About our project
The problem we solve: Problem 1
20% of Americans are employed (official or by family) in some kind of caring of an immobilised person. The number of elderly requiring Home Health Care will double in 10 years, increasing the market to around 30B in the US. Although individual Home Health Agencies exist, the process of ordering HH services is non-standard, like ordering Taxis were before Uber.
A patient must find and communicate with his own agencies.
A patient doesn't know about services that would serve him best, the process of discovery is slow and costly.
A patient is deterred from purchasing home health because pricing is non-obvious (through insurance).
Problem 2
Medicare has to cover millions of dollars of non-emergency cases of elderly going to the ER.
Problem 3
Home Health Providers need a steady supply of patients.
Problem 4
Hospital case-managers need an easy and HIPAA compliant way to find highly quality HHAs.
Patients must not readmit to the hospital within 60 days due to poor HHA care.
About our solution:
Our solution is a heterogeneous marketplace of medical services that can be explored by the patient, and work with the patient's medical records to recommend the best services for him.
We allow patient records to be transferred into our system from a hospital case manager to automatically match a patient with a nurse that has the preferred prior experience for the specific patient case to ensure quality (in order to reduce readmission rates). The automatisation shave 35 minutes per HH patient from a case-managers schedule (approx 8 hours a week).
We supply a steady stream of nurses to Home Health Agencies by matching patients with their nurses on our platform.
Progress to
date:We have 2 home health agency clients that have paid us $6,000 to be on our platform for 1 year.
We have Hospitals with which we are discussing a $1.5 Million contract for an automatic matching system to work with their EMR.
We are working on a $22 Million funding contract with the Singaporean government to have this system running in Singapore by 2019.
About Our Team
Creator: Valentine Bondar
Location: California
Education: UCSD
Bio: I build medical software in an iterative manner to find market fit. I've grown up in startups and around the world. Russia, China, Singapore, US.
Hospital Affiliation: UCSD
Title: COO
About Our Company
Medspace Technology
Location: 8850 Villa La Jolla Dr
205
LA JOLLA, CA 92037
Founded: 2016
Website: http://www.medspace.io
Product
Stage: Prototype/MVP
YTD Sales: Less than $250,000
Employees: 5-10
How We Help Patients
Once you log-in with your health insurance account:
We help YOU by allowing you to quickly discover which post-acute and therapy services benefit YOU. To do this we make use of your previous H/Ps that we collect through your insurance (with your permission) to allow you to see which services and professionals you can order at a discounted rate or for FREE as covered by your insurance plan. We make pricing of medical services transparent and managmenet of services easy.
Our platform is the go to for discovering and ordering post acute care and therapy services covered by your insurance.
How We Help Physicians
Are you a Home Health Nurse that wants to become independent?
Are you out of dental school and don't want to join an office?
Are you a physician that wants to travel for a living?
Our platform helps healthcare providers all the way down to the individual dentists, travelling doctors and mobile nurses establish their own practices by supplying patients that want to order the providers services straight to the home.
How We Help Hospitals
We allow a hospital case manager to automatically match a patient with a home health agency, down to the individual nurse that has the preferred prior experience for the specific patient case!
This matching ensures quality of care. Quality care helps reduce readmissions to a hospital. Hospitals care about this because readmission cases are 100% not-refunded by Medicare, who would normally pay for the expenses.
On top of that automation of discharge to an HHA saves 35 minutes per HH patient on a case-managers schedule (results in approx 8 hours a week saved time from calling and managing agencies).
How We Help Partners
We are digitizing and standardizing provider-provider and patient-provider interactions in the post-actute field. This our key to improving the quality of care offered worldwide. Our spreading model works with both segregated medical systems (largely US) and government controlled medical systems (Singapore, Hong Kong, Russia, China) to save money for governments by reducing the non-emergency cases that appear in the ER.
Further we improve patient's lives by making healthcare services and the teams of professionals around the patient easy to order and manage. From therapists, dentists and nurses.
We make the country more technologically advanced by pushing the digitization of medicine.
Challenge Mission
Collaborative Strategy
We have 2 home health agency clients that have paid us $6,000 to be on our platform for 1 year.
We have Hospitals with which we are discussing a $1.5 Million contract for an automatic matching system to work with their EMR.
We are working on a $22 Million funding contract with the Singaporean government to have this system running in Singapore by 2019.
Projected 3 Year Growth
The market cap for our HHA facing market is $400 Million. A reasonable SOM in 3 years is $100 Million since it's a software automizable process.
The TOTAL market cap for governments is $1-2 Billion. Looking at countries with a health system similar to Singapore's. And looking that Singapore is paying $22 Million at a 5 Million population. Taking into account that Singapore has a high GPD/captia (high purchase power) and that price for our product doesn't linearly scale with popualtion size. We hope to capture Hong Kong, Russia in 3 years for revenue at around $100 Million and be in a position to tackle the US beast by then.
How We Will Make Money
We have 4 revenue streams that we are testing.
1) Hospitals purchasing Home Health discharge automation systems. [one potential contract at $1.5 Million]
2) Patients paying for nursing services through their insurance companies [to be seen]
3) Home Health Providers paying to be on our platform [have 2 contracts at $50,000 and $60,000 each]
4) Governments funding [have one contract at $22 Million]
About our Competition
At each face we have competitors. Invite us for a private conversation as this reveals our positioning!
Progress with Customers to date
We have 2 home health agency clients that have paid us $6,000 to be on our platform for 1 year.
We have Hospitals with which we are discussing a $1.5 Million contract for an automatic matching system to work with their EMR.
We are working on a $22 Million funding contract with the Singaporean government to have this system running in Singapore by 2019.
New Orleans and Our Company
We plan to station our main operational base in New Orleans and contribute to the taxes in this state.
Innovation Details
Intellectual Property Summary
IP owned by us.
Clinical Information
Any literature on role of Home Health Agencies in keeping Patients out of the Hospitals. Governments is where the majority of our funds come in, so we show that we can save funds for Medicare and Singaporean governmnet that have to pay for unprevented non-emergency cases in the ER.
Regulatory Status
Non required.
How we will use the funds raised
Funds will be directed towards sales of providers (Hospitals, Home Health Agencies and Government entities) and on advertising to gather the untapped home health patient market, development and maintanence of the 4 face-application system.
Thank You
We are digitizing and standardizing provider-provider and patient-provider interactions in the post-actute field. This our key to improving the quality of care offered worldwide. Our spreading model works with both segregated medical systems (largely US) and government controlled medical systems (Singapore, Hong Kong, Russia, China) to save money for governments by reducing the non-emergency cases that appear in the ER.
Further we improve patient's lives by making healthcare services and the teams of professionals around the patient easy to order and manage. From therapists, dentists and nurses.
Crucially, it is our mission to help patients discover services that they would not have otherwise considered and to improve the education of the available services through our dynamic, medical-records-based recommendation system.
