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Evolving healthcare using IT.

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HealthFinch is a startup based out of Madison, WI/Chicago, IL. We are looking to change the healthcare using the medical app. This is our presentation.

Want to chat about HealthFinch some more?
founders at healthfinch.com

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Evolving healthcare using IT.

  1. 1. “Many healthcare systems use enterprise systems customized to fit the needs of the particular provider....[and don’t] provide an open and robust platform for software developers to build applications to improve data entry processes, provide decision support, or other functionality.” Presidents Council of Advisors on Science and Technology ReportBUSINESS OVERVIEW
  2. 2. “...We conclude that achievement of the President’s goals requires significantly accelerated progress toward the robust exchange of health information.” Presidents Council of Advisors on Science and Technology ReportBUSINESS OVERVIEW
  3. 3. The future of HIT is modular.BUSINESS OVERVIEW
  4. 4. We make medical apps.BUSINESS OVERVIEW
  5. 5. How big can a single medical app become? Epocrates $500M Market cap (as of 5/16/2011)BUSINESS OVERVIEW
  6. 6. The HealthFinch PartnersTHE TEAM
  7. 7. Lyle Berkowitz, MDThe “Change Doctor”Practices Internal MedicineHealthcare Informatics ExpertDirector, Szollosi Innovation ProgramCMIO Northwestern MemorialAssociate Professor, NorthwesternAuthorSpeakerHeld numerous CMO Positions“Twenty People Who Make Healthcare Better”“Future Health Top 100”“Top 50 Healthcare IT Blogs”
  8. 8. Ash Gupta, DeveloperBusinessWeek’s Top Entrepreneurs under 25Co-founded and sold previous startup, InZum
  9. 9. Jonathan Baran, MS, Designer/DeveloperPhD dropout (researching the design of modular Health IT technology)$10K Recipient of the CIMIT Prize for Primary Care (for innovativesolutions to problems in primary care)
  10. 10. “A frequent complaint is that electronic health records do not make the physician’s job easier.” Presidents Council of Advisors on Science and Technology ReportTHE PROBLEM
  11. 11. Many physicians are strugglingto keep up with administrative tasks given to them.THE PROBLEM
  12. 12. Case in point, prescription refills requests...THE PROBLEM
  13. 13. Med Refill Message Patient Message - Create Phone Encounter SOURCE: [ x ] Phone [ ] VM [ ] RelayHealth FROM: [ ] Patient [ ] Mother [ ] Father [ ] Pharmacy Other: daughter CONTACT INFO Patient Phone: Other Contact Info: daughter xxx [ ] Do NOT leave message in voice mail [ ] Only call patient during special time (please specify): **** Pt told to expect response within 1 business day unless otherwise noted: [ ] Today [ ] Other: PHARMACY INFO Name/Phone: Walgreens xxx APPOINTMENT INFO LAST Appt with Prescriber: NEXT Appt with Prescriber: Other Relevant Appointment Info: For OB Call Center Use Only [ ] Patient is pregnant, EDC : ********************************************************************************* MEDICATION INFORMATION Name and Dosage Quantity Other Information ---------------------------------------------------------- 1. ZOCOR 20MG 1 A DAY 2. 3.THE PROBLEM
  14. 14. You decide: Refill or not?THE PROBLEM
  15. 15. Physicians do this over 50 times...per day!THE PROBLEM
  16. 16. We make the lives of clinicians easierTHE SOLUTION
  17. 17. with workflow tools.THE SOLUTION
  18. 18. THE SOLUTION
  19. 19. RefillWizard provides smart predictions for refill requests based on a physician’s custom protocols.THE SOLUTION
  20. 20. The Screenshots.THE SOLUTION
  21. 21. THE SOLUTION
  22. 22. THE SOLUTION
  23. 23. These predictions can: 1) Better prepare messages for the doc 2) Allow for task-shifting (e.g. standing protocols which can be carried out by lower level staff instead of involving the physician)THE SOLUTION
  24. 24. What do docs think about this idea?THE SOLUTION
  25. 25. Early April we started testing RefillWizard...THE SOLUTION
  26. 26. We showed them this.THE SOLUTION
  27. 27. They were sold. 50% of the participants wanted to be beta customers.THE SOLUTION
  28. 28. Let’s make some money! Free $19/month $49/month One MD One MD Up to 3 MDs All protocols All protocols All protocols Custom protocols Custom protocols Custom protocolsShared receptionists Shared receptionists Shared receptionistsBUSINESS MODEL
  29. 29. Why is this model going to work? Physicians love control.BUSINESS MODEL
  30. 30. Enterprise value proposition Making life easier + Increasing compliance with existing protocols.BUSINESS MODEL
  31. 31. The more interesting saleschannels...BUSINESS MODEL
  32. 32. The big money... Enterprise pricing Protocol creation consulting EMR IntegrationBUSINESS MODEL
  33. 33. The CompetitionTHE COMPETITION
  34. 34. Impact on Quality The breakdown of current HIT tools (Physician workflow tools such as RefillWizard) Impact on EfficiencyTHE COMPETITION
  35. 35. Why are we better? They have slower development cycles.THE MILESTONES COMPETITION
  36. 36. Why are we better? They don’t think like us.THE MILESTONES COMPETITION
  37. 37. Why are we better? We leverage the cloud.THE MILESTONES COMPETITION
  38. 38. Why are we better? There is a land rush* for the EMR market. *In order to take part in the gov’t sponsored land rush vendors must comply with over 250 pages of software specs and customer demands. They are busy with “meaningful use”.THE MILESTONES COMPETITION
  39. 39. Why are we better? Physicians “liked” paper records. Life was easy. Legacy vendors made the transition and caused lots of problems along the way. Will physicians buy from these same vendors again? Physicians don’t like them.THE MILESTONES COMPETITION
  40. 40. Where do we go from here?THE MILESTONES
  41. 41. The Alpha Launch (Through the first of June 2011) Product Testing onsite @ Northwestern Memorial with Dr. Berkowitz No custom protocols (paid option) Team - Three founders Marketing Reach out to potential beta customers, Submit application to the SMART App ChallengeTHE MILESTONES
  42. 42. The Beta Launch (Private Beta through July) Product Testing onsite @ two Chicago-area hospitals Fully functioning application Team - Three founders + two full-time developersMarketingLeverage the private beta togenerate interestHigh profile beta testers, AMDISGroup, Major HIT BlogsTHE MILESTONES
  43. 43. Public Launch and Beyond (End of summer 2011) Product Fully functioning application Team - Three founders + three full-time developers Marketing Leverage interest from beta, Reach out to all major blogs (promotions for specific blogs), Talks with potential partners, SBIR FundingTHE MILESTONES
  44. 44. Since August of 2009, cumulative burn of ~$10,000. (Dr. Berkowitz added February 2011)FINANCING
  45. 45. We have survived through small grants and bootstrapping.FINANCING
  46. 46. What if we had rocket fuel? RefillWizard, Refined Integration EMR, Re-imaginedFINANCING
  47. 47. This is just the beginning.THE FUTURE
  48. 48. ResultsWizard NoteWizard Help MDs and staff deal A better, faster way to with results (lab/imaging) complete clinical notes The engine built for RefillWizard can be used in other contexts CareWizard MessageWizard Find at risk patients in Helps MDs and their staff populations deal with messagesTHE FUTURE
  49. 49. and brought into a single, unified experience for the clinician.THE FUTURE
  50. 50. Unleashing the power of the electronic medical record.THE FUTURE
  51. 51. Help us fix healthcare. Join us now.founders@healthfinch.com

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