4.16.24 21st Century Movements for Black Lives.pptx
Bioniks final 2013 berkeley
1. Delivering research-grade movement analysis
to health professionals and their patients
Team:
Nick Jennings
Ayesha Mascarenhas
Mark Sena
Total # of Interviews: 101
2. The Team
Mark Sena Ayesha Nick Jennings
Mascarenhas
- - MBA, UC Berkeley - MBA, UC Berkeley
PhD, Bioengineering, - BS, Chemical
UC Berkeley/ - MS, Computer
Science Engineering
UCSF
- Product - Finance, marketing
- BS, Bioengineering and business
management and
- Deep knowledge of business development
knee biomechanics development experience
- Invented core experience
technology and
established proof of
concept
4. Business model canvas 1 of 4 Legend: Clinical
Non-clinical
• Building the • Sales and post sales
• Research centers sales, support and support team
(UCSF / UC distribution channels For healthcare/fitness • Co-development Clinical Professionals
Berkeley) • Validation, managem professionals who need with professionals • Physical therapists
ent, and analysis of to monitor their • End user network • Orthopedists/Qualifie
• Depth camera application data patient’s/client’s • Patient-provider- d medical evaluators
vendors (e.g. • Tech R&D musculoskeletal payer health triangle
Microsoft, Primesen health/fitness, we offer a Fitness Professionals
se) computer application for • Fitness gyms
the Microsoft Kinect (and • Athletic trainers
• Wearables vendor similar devices) that… • Personal fitness
reliably assesses a trainers
• Hospitals and person’s joint function.
• IP • Sales team to identify
patient networks …Unlike visual or End users
• Biomech expertise and reach customers (2nd level target)
(e.g. Kaiser) manual assessment
• Software dev • All-in-one: • Patients
methods, our application
• Hardware PC/camera/software • Athletes
• Sports performance is
/fitness
/wearables
quantitative, objective, a • Downloadable: • Fitness clients
• Sales and Biz Dev Kinect web-store
organizations (e.g. nd accessible in a wide
• Secure data cloud • Microsoft: Xbox or
Nike) range of settings.
• Finance to fund Kinect-for-Windows
FDA approval
• Hardware and wearables • Sale/lease of software/computer package
• Software development • Usage fee per patient/client (with possible
• Software hosting/maintenance reimbursement from insurance)
• Sales and Support Consultants • For professionals, monthly subscription for product
• Validation and user testing (UCSF) and support
• Marketing • For end users, freemium subscription for data/user
• FDA approval, network
5. Business model canvas 1 of 4 Legend: Clinical
Non-clinical
• Building the • Sales and post sales
• Research centers sales, support and support team
(UCSF / UC distribution channels For healthcare/fitness • Co-development Clinical Professionals
Berkeley) • Validation, managem professionals who need with professionals • Physical therapists
ent, and analysis of to monitor their • End user network • Orthopedists/Qualifie
• Depth camera application data patient’s/client’s • Patient-provider- d medical evaluators
vendors (e.g. • Tech R&D musculoskeletal payer health triangle
Microsoft, Primesen health/fitness, we offer a Fitness Professionals
se) computer application for • Fitness gyms
the Microsoft Kinect (and • Athletic trainers
• Wearables vendor similar devices) that… • Personal fitness
reliably assesses a trainers
• Hospitals and person’s joint function.
• IP • Sales team to identify
patient networks …Unlike visual or End users
• Biomech expertise and reach customers (2nd level target)
(e.g. Kaiser) manual assessment
• Software dev • All-in-one: • Patients
methods, our application
• Hardware PC/camera/software • Athletes
• Sports performance is
/fitness
/wearables
quantitative, objective, a • Downloadable: • Fitness clients
• Sales and Biz Dev Kinect web-store
organizations (e.g. nd accessible in a wide
• Secure data cloud • Microsoft: Xbox or
Nike) range of settings.
• Finance to fund Kinect-for-Windows
FDA approval
• Hardware and wearables • Sale/lease of software/computer package
• Software development • Usage fee per patient/client (with possible
• Software hosting/maintenance reimbursement from insurance)
• Sales and Support Consultants • For professionals, monthly subscription for product
• Validation and user testing (UCSF) and support
• Marketing • For end users, freemium subscription for data/user
• FDA approval, network
8. We learnt…
• Mostly concerned with “big
Fitness picture” – weight loss, strength
training, endurance…
9. We learnt…
• Mostly concerned with “big
Fitness picture” – weight loss, strength
training, endurance…
• PTs do care about accuracy…but in
different ways…actually 2 segments
Clinical • Insurance-dependent PT clinics
• Self-pay PT clinics
10. Physical Therapy Clinic Profiles
Insurance-Dependent Clinics Self-Pay Clinics
Name
Size 12 Physical Therapists 6 Physical Therapists
Jobs • See patients at home or in-clinic • See patients at home or in-clinic
• Initial and follow-up evaluations • Initial and follow-up evaluations
• Spend 30 mins 1:1 w/ patient (aids) • Spend 1 hour session 1:1 w/ patient
Patient needs • Functional issue improvement • Functional issue improvement
• Sport improvement (e.g. Bike fit)
How do patients • Co-pay + Insurance reimbursement • Pay full cost upfront, and get
pay reimbursed later (out of network) OR
fully out of pocket
Session Price • Initial $150; Follow-up $75 • $165 for 1 hr session
Channels to • Conferences • Conferences
discover new • Journals • Journals
tools
• Continuing Medical Education • Direct Sales
11. Insurance-Dependent Clinic Workflow
Physical Therapy Initial evaluation
• Collect patient history
• Evaluate diagnosed issue
• Collect initial measurements (ROM, flexibility)
• Formulate treatment plan (goals, # of visits, duration)
• Submit Insurance billing information
• If Medicare, must satisfy new G-code requirements
Pain: Spending way too
much time filing/ re-filing
reports for reimbursement
Physical Therapy follow-up evaluation
• 1:1 exercise evaluation with patient
• Collect measurements
• SOAP note documentation
• Submit Insurance billing information
12. Self-Pay Clinic Workflow
Physical Therapy Initial evaluation
• Collect patient history
• Evaluate diagnosed issue
• Use Video Analysis Tool to collect measurements
• Apply markers
• Record motion (running, biking)
• Post process and analyze video
• Formulate treatment plan (goals, # of
visits, duration)
Pain: Spending too much
time doing post processing
of video analysis
Physical Therapy follow-up evaluatio
• 1:1 exercise time with patient
• Video Analysis measurement
• SOAP note documentation
13. We learnt…
• Mostly concerned with “big
Fitness picture” – weight loss, strength
training, endurance…
• PTs do care about accuracy…but in
different ways…actually 2 segments
Clinical • Insurance-dependent PT clinics
• Self-pay PT clinics
• Frequent visits are burdensome
Consumers
(Athletes/
• Often quit before full program is
completed
Patients)
• At home exercises often don’t get done
14. Regulatory & Insurance Related Findings
In Clinic Product: Existing CPT Codes:
97001 Physical Therapy Evaluation
No FDA Approval Needed 97002 Physical Therapy Re-Evaluation
Self-care/home management training (ie.
97535
ADL's, safety procedures, instructions)
97116 Gait training
Physical performance test or measurement
97750
(*not evaluation)
Consumer/ In Home Product:
Class Description
1 Low risk – simpler in design
510k exempt
2 Moderate risk – typically non-invasive ~ 2 years to
Subject to 510k submission, cleared by FDA FDA 510k
clearance
3 High risk – used to support life or prevent harmful
medical conditions
Subject to full premarket approval by FDA
15. We learnt…
• Jobs: big picture – mostly
Fitness weight loss, strength
training, endurance
• Jobs: PTs do care about accuracy…but
in different ways…actually 2 segments
Clinical • Insurance-dependent PT clinics
• Self-pay PT clinics
Consumers • Frequent visits are burdensome
(Athletes/ • Often quit before full care complete
Patients) • At home exercises often don’t get done
16. validated Accuracy
motion
capture Z Z
system
Near Term – In Clinic
objective
Long Term – Home PT
Dartfish
PT Accessibility
evaluation
subjective
Reflexion
Health
Nike+Kinect
Training
Welfare
Denmark
fitness
motivating
assessment
Jintronix Lumoback
laboratory clinic / gym home-download mobile
20. We talked to…
PT Conference Organizers PT Networks and Journals
Medical Sales Outsourcing Other Medical Software
Companies Companies
21. Direct Sales are crucial…but expensive
Direct Sales Distributor/Partner Kinect App Store
Details • Hire sales reps • Hire sales team • Clinics download app
• Reps visit clinics outsourcing firm from Kinect App Store
• Demo Product and • Pay them a % of
educate customers sales
• They build our
pipeline of leads and
also close some sales
Cost $100K+ per sales rep $100K Fixed retainer + TBD – Kinect for
+ travel costs margin (15%) Windows App store not
launched yet.
Why Direct Sales?
It’s what our target segment is used to
Other players are using it
Build awareness and familiarity with the whole package
22. Low cost ‘Get’ activities across a tightly knit
community
Creative Partnerships
• EMRs • Co-sell into common customers
• Continuing Education • Free training in continuing ed spaces
PT Publication Ads
• PT IN Motion magazine • “Contact me” request
• PT Journal • Calls/E-mail requests for info
Major PT Conferences and Communities
• APTA Conference • Demos TechnicalSales Team
• California PTA • Webinars
• Follow-up visits/calls scheduled Follow-up with high potential leads
• Florida PTA
• Calls/ E-mail requests for info • In Clinic visit
• Presentation
Direct Sales Team • Proposal
• 1-week free trial
• Lease experienced reps • Identify and contact high quality leads
• Schedule web or on-site demos
Lead Generation Sales Close
23. Low monthly pricing gets us a foot in the door
Nike Video Value to
Fitness Analysis customer
$30 Tools $3000-
$2000 $7000
Software sale Monthly subscription
Price $2000 $100/mo
LTV $2000 $3336
24. Marketing and Sales are our highest cost
• Conference
• Software • Ads in mags
Development • Management • Direct/Outsourc • Customer LTV -
• Bio Mech R&D • Support ed sales team Cost
• Sales margin
Cost of Marketing
product Administration & Sales Profit
$400 $188 $1022 $1726
Price
$3336
Key Metrics:
Cost of Acquisition = $1022
Customer LTV = $3336
28. We talked to…
Research Centers Electronic Medical Record
Companies
Key Opinion Leaders Camera Vendors
Dr. Paul Langer Rick Gawenda, PT
29. Partner Map
Depth
Research
camera
Centers
Thought / vendors Electronic
Opinion Medical
leaders Record
data ecosystem
Content/ differentiation
CME
opportunities
validation pre-releases
visibility
API integration
+ Key Activity:
Produce relevant
content/
CME courses
31. What’s next…
Focus on user interface –
develop beta version for clinics
Get it out to early adopters
Refresh, Launch, and…
…Keep Talking to Customers!
34. Week 1 Legend: Clinical
Non-clinical
• Building the • Sales and post sales
• Research centers sales, support and support team
(UCSF / UC distribution channels For healthcare/fitness • Co-development Clinical Professionals
Berkeley) • Validation, managem professionals who need with professionals • Physical therapists
ent, and analysis of to monitor their • End user network • Orthopedists/Qualifie
• Depth camera application data patient’s/client’s • Patient-provider- d medical evaluators
vendors (e.g. • Tech R&D musculoskeletal payer health triangle
Microsoft, health/fitness, we offer a Fitness Professionals
Primesense) computer application for • Fitness gyms
the Microsoft Kinect (and • Athletic trainers
• Wearables vendor similar devices) that… • Personal fitness
reliably assesses a trainers
• Hospitals and person’s joint function.
• IP • Sales team to identify
patient networks …Unlike visual or End users
• Biomech expertise and reach customers (2nd level target)
(e.g. Kaiser) manual assessment
• Software dev • All-in-one: • Patients
methods, our application
• Hardware PC/camera/software • Athletes
• Sports performance is
/fitness
/wearables
quantitative, objective, a • Downloadable: • Fitness clients
• Sales and Biz Dev Kinect web-store
organizations (e.g. nd accessible in a wide
• Secure data cloud • Microsoft: Xbox or
Nike) range of settings.
• Finance to fund Kinect-for-Windows
FDA approval
• Hardware and wearables • Sale/lease of software/computer package
• Software development • Usage fee per patient/client (with possible
• Software hosting/maintenance reimbursement from insurance)
• Sales and Support Consultants • For professionals, monthly subscription for product
• Validation and user testing (UCSF) and support
• Marketing • For end users, freemium subscription for data/user
• FDA approval, network
Mark – can you work on this. It should be based on what you originally thought (not what you’ve learnt through the course). I like Mamoptics slide #5 as a sample.Mark got hurt…broad problem: MSK diseases, current solution: $$ measurements in lab or qualitative tools our solution: low-cost, depth cameras + innovation -> research grade motion captureMark had an idea……but who are our customers??
Nick – can you work on this…
Nick – can you work on this…
Nick – can you work on this…
Nick – can you work on this…
This is the Business model Canvas from Week #5. This is where we pretty much finalized our Product market fit. We also started understanding our customer relationships & channels better through the conversations we’d had with the customer segments.
This is the Business model Canvas from Week #5. This is where we pretty much finalized our Product market fit. We also started understanding our customer relationships & channels better through the conversations we’d had with the customer segments.
Unlike the other projects in the class, we cannot rely on online advertising and virality for our product to sell.While we are a software company, we have to sell like a medical device company.Our customers are used to learning about products in a certain way.Over time as our product gains recognition and as 3D cameras are more ubiquitous, this will change and we will benefit from being established.But to begin with, we need to be effective at Direct Sales.Sales will be a critical key activity and a cornerstone of our partnerships.
Points:We don’t need a large sales team 3 people.We need to effectively use broad get activities to make the DS team efficient.The costs of some of these activities (conferences, webinars, Ads) are surprisingly low.This is a tight knit community. So there are primarily 2 journals, a handful of conferences we can start with.
This is the Business model Canvas from Week #7.
This is the Business model Canvas from Week #7
This should be our final canvas.I need to update the final on LPC.