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Clinacuity I-Corps@NIH 121014

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Clinacuity I-Corps@NIH 121014

  1. Team 09 Stephane Meystre Jeremiah Jones Greg Jones Unlocking the unstructured data in the Electronic Health Record, producing actionable information TAM of 900k users at $3.85B Targeting 30k users at $60M
  2. -2- Team members Stephane Meystre, C-level • Physician, Faculty in Biomedical Informatics (U of Utah) • Clinacuity, Inc. Founder and CEO • Long experience with NLP and clinical narratives Jeremiah Jones, Industry expert • Engineer and MBA, Resident Venture Developer for U of Utah • Co-founded multiple businesses (Techuity, Sentius, Madra ...) • Experienced business leader specialized in tech commercialization Greg Jones, PI: • Engineer and MBA, Associate Director SCI and AVP for Research • Clinacuity, Inc. Director • Extensive software dev, business creation and commercialization We talked to 106 customers (86 face-to-face) Weekly average of about 12 interviews
  3. -3- Business Model Canvas Original Idea
  4. -4- Business Model Canvas Original Idea
  5. -5- What we did We talked to > 100 potential customers or experts related to our business: 19 Healthcar e executive s 40 EHR users 8 Vendors 23 Industry executiv es 16 R&D, coder s, etc.
  6. -6- What we did We talked to > 100 potential customers or experts related to our business: 19 Healthcar e executive s 40 EHR users 8 Vendors 23 Industry executiv es 16 R&D, coder s, etc.
  7. -7- LaunchPad Central Va lu e Pr op osit ion s  Up to 20x faster patient chart review  10x faster problem list entry Lower risk of m issed inform ation (5x m ore com plete problem list) Meaningful use certification com pliance (for the problem list) Cu st ome r Re la t ion sh ip s Personal assistance (sales & support) Cu st ome r Se g me n t s EHR user - Hospital - Inpatient - Specialist EHR user - Hospital - Outpatient - Specialist EHR user - Hospital - Outpatient - Prim ary care EHR user - Hospital - Inpatient - Prim ary care CIO, CMIO EHR user - Practice - Specialist EHR user - Practice - Prim ary care EHR vendor busdev (as optional feature) Case m anagers/Coders Ch a n n e ls Sales force Partners (EHR vendors/resellers) What we did: Value Proposition
  8. -8- What we found: Value Proposition for EHR users • Obtaining a complete overview of a a patient takes far too long from at least 10 minutes to …“a complex patient sometimes takes up to 1 week to review!” • Maintaining the problem list is too time-consuming
  9. -9- What we found: Value Proposition for EHR users • Obtaining a complete overview of a a patient takes far too long from at least 10 minutes to …“a complex patient sometimes takes up to 1 week to review!” • Maintaining the problem list is too time-consuming 10x faster coded problem entry up to 25x faster patient chart review
  10. -10- What we found: Value Proposition for EHR users • Obtaining a complete overview of a a patient takes far too long from at least 10 minutes to …“a complex patient sometimes takes up to 1 week to review!” • Maintaining the problem list is too time-consuming 10x faster coded problem entry up to 25x faster patient chart review VPs each validated by more than 30 potential customers: This would be big! …Could be enormously valuable! …Would be very valuable …Would be most useful! …etc.
  11. -11- What we did: Value Proposition for EHR users Automatically extracts problems and allergies in real-time from all narrative text documents in the EHR Congestive heart failure Renal insufficiency Allergy to cephalosporins CliniWiz
  12. -12- What we did: Value Proposition for EHR users MVP
  13. -13- What we did: Value Proposition for EHR users MVP
  14. -14- LaunchPad Central Va lu e Pr op osit ion s  Up to 20x faster patient chart review  10x faster problem list entry Lower risk of m issed inform ation (5x m ore com plete problem list) Meaningful use certification com pliance (for the problem list) Cu st ome r Re la t ion sh ip s Personal assistance (sales & support) Cu st ome r Se g me n t s EHR user - Hospital - Inpatient - Specialist EHR user - Hospital - Outpatient - Specialist EHR user - Hospital - Outpatient - Prim ary care EHR user - Hospital - Inpatient - Prim ary care CIO, CMIO EHR user - Practice - Specialist EHR user - Practice - Prim ary care EHR vendor busdev (as optional feature) Case m anagers/Coders Ch a n n e ls Sales force Partners (EHR vendors/resellers) What we found: Customer Segments
  15. -15- What we found: Customer Segments Complex customer segments in healthcare organizations Physicians, NPs, PAs User
  16. -16- What we found: Customer Segments Complex customer segments in healthcare organizations Physicians, NPs, PAs EHR Liaison CMIO, Tech. Assess. Committee Physician Leaders CIO, IT committee Finance Director CFO COO Purchasing, Legal ITS Decision-Maker Economic Buyer Saboteur Influencer User
  17. -17- What we found: Customer Segments Complex customer segments in healthcare organizations Physicians, NPs, PAs EHR Liaison CMIO, Tech. Assess. Committee Physician Leaders CIO, IT committee Finance Director CFO COO Purchasing, Legal ITS Decision-Maker Economic Buyer Saboteur Influencer User Inpatient - Specialist Inpatient – Medicine/Ped. Outpatient – Specialist Outpatient – Primary care
  18. -18- What we found: Customer Segments Complex customer segments in healthcare organizations Physicians, NPs, PAs EHR Liaison CMIO, Tech. Assess. Committee Physician Leaders CIO, IT committee Finance Director CFO COO Purchasing, Legal ITS Decision-Maker Economic Buyer Saboteur Influencer User Inpatient - Specialist Inpatient – Medicine/Ped. Outpatient – Specialist Outpatient – Primary care
  19. -19- What we found: Customer Segments Customer archetype: Inpatient EHR user – Specialist Interventional Radiologist Male, 40-65 years old Attending physician, specialist Not the buyer, but the champion Motivations: Less time using EHR and more with patient; Easy clinical documentation; High risk patient care; See more patients; Optimize revenue. Influenced by: Department chair, Peers, Scientific knowledge (journals, web)
  20. -20- EHR integration partner (e.g., Sansoro Health) Provider of clinical data (for training and testing) e.g., hospital EHR vendor Financial m anagem ent Software developm ent and testing AI/NLP developm ent and testing Custom integrations Custom er engagem ent and support Ke y Re sou r ce s Software developers IP rights EHR integration Com puting pow er (IaaS) Sales and Field Engineers What we found: Key Resources
  21. -21- What we found: Key Resources
  22. -22- What we found: Key Resources
  23. -23- LaunchPad Central Ke y Pa r t n e r s EHR integration partner (e.g., Sansoro Health) Provider of clinical data (for training and testing) e.g., hospital EHR vendor Ke y Act ivit ie s Financial m anagem ent Software developm ent and testing AI/NLP developm ent and testing Custom integrations Custom er engagem ent and support Ke y Re sou r ce s Software developers IP rights EHR integration Com puting pow er (IaaS) What we found: Key Partners
  24. -24- Integration with commercial EHRs: Partners for integration and sales channels: What we found: Key Partners End user (EHR user) Buyer (CFO, CIO) Epic App Store? Development and Channel partner R&D,G&A ,S Profit Reseller fee [30%] Discount [10%] $15,000 $15,00 0 $15,000 $5,000 Final price: $45,000
  25. -25- Here is what we will do next • The pain is more severe than we thought • This is a viable business, and we plan to pursue as a “GO with minimal pivot” • Next step is STTR Phase II grant application, with – Further business model investigation and refinement – Integration into an EHR (Epic EpicCare, with Sansoro Health, at the Huntsman Cancer Institute and University of Utah Hospital) – Improvement of accuracy and processing speed – Improvement of generalizability and adaptability – Development of an advanced visualization interface for the local adaptation of the system – Code review, robustness, and delivery improvements – Market analysis and communication
  26. -26- Business Model Canvas Evolution – 1
  27. -27- LaunchPad Central Ke y Pa r t n e r s EHR integration partner (TransformativeMed Cloud-based computing (e.g., Amazon EC2) Provider of clinical data (for training and Ke y Act ivit ie s Software development Installation and local adaptation Evaluation and testing Va lu e Pr op os it ion s Complete rapid overview of patient facts Improved convenience and usability to Improved performance with faster problem Lower risk of missed information Meaningful use certification support Cu s t om e r Re la t ion s h ip s Personal assistance (sales & support) Cu s t om e r Se g m e n t s Hospital EHR users Physician group EHR users CIO, CMIO Case managers/Coders Clinical trial researchers Retrospective clinical researchers EHR vendors (as optional feature) Ke y Re s ou r ce s Software developers IP rights EHR integration Computing power Ch a n n e ls Sales force Partners (EHR vendors/resellers) Cos t St r u ct u r e Software development (HR) Installation and support (HR) License royalties Re ve n u e St r e a m s Sale (fixed price determined by install. size, savings, and avoided penalties) Service fee (installation, local adaptation, support) Royalties Sublicense fees Business Model Canvas Evolution - 2
  28. -28- LaunchPad Central Ke y Pa r t n e r s EHR integration partner (TransformativeMed Cloud-based computing (e.g., Amazon EC2) Provider of clinical data (for training and EHR vendor Ke y Act ivit ie s Software development Installation and local adaptation Evaluation and testing Va lu e Pr op os it ion s Enable up to 20x faster patient chart 10x faster problem list entry Lower risk of missed information (5x Meaningful use certification compliance (for Cu s t om e r Re la t ion s h ip s Personal assistance (sales & support) Cu s t om e r Se g m e n t s Hospital EHR users Physician group EHR users CIO, CMIO Clinical trial researchers EHR vendor busdev (as optional feature) Retrospective clinical researchers Case managers/Coders Ke y Re s ou r ce s Software developers IP rights EHR integration Computing power Ch a n n e ls Sales force Partners (EHR vendors/resellers) Cos t St r u ct u r e Software development (HR) Installation and support (HR) License royalties Re ve n u e St r e a m s Sale (fixed price determined by install. size, savings, and avoided penalties) Service fee (installation, local adaptation, support) Royalties Sublicense fees Business Model Canvas Evolution - 3
  29. -29- Business Model Canvas Evolution - 4
  30. -30- LaunchPad Central Ke y Pa r t n e r s EHR integration partner (TransformativeMed Provider of clinical data (for training and EHR vendor Ke y Act ivit ie s Financial management Software development and testing AI/NLP development and testing Custom integrations Customer engagement and support Freedom to operate and IP protection Va lu e Pr op os it ion s Enable up to 20x faster patient chart review 10x faster problem list entry Lower risk of missed information (5x Meaningful use certification compliance (for Cu s t om e r Re la t ion s h ip s Personal assistance (sales & support) Cu s t om e r Se g m e n t s EHR user - Hospital - Inpatient - EHR user - Hospital - Inpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Outpatient - EHR user - Practice - Primary care EHR user - Practice - Specialist CIO, CMIO EHR vendor Ke y Re s ou r ce s Software developers IP rights EHR integration Computing power (IaaS) Sales and Field Engineers AI/NLP scientists Ch a n n e ls Sales force Partners (EHR vendors/resellers) Cos t St r u ct u r e Software development (HR) Installation and support (HR) License royalties Re ve n u e St r e a m s Sale (fixed price determined by install. size, savings, and avoided penalties) Service fee (installation, local adaptation, support) Royalties Sublicense fees Business Model Canvas Evolution - 5
  31. -31- LaunchPad Central Ke y Pa r t n e r s EHR integration partner (e.g., TransformativeMed Provider of clinical data (for training and EHR vendor Ke y Act ivit ie s Financial management Software development and testing AI/NLP development and testing Custom integrations Customer engagement and support Freedom to operate and IP protection Va lu e Pr op os it ion s Enable up to 20x faster patient chart review 10x faster problem list entry Lower risk of missed information (5x Meaningful use certification compliance (for Cu s t om e r Re la t ion s h ip s Personal assistance (sales & support) Cu s t om e r Se g m e n t s EHR user - Hospital - Inpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Inpatient - EHR user - Practice - Specialist EHR user - Practice - Primary care CIO, CMIO EHR vendor Ke y Re s ou r ce s Software developers IP rights EHR integration Computing power (IaaS) Sales and Field Engineers AI/NLP scientists HIPAA- compliant data store Ch a n n e ls Sales force Partners (EHR vendors/resellers) Cos t St r u ct u r e Software development (HR) Installation and support (HR) License royalties Re ve n u e St r e a m s Sale (fixed price determined by install. size, savings, and avoided penalties) Service fee (installation, local adaptation, support) Royalties Sublicense fees Business Model Canvas Evolution - 6
  32. -32- LaunchPad Central Ke y Pa r t n e r s EHR integration partner (e.g., Sansoro Health) Provider of clinical data (for training and EHR vendor Ke y Act ivit ie s Financial management Software development and testing AI/NLP development and testing Custom integrations Customer engagement and support Freedom to operate and IP protection Va lu e Pr op os it ion s Up to 20x faster patient chart review 10x faster problem list entry Lower risk of missed information (5x Meaningful use certification compliance (for Cu s t om e r Re la t ion s h ip s Personal assistance (sales & support) Cu s t om e r Se g m e n t s EHR user - Hospital - Inpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Inpatient - EHR user - Practice - Specialist EHR user - Practice - Primary care CIO, CMIO EHR vendor Ke y Re s ou r ce s Software developers IP rights EHR integration Computing power (IaaS) Sales and Field Engineers AI/NLP scientists HIPAA-compliant data store Ch a n n e ls Sales force Partners (EHR vendors/resellers) Cos t St r u ct u r e Software development (HR) Installation and support (HR) License royalties Re ve n u e St r e a m s Sale (fixed price determined by install. size, savings, and avoided penalties) Service fee (installation, local adaptation, support) Royalties Sublicense fees Business Model Canvas Evolution - 7
  33. -33- LaunchPad Central Ke y Pa r t n e r s EHR integration partner (e.g., Sansoro Health) Provider of clinical data (for training and EHR vendor Ke y Act ivit ie s Financial management Software development and testing AI/NLP development and testing Custom integrations Customer engagement and support Freedom to operate and IP protection Va lu e Pr op os it ion s Up to 20x faster patient chart review 10x faster problem list entry Lower risk of missed information (5x Meaningful use certification compliance (for Cu s t om e r Re la t ion s h ip s Personal assistance (sales & support) Cu s t om e r Se g m e n t s EHR user - Hospital - Inpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Inpatient - CIO, CMIO EHR user - Practice - Specialist EHR user - Practice - Primary care EHR vendor Ke y Re s ou r ce s Software developers IP rights EHR integration Computing power (IaaS) Sales and Field Engineers AI/NLP scientists HIPAA-compliant data store Ch a n n e ls Sales force Partners (EHR vendors/resellers) Cos t St r u ct u r e Software development (HR) Installation and support (HR) License royalties Re ve n u e St r e a m s Sale (fixed price determined by install. size, savings, and avoided penalties) Service fee (installation, local adaptation, support) Royalties Sublicense fees Business Model Canvas Evolution - 8
  34. -34- LaunchPad Central Ke y Pa r t n e r s EHR integration partner (e.g., Sansoro Health) Provider of clinical data (for training and EHR vendor Ke y Act ivit ie s Financial management Software development and testing AI/NLP development and testing Custom integrations Customer engagement and support Freedom to operate and IP protection Va lu e Pr op os it ion s Up to 20x faster patient chart review 10x faster problem list entry Lower risk of missed information (5x Meaningful use certification compliance (for Cu s t om e r Re la t ion s h ip s Personal assistance (sales & support) Cu s t om e r Se g m e n t s EHR user - Hospital - Inpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Outpatient - EHR user - Hospital - Inpatient - CIO, CMIO Ke y Re s ou r ce s Software developers IP rights EHR integration Computing power (IaaS) Sales and Field Engineers AI/NLP scientists HIPAA-compliant data store Ch a n n e ls Sales force Partners (EHR vendors/resellers) Cos t St r u ct u r e Software development (HR) Installation and support (HR) License royalties Re ve n u e St r e a m s Sale (fixed price determined by install. size, savings, and avoided penalties) Sale (variable price, as portion of additional revenue) Service fee (installation, local adaptation, support) Royalties Business Model Canvas Evolution - 9
  35. First Pass Canvas Low Fidelity MVP Product/Market Fit Left-side of the Canvas Market Opportunity High Fidelity MVP Metrics That Matter Right-side of the Canvas Problem/Solution validation Investment Readiness Level – Where we started IRL 2
  36. Investment Readiness Level – Where we ended First Pass Canvas Low Fidelity MVP Product/Market Fit Left-side of the Canvas Market Opportunity High Fidelity MVP Metrics That Matter Right-side of the Canvas Problem/Solution validation IRL 6-7 P P P P P P PP

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