patients in their network, and helps them save money, directly impacting their bottom line
  10. 10. Market Size• 850,000 physicians in US – Assuming we could subscribe 4% of US physicians to analytics packages: • Market potential for analytics packages is $28,560,000/yr• 5,211 medical imaging centers in US – Assuming we could provide 7% of referrals to these centers at $30/referral, with each center receiving an avg 17 referrals/day (252 work days/year): • Market potential for imaging referrals is $46,880,000/yr• Total capturable market: $75,440,000 rev/yr
  11. 11. Competition• The dinosaurs: – Cerner – Epic – eClinicalWorks – fax machines• The younger guys: – ZocDoc – referralMD – Patient Placement Systems
  12. 12. Competition
  13. 13. Competition: What they all do wrong• Point to point referrals – no handshake, no transaction, no handoff – Just a 1 directional packet of information, a glorified email.• Patient still has no say in who/where/when appointment will be• They do nothing to improve the incoming patient mix for the specialists
  14. 14. Competition: Additional pains• Despite their lack of value added to the practice, the are very expensive: – Cerner: $5000 - $15,000 – referralMD: $250/mo, with limited # referrals – THEY ALSO REQUIRE 3 MONTHS TO SET UP!
  15. 15. Product• Physician facing app, patients don’t have direct access• Referrals take about 2 minutes using our prototypes• Iterated through several prototypes based on physician feedback, and continually refining/iterating• Fully HIPAA compliant using high security SSLv3 and bcrypt encryption, so data is safe• Portals for PCP’s, Specialists, and Diagnostic/Imaging providers – Manage referrals, receive updates, edit settings, and view competitive data such as market share analysis
  16. 16. Product• Content
  17. 17. Business Model• Basic usage is free for physicians- unlimited referrals• Revenue streams: – Access to competitive data and analytics sold to physicians on monthly subscription • Only we can provide this info, such as referral market share • In an eat-what-you-kill business, this is invaluable – Referrals to diagnostic imaging centers (like MRI owners) cost the receiving center on a per-referral basis • If we control the local referrals, and every patient in their door is $500 for them, they’ll happily pay us $30/referral – Specialists can pay to improve their ranking in referral query results
  18. 18. Team• Founder: Jon Gautsch – Formerly pre-med/business major, now Comp Sci at the University of Notre Dame, 2014 – A Grand Prize Winner in the 2012/2013 GE Hospital Quest, out of over 3000 submissions – Turned down position at Epic Health Systems to work full time on WorkMeIn• Advisors: – Dr. Thomas Gautsch M.D. • Johns Hopkins trained, board certified orthopedic surgeon • Crucial in guiding product to meet physician needs • He’s my dad, so I have unlimited access to his input – Dr. NiteshChawla, Ph.D. • Extensive experience in handling and anlyzing large amounts of medical and patient data in a secure and HIPAA compliant way • Data mining and machine learning expert – David Lamb, J.D. • Former editor-in-chief of Notre Dame Law Review • Corporate lawer for Chadbourne& Parke LLP
  19. 19. Financials• So far the only expenses have been about $550 worth of web services (domain, hosting, SSL certificates, etc), $350 for forming LLC, and time• WorkMeIn currently has about $3000 in cash (from Jon)• Jon owns 96%, Dr. Gautsch owns 2%, Dr. Chawla owns 2%
  20. 20. Financials: Projections
  21. 21. Financials: Projections
  22. 22. Financials: Projections
  23. 23. Financials: Projections