Geoangel serves the hugely upward-trending senior living market, by providing a unique wander-management product for Nursing Homes and assisted living communities in the United States. The initial product has already been created, marketing packages have been developed, and we have completed deployment of the product, and are generating revenue in 6 facilities across three states currently. Our committed pipeline at this moment is another 52 facilities, with 64 more in the bid/contracting process, and 113 in negotiations/discussions.
In dollars, this equates to (roughly) $15,000/month in revenue currently, $250,000/month in revenue committed but not yet installed, and another $300,00/month in the bid/contracting process. Our current cashflow break-even point is at $70,000/month.
There are currently slightly more than 30,000 nursing homes and assisted living communities in the United States, with an average of 109 residents per nursing home, and 147 residents per assisted living, this amounts to more than 4 million US residents in these facilities. Of those 4 million residents, the industry estimates that approximately 1/2 of them have some level of mental deficit that puts them at risk for wandering away from the facility. These wandering behaviors present huge human and financial risks for the senior living communities as they too often lead to injury or death for the wandering resident.
A single elopement (the industry-term for when a resident wanders into a location without the knowledge of staff) has tremendous regulatory consequences for the facility, with per-day-until-remedied fines equal to more than a year's worth of fees to implement Geoangel. (across the three year duration that the regulatory action effects the facility, the total funds lost by the facility in medicare/medicaid reimbursements exceed 1mm dollars, for a single elopement incident.)
This need to prevent wandering is currently addressed by a generation of RFID-based products that are 30+ years old, technologically outdated, expensive to acquire, install, and support, and universally disliked by the customer base. This type of solution turns the retirement communities into a sort of "old people prison", automatically locking doors, and keeping residents inside of the facility the overwhelming majority of the time. This isn't what residents want. This isn't what families want. This isn't what nurses and clinicians operating facilities want, and for the first time they have a real alternative to the current generation of products.
The Geoangel system performs all functions that the current generation of products performs, plus -many- more functions, is more appealing in appearance than the current generation, is dramatically cheaper to implement, and protects our seniors equally inside and outside of the building. . . giving them back the outdoors.
Geoangel has created a revolutionary product, that we introduced initially to the market at the national AHCA conference in October of 2018. All of our leads, and sales, have occurred since that time. Our product is offered exclusively as "wander management as a service", providing predictable monthly revenue streams, and is expected to be 99%+ sticky, month-to-month. (considering that most of these facilities have had an old-generation wander management system in place for 20+ years, and they -hate- those systems)
We are seeking investment at this point to accelerate the growth of this company to meet the demand that the market has already expressed for our services, and we are open to a variety of arrangements of equity and debt. We are also interested in associating with partners who bring some specific industry knowledge, contacts, or expertise to the table. Specifically: Healthcare expertise (particularly in geriatrics), Manufacturing relationships in the far east, strong ties to the long-term-care industry, insurance, or experience with SAAS/PAAS B2B offerings.
In addition to accelerating growth by enabling us to more rapidly implement the Geoangel system in new facilities, we have also identified many additional product functions that combined will create a more integrated IT system to operate a nursing facility, thereby increasing our value to facilities that implement Geoangel and also providing us opportunities for additional revenue from existing clients. Immediately actionable product additions include: mobile nurse call, fall alerting, integration with security/access control systems, Electronic Medical Record integration, and the ability to take a number of biometric readings from residents automatically (specifically, the ability to take a full set of vitals without a nurse being involved).
The Geoangel team consists of a core group that has been together for more than a decade, primarily engaged in the business of designing and implementing complex EMR systems and integrations for Healthcare organizations. To that core group, we have added team members with nationally recognized expertise in nursing home operations, wander management, and elopement prevention.
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