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HealthPanel Concept pitchdeck

smworth
8. Sep 2014
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HealthPanel Concept pitchdeck

  1. HealthPanel Connect to Health Experts for Personalised Consultations and Share Health Data for Actionable Advice that gets Results.
  2. Hi, my name is Stuart Worth I live for Health Tech & Marketing. I believe everyone should be empowered to live: Healthier, Happier & More Productive lives
  3. Before we start, I’ll give you a snapshot of my background.. Some highlights Queens University Belfast | Engineering ‘12 Stanford University | Entrepreneur programme E-commerce Member of the Silicon Valley Health Institute Part of Quantified-self movement.
  4. Some past projects i’ve worked on. Developing social commerce application utilising persuasion & behaviour psychology principles.
  5. The big idea I’m introducing to you.. has emerged from series of converging market forces that I have seen steadily evolve over the past 4 years.
  6. Today the technology is used by: professional athletes minority niche of health conscious early adopters individuals in the quantified-self movement.
  7. majority of people are not yet familiar with some of these health concepts. but they will be.. soon because an entire industry is spawning. Giants in the healthcare industry and tech industry are moving into this space. Greater market forces are pushing in this direction, as a result of technological innovations in medical diagnostics and advances in low cost computational processing. The companies that win in this space - will make it easy for everyday people to use.
  8. As we see it today…. Healthcare systems are broken In the U.K. - while most of the services are free the taxpayer pays £100 Billion + / year for it. It is proving unsustainable both economically and environmentally. - All round wasteful and inefficient. By 2035, diabetes care 'could cost the NHS £17 billion a year'. “Diabetes could 'bankrupt' the NHS in 20 years,”
  9. Service problems to customers include: Inconvenient waiting lists to see a professional. High level of mis-diagnoses from doctors intuition. Geographic limitations - what GP’s/ experts are available locally. Treating symptoms with short term solutions - antibiotics and prescription drugs. Not treating core problems that generate illness Not using long term solutions.
  10. In many cases a health professional will not be able to recommend a diagnostics test due to budget spend limitations or supply chain restrictions. Often they are not trained to interpret the information in a way that is useful to patients. And they don’t have the expertise to give advice which gets the best long term results for the individual. This has lead to individuals to seek private health consultants and paid for diagnostics tests, which have proved life-saving to many.
  11. Historically spending in healthcare has been: disproportionally sided to the last — days — weeks — months — and years of life. Because people want to hang on to life, and are willing to pay for it. The procedures, drugs, medical equipment and staff required to achieve cheating death just a little longer.. are costly.
  12. But we are seeing a societal shift. Baby Boomers & Generation X are getting into preventative medicine and healthcare. They want and expect to live longer and at a higher quality of life than their parents or grandparents generation. They are spending money on health foods, supplementation, gym membership, coaching, private consults, health spas, etc. In the past - it was a small niche, now it’s become mainstream and growing.
  13. Millennials have grown up with the internet, mobile devices and are experimenting with various forms of self tracking, fitbit, jawbone, sleepcycle app
  14. So what direction is the future taking us? Thought leaders are saying.. “in the future, pa6ents will have the data & analysis to become the CEO of your own health” ! - Peter Diamandis XPRIZE, Singularity University & Author of Abundance.
  15. “More and more major businesses and industries are being run on soCware and delivered as online services —from movies to agriculture to na6onal defence” “Over the next 10 years, I expect many more industries to be disrupted by soCware” ! - Marc Andreessen General partner - Andreessen Horowitz
  16. “1. 80 percent of what doctors do, diagnos6cs, will be replaced by machines 2. Medicine will become tailor-­‐made for each pa6ent 3. Consumer-­‐driven tech will create beMer incen6ves to keep people healthy” - Vinod Khosla Co-founder Sun Microsystems & VC
  17. The future of healthcare will be personalised & software based In terms of personalisation - we all process nutrition, toxins, and stress differently. A one-size-fits-all answer will not give us optimal health. A diet that is beneficial for some may be deleterious to others. Diagnostic technology enables a baseline to be set, and measured again, to gain greater understanding, can track and observe changes over time in concert with lifestyle changes. Enables informed behaviour change advice, for best outcome Having a database of an individuals many biomarkers. Through the feedback loop can see effective changes made to avoid disease, and take control of our health, performance and longevity. Systems biology is measurable and results-orientated
  18. Today we have a reactive medicine approach, and one-size-fits all, and it is incompatible the modern western lifestyle which has contributed to the majority of public health problems. Lifestyle choices in the areas of: diet, stress management, cardio exercise and mental wellness. We live in a time, where we have excess resources and time to think, more than other time in recorded history. The human mind evolved for a life of preset constraints— a limited selection of food and resources. Humans have cognitive limitations, finite will power, they develop habits and behaviour patterns they struggle to change. They get into negative mental loops which cause addiction and anxiety.
  19. “40,000+ patients in U.S. may die with a misdiagnosis annually” ! winters, et al., bmj quality & safety, 2012
  20. “Surgeons were given detailed diagnoses & asked if patients should get surgery… ! 50% said yes … other 50% said no … ! ! when asked again 2 years later, 40% gave a different answer Article: http://jama.jamanetwork.com/article.aspx?articleid=380215
  21. wide ranges of uncertainty seventeen experts’ es6mates of the effect of screening on colon cancer deaths 0%! 25%! 50%% 75%% 100%% propor6on of colon cancer deaths prevented = one expert’s response Article: http://jama.jamanetwork.com/article.aspx?articleid=380215
  22. “premature closure the single most common cause of diagnosis error” Article: http://archinte.jamanetwork.com/article.aspx?articleid=486642 !
  23. Conclusion misdiagnosis and incorrect decision-making are proven to be rampant by multiple peer reviewed studies.
  24. Here’s why Healthcare Practitioners are human and like all humans they have: cognitive biases memory biases and mental limitations. !
  25. They have to make decisions based on imperfect & incomplete information. !
  26. the shift to “computerization” has already happened in other areas… ! …airline pilots, stock trading, car driving and its going to happen to healthcare and wellness.
  27. The game changer is in ‘measurement’ and feedback. The quantified self movement is about tracking data points, trending them and trying to gain useful insights to improve future results. It can be leveraged to create accountability of the customer. Research shows people perform better under observation than they do without. Evidence shows we have to create structure and measurement artificially that we superimpose on top of our lives that to get ourselves to follow through, and get the results we want.
  28. Architec6ng Healthcare as feedback loop {1.} {2.} Diagnos6cs tes6ng Health Professionals lifestyle informa6on Sharing GP, specialist, nutri6onist, fitness coach, psychologist Ac6onable Feedback {3.} Accountability / behaviour change {4.} {con6nuous.} {con6nuous.} [Machine Learning/big data] observing process above.
  29. Why now. High leverage industries Healthcare Telecomms Education Industries in chaos.. .. ripe for disruption & consolidation.
  30. Healthcare 10% to 20% of cases: delayed, missed, and incorrect diagnosis graber, et al., jama, 2005
  31. Healthcare Healthcare can be a difficult space ! Devices, diagnostics and drugs require FDA approval and other compliances. ! Expensive, high-risk and time consuming.
  32. HealthPanel meets intersection between health and internet communication. Healthcare Telecomms X Providing the platform, not the actual advice or diagnostics. No FDA, No Compliances.
  33. HealthcareXTelecomms The Telemedicine Space has excited a lot of companies. because.. they can see the potential of the internet to provide enormous scale at low cost, ! combined with.. ! the growing demand for lower cost, more convenient, accessible & better advice.
  34. HealthcareXTelecomms but ! the winner of this space will be people who can make it easy. Simple and intuitive to use for everyday people. ! There needs to be a X10 multiplier in benefit for people make the switch. ! Data feedback and behaviour change systems get exponentially better results and consumers recognise it when they try it.
  35. HealthcareXTelecomms Offering for health professionals. Few health professionals happen to be world-class marketers, managers and business operators all rolled in to one. ! They are focused on the core of their service.. patient/customer care. ! There are few health experts who operate high traffic blogs, have national best-seller books, and a team of employees running their website and product distribution. They are the most heard, and perceived as authorities in their domain.
  36. HealthcareXTelecomms The right platform enables health professionals to -increase revenue using tools enable scale and structured organisation. -earn by referring other health professionals. -use pre-defined automated email scripts targeted at specific niche customer segments from different lists. They can automated: accountability to clients/patients, booking and scheduling. Systemising pre-booking application processes Built in payments. % commission
  37. Education “Nearly half of all american adults have difficulty understanding and ac6ng upon health informa6on ” ins6tute of medicine of the na6onal academies IOM – Health Literacy: A Prescrip6on to End Confusion (hMp://www.nap.edu/openbook.php?record_id=10883&page=1) !
  38. “Most [pa6ents] preferred receiving their discharge informa6on from the [computer] agent compared to their doctors or nurses in the hospital “ bickmore, et al., interac6ng with computers Education
  39. Education 90M adults with limited health literacy cannot fully benefit from much that the healthcare system has to offer
  40. Data The variability occurs because physicians must make decisions about phenomenally complex problems, under very difficult circumstances, with very little support. They are in the impossible position of not knowing the outcomes of different actions, but having to act anyway. eddy, et al., jama, 1990
  41. Data A simple insight from to big data analysis ‘depression is a risk factor for diabetes’ !
  42. [During the 1850’s California gold rush - the majority of wealth wasn't created in mining gold. It was in supplying the pickaxes & maintenance tools. ] ! An online platform can create high leverage value by facilitating an ecosystem. - like facebook, ebay, freelancer, reddit, apple/android app stores. Giving stakeholders the right tools enables them to define their own value, and create their own wealth. HealthPanel enables professionals to create a ‘business in a box’. And an open API data approach to let others innovate. There are hundreds of companies trying to offer genomics solutions, but with limited datasets from academic research made public, they are trying to build their own datasets selling genomics kits - but with little success. In future the cost of genomics tests and blood biomarkers will be extremely cheap $5-$10 range. The long term value will be in the platform and the use made from the data.
  43. The HealthPanel vision is to be the communications hub of preventative health & wellness services. It connects people to health & wellness professionals anywhere in the world. It creates ease in scheduling consultations and payment of services. The HealthPanel term for health professionals encompass: doctors, medical specialists, nutritionists, fitness coaches, behaviour change experts, etc.. because health advice is a holistic approach, a range of expertise. It connects people to diagnostic testing services, and a place to access and share that data with ease, to people who can interpret insights and give useful actionable plans for the customer to follow.
  44. Who its for. For Health Conscientious Men & Women aged 25 & over Who want to have more convenience and choice over their health professional, and not be limited to whats available locally or experience inconvenient scheduling and long wait times. Who want professionals that are accountable, have a proven track record, and public peer reviews supporting their speciality area. They want results not misdiagnosis. They want actionable paths to success not vague medical advice and drug prescriptions for symptoms. For health & wellness professionals who want to connect and sell advice services to more people, to be able to schedule consultations more efficiently, receive payments easier, manage and schedule employee consultants easier. And have easier access to customers health data, for better insights. And be able to charge for extra services like holding customer accountable to behaviour change.
  45. There are a series of profound Market Forces Converging together and they are following a trajectory.. 1. Economic 2. Social 3. Technological
  46. Economic Forces Ageing population and increasing national debt requires nations to rise retirement age. Declining younger people contributing to national insurance is increasing future economic uncertainty for many people. Decreasing cost of scalable cloud services for data intensive requirements is making entry affordable. National Healthcare costs in many countries are not affordable long term. In U.S private Healthcare costs have escalated to uncompetitive prices due to unbalanced incentives. High level debt and unemployment Worldwide and growing population. Alternative lower cost long term solutions are urgently required. Costs decreasing for medical diagnostics in blood analysis, genomic, gut micro- Biome. Billions already spent on diagnostics R&D funded by governments. In terms of the boom & bust cycle, the mass-deployment phase is nearing, where entrepreneurs will bring the useful benefits to the population - based on Carlota Perez model - Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages
  47. Economic Forces The number of people in the world aged 60 and over - expected to grow past 2 billion by 2050 Source: United Nations Population Fund
  48. Economic Forces The first full human genome was sequenced in 2003, after more than a decade of work and at a cost to taxpayers of $2.7 billion Costs 2014 = $1,000 2017= $100 2020 = $10 ?
  49. Social Forces Ageing populations in developed countries have higher expectations for longevity and quality of life than their parents or grandparents generation health experts using internet as a communications tool for health advice business, and selling products. People expect access and freedom with their data. Personal tracking and wearables becoming mainstream - fitbit, Zeo. soon Apple iwatch, and Android watch OS Quantified self movement becoming mainstream Negative effects of western diet responsible for lifestyle illnesses continues and grows. Wide adoption of open platforms with app’s development
  50. Getting information in the age of google and finding answers to questions has become cheap - virtually free. ! The next area of growth is going to be in: ! finding the right questions to ask. Social Forces
  51. Technological Forces Innovations in data cloud storage/retrieval E.g. AWS Increasing broadband internet speeds enabling high quality video conversations without lag and delay time. It used to be difficult, expensive and time intensive to build a social platform. Now possible to buy ‘social platform in a box’ for less than $500, source code included. E.g. PHPfox, social engine Research brings new diagnostics tests regularly which can pinpoint problems more accurately.
  52. My story with health diagnostics. I’ve played competitive sports since aged 11yrs . rugby, cricket, athletics. At school training 3 days a week, weekends & summers. Health & Fitness a priority - ridiculous cardio, weight training & work ethic. but… still overweight. not only that- depression, anxiety, skin problems - acne and dryness. Often had states of brain fog, where I literally couldn’t think.. caused notable drops in academic performance. And serious gut pain and inflammation. And no idea what was causing it, guessed it must be genetics.
  53. Later.. during time at University I discovered genomic testing service 23&Me. [not a full genome sequence but a partial sequence] When my DNA results arrived.. I discovered a genetic predisposition to gluten intolerance. This basically meant the greater portion of my ancestors where hunter gathers not Agriculturists/farmers and so grains where not favourable to my genetics And eating gluten containing products could elevate risks for other health conditions
  54. Snippet of Genomic data: 23&me.com And it was interesting to some my family members & relatives.. Some, who have had the conditions above..
  55. The family connection. My grandfather died from an oesophageal cancer which have higher risk factor for developing. My uncle and niece have Psoriases issues, again I’m also at higher risk factor for developing. And new university research links gluten sensitivity issues with type-1 diabetes, Multiple Sclerosis, alzheimer’s disease and various other conditions. My sister has type-1 diabetes. Is this all by chance, or could there be a connection ? Type 1 diabetes, unlike type-2, is not developed based on lifestyle - the doctors consensus is- ‘we don’t know what causes it’. There are a lot of questions we don’t have answers to, today. Who ever gathers the most of ‘bio data’ and uses big data analysis to gather the most useful insights, will provide the most value in future.
  56. Snippet of biomarker data: wellnessfx
  57. After doing my own research and talking to experts I made dietary changes which suited my personal biology which proved transformational to my health, lifestyle and performance. ! I realised I’d lived much of my life up until then with needless: pain, stress, and low quality life performance ! because of ! a few key unsuitable ingredients in my diet ! and ! a few key suitable ingredients missing in my diet.
  58. And the big opportunity is all people in future could have direct access to the data locked within their body and.. ! have it interpreted in a useful, meaningful way that gives insight that can enable them to live healthier, happier, longer & more productive lives with less pain, suffering, illness and reduced spending on traditional healthcare services. Diagnostics also gives people an opportunity to go beyond what was possible before, to enhance health to levels never seen before in recorded history.
  59. What limits to todays service offerings from becoming great. 23&me provide health insight statements based on research. They do not connect customers to health professionals. Unless customers do their own research for useful actionable advice, customers are left paralysed unknowing what to do with the information. The main reason they have been attacked by the FDA, requiring health insights being closed to new customers and only having ancestry information available. The data is not open to others for innovation. They have est. 700,000 people with DNA analysed -one of largest databanks in the world, but slow growth, and significant drop in sales resulting from FDA disqualification. Wellnessfx limited by connecting only to their own approved physicians and nutritionists at set hourly rates and is not managed through the platform. Partnership with one diagnostics company, labcorp for entire U.S.
  60. HealthPanel can be positioned to be ready when the time is right, to take full advantage, and grow a large network of users. ! Leveraging the Metcalfe’s law principle Which states that the value of a telecommunications network is proportional to the square of the number of connected users of the system.
  61. Growth Strategy [ The health blogosphere with varying size of viewership ] Health & wellness news sites and blogs obtain traffic, building trust & authority with readership and compile emails into segmented lists. A percentage of those readers seek one-on-one coaching, or advice. Funnel those people through an ‘embeddable card’ or a simple link on the website, to to the professionals personal page on HealthPanel. Build up the HealthPanel user base, acquiring a relevant qualified list of consumers who buy products and services in corresponding markets.
  62. Monetization Percentage taken off service fee from: - consultation service sessions. - diagnostics purchase referral - health data applications Targeted advertising based on individuals health problems
  63. Potential Exit For Shareholders Acquisition There is high level of interest and speculation at the potential of next generation health tech companies. Facebook are interested in the telemedicine sector, acquisition of Oculus rift based partially on telemedicine opportunities. Google have projects to extend human longevity. They invested 23&me genomics service. !
  64. Proof of concept funding Developing a minimum viable product, testing with health professonals and users. !
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