There are more than 42 million caregivers in the United States who are tirelessly caring for an aged or disabled loved one. One of the most significant barriers to providing good and efficient care is the poor and confusing communication channels that exist in our current healthcare system. Our platform allows providers, personal caregivers and loved ones to be comprehensively and conveniently involved in the care of those who need their support.
HEC is a secure, HIPAA compliant, cloud-based communication, care coordination, care delivery and social networking platform that allows easy, effective, asynchronous interactions among patients, healthcare providers, caregivers and others who are important to the patient. The internet age has demonstrated that sharing information – quickly and clearly – is powerful. While others have attempted to do pieces of what we have built, there are none who have done it as comprehensively as we have.
The Health- -Communication (HEC) platform has two basic functions:
- We help patients and caregivers communicate with healthcare providers, of all types, in an asynchronous fashion that is secure and convenient for all.
- We help healthcare providers better manage their patients by providing a forum where members of the healthcare team can engage with patients, their caregivers and their circle of loved ones in a constructive, secure and effective manner.
We seek to disrupt age-old, inefficient and disjointed healthcare communication systems; facilitate care delivery by eliminating wasted time; improve the coordination of care; and reward all those receiving and delivering care with greater value, quality and service.
The Management Team
Chairman & CEO
The research report – Caregiving in the U.S. – was sponsored/conducted by the AARP, the
Public Policy Institute, and the National Alliance for Caregiving (June, 2015).
The total addressable market (TAM) is over 43.5mm in the United States alone.
The 43.5mm addressable users are comprised by the following demographics:
- 60% are female with the average age of 49 years
- 80% care for one individual
- 85% care for a relative while 49% are caring for an in-law
- 10% care for a spouse
The largest complaint by caregivers is that they are not part of the communication process in healthcare delivery. In order to accomplish their roles effectively, companion caregivers must reduce their time in the work force by at least 20% and often leave employment positions completely. We plan to approach the market with a subscription revenue model supplemented by multiple revenue streams from e-visits, advertising and commercialization of de-identified data.
Targets health care institutions that will see immediate benefits by adopting our platform for specific patient populations.
- Medical Care Coordination Institutions/Centers
- Perioperative Care Centers
- Health and Wellness organizations
- Primary/Urgent Care Delivery Centers (e.g., pharmacies, retail outlets, etc.)
The objective is to introduce users and providers to the platform in large numbers
and have institution cover the costs because it is to their financial advantage.
Patient and Caregiver Subscriptions
Patients and caregivers will get a trial period with the institutional subscriptions. We are projecting 20% of the users in the institutional trials (~$79/90 days) will opt to subscribe ($29.95/month) to the platform. We then will focus on Caregiver organizations to grow the individual subscriptions.
Providers will have the ability to charge a fee that they set for an online consultation. This provides an incentive for providers to use the platform. HEC will charge a % of that fee for processing the payments/charges. This revenue source will grow also as providers; patients and caregivers join the platform.
By utilizing conservative conversion rates, churn rates and low price per communication we will accumulate over 36,000 subscribers by year three (3) of fully funded operations. With an average annual revenue of $383/subscriber our gross revenue will be about $13.8 MM and our EBITDA will approximate $3.8 MM.
- The HEC platform allows providers and patients to create issue-specific forums into which they can invite caregivers, consultants (other healthcare providers of all types) plus appropriate family and friends into clinical discussions
- Providers will have the ability to communicate simultaneously with the patient, other involved providers and anyone else whom the patient deems necessary to be involved with a specific health issue. This allows physicians and other providers to manage multiple patients, and their issues, efficiently.
- The system is cloud-based, so communication barriers between providers in different organizations are eliminated.
- Participants in these forums can post text messages, images, video or audio files related to the issue at hand.
- The platform will facilitate proper billing and fee collections for providers, as they choose.
- The system adapts its displays to whatever technology the users choose: computer, smartphone or tablet.
- There is a customizable message alert system that provides HIPAA compliant notifications in ways that providers find most conducive to their work patterns. Users can choose to received notifications via text, email, both or neither, and simply check the system inbox periodically.
- Caregivers, both companion (unpaid) and professional, will have the ability to participate in the patient’s care, which will improve efficiency and compliance because information is effectively transferred.
- Patients will have access to a focused personal health record that they control. This can eliminate the information gaps that occur when care is received from multiple healthcare systems.
- HEC provides a medical documents vault where patients can store critical information such as advance directives, living wills and other legal/medical documents.
- Providers will have access to the information that patients place in their health record and document vault to facilitate care. Patients can grant caregivers and family & friends, access as well, if needed.
- Patients will have the ability to designate health surrogates and assign a provider to authorize the surrogate to manage the patient’s HEC account when the need arises.