Apps4 health building for success 2013may16 - pdf format

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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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Apps4 health building for success 2013may16 - pdf format

  1. 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. 2. Building  for  $uccess  Part  I  –  The  Environment  Part  II  –  RecommendaEons    
  3. 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. 4. Many  people  enter  mHealth  space  envisioning  a  journey  that  looks  something  like  this…  
  5. 5. Wrecked  and  abandoned  vehicles,  Hwy  80  linking  Iraq  &  Kuwait,  Post  Desert  Storm    Reality  looks  more  like  this…  
  6. 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. 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. 8. For  every  one  m-­‐Health  success  there  are  countless  failed/abandoned/unsuccessful/unsustainable  health  apps  
  9. 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. 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. 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. 12. Global  Economies  (GDP)  United  States  of  Healthcare,  $3.2T  Canadian  Healthcare  Economy,  $207B  
  13. 13. Tradi7onal  Retail  Model  Vendor  sells  to  Consumer  (1:1  relaEonship)  
  14. 14. Healthcare  Retail  Model  Vendor  sells  to  ???  (1:3  relaEonship)  Pa7ent  Payer   Provider  
  15. 15.            Pa7ent  -­‐Consumer  -­‐PopulaEon  -­‐Caregiver  Payer  -­‐Insurance  -­‐Employer  -­‐Public/Gov’t  Provider  -­‐PCP/allied  HCP  -­‐Pharmacists  -­‐Hosp/LTC        -­‐LHINs  
  16. 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. 17. What  is  the  answer  to  this  integraEon  complexity?  •  Minimize  dependencies  
  18. 18. What  is  the  answer  to  this  integraEon  complexity?  •  Minimize  dependencies  •  Embrace  ecosystems/partnerships  
  19. 19. What  is  the  answer  to  this  integraEon  complexity?  •  Minimize  dependencies  •  Embrace  ecosystems/partnerships  •  Share  data  and  promote  open  data  – UHN  
  20. 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. 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. 22. Perspec7ve:  The  25yo  male  technophile  syndrome  Avoid  the  blinders  inherent  to  your  own  perspec[ve.  
  23. 23. Building  for  $uccess  Part  I  –  The  Environment  Part  II  –  RecommendaEons    
  24. 24. Avoid  OPM  
  25. 25. However,  if  you  do  work  with  OPM…  
  26. 26. What  to  know  when  pitching  your  first  VC,  Mark  Ruddock  
  27. 27. MVP
  28. 28. MVP•  Be  nimble  •  Learn  •  Iterate  •  Adapt  •  Know  your  market  •  PerfecEon  is  the  enemy  of  good  enough  
  29. 29. Dropbox  MVP  
  30. 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. 31. Big  problems  Focus  on…  
  32. 32. Prac7cal  problems  Focus  on…  
  33. 33. The  Enterprise  Focus  on…  
  34. 34. Revenues  Focus  on…  
  35. 35. Execu7on  Focus  on…  
  36. 36. Integra7on  Focus  on…  
  37. 37. MVP  Focus  on…  
  38. 38. Focus  on…  

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