Medvise is a company focused on addressing the challenges in healthcare, particularly in relation to patient workload and administrative burdens. Here's a detailed overview of their project:
Problem Addressed
- Heavy Patient Workload: A large volume of patients leads to time constraints and challenges in providing individualized attention and care.
- Data Entry Tasks: Involves manual input of information into computers or tablets, consuming valuable time.
- Complex Insurance Procedures: Documentation, billing, and compliance contribute to excessive administrative requirements.
Solution Proposed
- Real-Time Scribe: A system to reduce documentation time and enhance patient engagement.
- Automated Data Entry: Capable of categorizing and organizing information to FHIR (Fast Healthcare Interoperability Resources) standards.
- Verbal Request Initiation: Allows quick access to relevant patient information in real-time.
- Optimized Medical Coding: Utilizes AI-driven coding to ensure compliance and maximize funding.
Product Overview
- Web Application: Medvise offers a virtual scribe, capturing real-time patient information during doctor-patient interactions, thus eliminating manual data entry. It provides intelligent coding recommendations and real-time clinical decision support.
- Accessibility: Works on any device with internet access through a web browser.
Benefits
- Administrative Simplification: Helps to improve overall practice efficiency.
- Enhanced Documentation: Prompts doctors for additional clarifications, ensuring accurate coding and billing.
- Focus on Medical Care: Enables doctors to concentrate on their core expertise, rather than data entry.
Market Size and Competition
- Targeting full-time primary care physicians, medical scribes, outpatient facilities, and hospitals in the U.S.
- Competitors include Abridge, Akasa, DeepScribe AI, and Atropos Health.
Revenue Streams
- Based on a SaaS (Software as a Service) model with international licensing options.
- Pricing is $499 per month per provider.
- Also offers telehealth and hardware company options.
Team Composition
- Sean Ross: Founder/COO, with a background in finance operations.
- Gautam Chowdary: Founder/CEO, an experienced engineer in the agriculture and technology sectors.
- Prasad Gole: CTO, with prior roles at MediBuddy and Amazon.
- Dr. John Mason: CMO, a 30-year medical professional and founder of ExtendCare.
- Harshit Shah: Advisor, with experience in health and technology sectors. CTO at Spring Health and SVP at Amazon.
Financial Projections
- The forecast includes conservative projections in the USA and LAT-AM and signed contracts abroad.
- Focus on low expenses, high gross margin, and positive cash flow.
Go-to-Market Strategy
- Includes collecting testimonials and case studies, launching directly to doctors in private practices, targeting small IDNs (Integrated Delivery Networks) and health systems, and initiating contracts with government entities.
Fundraising and Financial Allocations
- The financial plan allocates resources towards marketing, labor, development, R&D, and operational costs.
For further details or collaboration opportunities, Medvise has provided contact information at the end of their presentation deck.
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