by Adam Wilkes
The problem we solve: Most of the $65Bn spent on patients with CHF and COPD is for inpatient care. Many of these admissions would have been avoided if treatment had been started earlier. Comprehensive disease management programs are costly and would be far more effective if they targeted the patients who are at highest risk
About our solution: Assurient leverages the observation that as patients with chronic diseases begin to decompensate they alter their behavior and physiology in predictable ways which are detectable by a wrist-worm monitor. The monitor collects data which is transferred to our server via smart phone for analysis. When Assurient detects the 'footprint' of an early, acute exacerbation, a report is sent to the interested stakeholders for early intervention.Progress to date:
We have been very well received in the marketplace. We will be conducting a pilot study with Aledade ACO in the Philidelphia suburbs in March, 2017
Creator: Adam Wilkes
Location: New Jersey
Education: Thomas Jefferson University
Bio: Adam has served at as a senior healthcare consultant for PwC, a Medical executive with Premier Urgent Care, and a physician and founding partner of a large ER group. He lead the team that developed iLabsDDx, the iPhone’s fastest growing medical calculator. He is a board-certified Internist with 25 years of clinical experience during which time he has cared for over 75,000 patients.
Advanced Degree(s): M.D.
Business Strategy, Boston University BS CE, Computer Engineering, Software, Physics
Biography: Daniel has extensive experience as a Strategic Consultant and as an Advisor to Startups and New Product Groups. He several successful exits including co-founding US Interactive (IPO), and Coates Analytics (Acquired by PNC Bank), advising Boomi (Acquired by Dell), and investing in Five Below (IPO).
Title: Business Strategy
Advanced Degree(s): Boston University BS CE, Computer Engineering, Software, Physics
Biostatistician, Harvard University Master of Science (M.S.), MIT PhD candidate
Biography: Andrew is a Harvard & M.I.T. trained Data Scientist, Statistician, and Machine Learning Expert with 7+ years experience including working with Healthicity, Experfy, and Booz Allen Hamilton
Advanced Degree(s): Harvard University Master of Science (M.S.), MIT PhD candidate
Assurient directly addresses the triple-aim of improving the patient experience, improving quality, and controlling costs.
As a physician, how often had you wished that you had had the opportunity to treat your patient in the days before she presented to the ER requiring inturbation? How many hospital admissions could have been avoided with a timely diuretic adjustment, or the addition of a steroid?
Assurient is the solution to the problem. By monitoring patients for the early signs of the acute decompensation, Assurient reports which patients should be seen today in order to avoid an ER visit and hospitalization.
In 2017, CMS will withhold more $540 million from over half of the nations hosptials as readmission penalties (Hospital Readmission Reduction Program (HRRP)). ACOs too have a significant financial incentives, as do insurance providers.
Assurient provides a tool which can help avoid these penalties.
Arrurient is a wrist-worn device that monitors recently discharged patients. Patients who are progressing appropriately can be triaged to usual care; patients who trajectory appears stagnant can be targetted for much more aggressive care, and those whose condition appear to be worsening can be referred for immediate evaluation by thier primary providers.
Assurient only needs to help prevent 5% of admissions to realize a positive ROI for hospitals and 3rd party payers
All fitness trackers appeal to the same market segment; younger and health-conscious people who are looking to track their progress or for motivation to improve their health. Assurient expands that addressable market by giving 50+ million elderly Americans and thier adult children a reason to purchase a fitness tracker.
Key Milestones Achieved and Planned
We intend to achieve 3% market penetration within 3 years which will result in 480,000 users, producing $200M in revenue in 2020.
By 2020, we anticipate that continued improvements in battery technology will make it practical to include Galvanic Skin Response and other physiologic parameters into our algorithm. This will allow us to include episodic infection and ischemic heart disease as part of our service offering, expanding the total addressable market to 50M Americans.
Our Competitive Advantages
While Assurient brings value to each of the four main stakeholders in heathcare (patients, providers, partners, and institutions), we believe that our greatest opportunity is to directly address the Divisions of Innovation and Disease Management Departments within 3rd party payers.
At a price point of $24/user/month (which is 62% margin), the 3rd party payer breaks even by avoiding only 6% of admissions. At the predicted 15% of admissions avoided, their ROI is about 100%.
Barriers to Entry
The development of this application for wearable technology was inevitable. Currently there are several companies that use monitors to detect deviations from the user’s baseline (QMedic, CarePredict, HealthSense, Lively, and others).
Assurient differentiates itself by:
Traction, Funding and Partners
In dozens of informal discussions, Assurient has been universally received positively.
An anecdote. In seeking a partner with whom to conduct a pilot study we used an aphabetical list of ACO's. The first call was to Aledade, who is enthusastic to do the pilot, beginning in March. We didn't need to make a 2nd call.