The problem we solve: The “Providers’ Pain” is addressed head-on by iAssay. In the U.S. and developed countries, today’s healthcare system demands dramatic cost decreases while improving patient care. Patient test results take too long, and testing (especially outside of hospitals) costs too much. Patient information, test results, and interconnected records don’t coexist real-time in a common database. In the US, enter Value based Payment System (VPS) in 2017: Hospital and physicians will be tracked by tax id, they will get paid more if they are more efficient. Overspending is also tracked. VPS will drive care providers to iAssay’s low cost of entry, immediate cost reductions by eliminating patient sample transportation, immediate test results (stored in The Cloud) to quickly diagnose and reduce readmissions, and a Cloud-based database to enable activities such as auto population of EHRs, auto billing for the provider.
About our solution: Battery-powered, the patent-pending iAssay® System is wireless, hand-held, Smartphone-based, point-of-care (POC) clinical diagnostics system that provides central lab quality, but at the patient's bedside. The system accommodates any POC test cartridge using a plug-in adaptor, leading some to call the iAssay System “The Square of Healthcare.” This Open Platform gives care providers choices: choose the best test cartridge (already in the marketplace) based upon performance and price, plug it into iAssay device, and run the test. Test results are available in minutes! Perform a panel of tests on a patient at point of care in minutes by the patients’ bedside. Store all the data in The Cloud, and autopopulate patient healthrecords, enable automatic billing for the provider, push data into the BIG Data stream for an unlimited number of uses. The Solution image shows two test strips for cardiac markers. These were inserted into the device and the concentration of cardiac marker found.Progress to date:* Developed a prototype, and are performing validation testing with patient samples * Experienced corporate team & acclaimed advisory board guidance * Successful testing & validation underway * Have initial external seed investments * IP Portfolio Growing * Agreement signed to pilot iAssay with National University Clinic; Other pilots in planning Working with Health IT partners to HIPAA-compliantly capture test results and auto-populate EHRs Looking for more strategic partners in Health IT and Test Cartridge manufacturers
Creator: lonnie adelman
Education: California State University, Northridge
Bio: Lonnie is a 30 year veteran of the Biotechnology, Medical Device, high tech, & Consumer Products Industries. He is iAssay’s CEO, & acting CTO. As founder of Ericomp, Inc. he was first to ship a programmable PCR machine, then a line of 6 models. 12 years with HP focused on technical innovation, mentoring, & managing cross-functional teams focused on high-volume product development. He always seeks to share his experience, solicit input from the team, & then win together.
Hospital Affiliation: N/A
Advanced Degree(s): N/A
The “Providers’ Pain” is addressed head-on by iAssay. In the U.S. and developed countries, today’s healthcare system demands dramatic cost decreases while improving patient care. Patient test results take too long, and testing (especially outside of hospitals) costs too much. Patient information, test results, and interconnected records don’t coexist real-time in a common database. In the US, enter Value based Payment System (VPS) in 2017: Hospital and physicians will be tracked by tax id, they will get paid more if they are more efficient. Overspending is also tracked. VPS will drive care providers to iAssay’s low cost of entry, immediate cost reductions by eliminating patient sample transportation, immediate test results (stored in The Cloud) to quickly diagnose and reduce readmissions, and a Cloud-based database to enable activities such as auto population of EHRs, auto billing for the provider.
iAssay provides a mechanism for care providers to conveniently, immediately, and cost effectively test patients within the newest Healthcare regulations. Removing the barriers that might lead to care providers to "wait till the next visit" to test patients will undoubtedly improve patient care, and save lives.
Saving all patient test data in The Cloud to automatically and accurately populate electronic health records will lead to delays associating with need to retest the patient because test results are lost.
Beyond the Patient Protection and Affordable Care Act, a wide range of reforms is necessary to address intransigent problems in healthcare delivery in the United States and worldwide. These include inequities in the availability and access to health services for significant segments of the population, inefficiencies in the prevailing modes of healthcare delivery and financing, uneven distribution of quality, escalating cost, and the prevalence of adverse lifestyles that tend to exacerbate these problems. Concurrently, dramatic advances in the capabilities of information and communication technology (ICT) and its expanding vital role in all sectors of modern society present a compelling case for a thorough examination of the underlying evidence and its appropriate deployment in healthcare.
Home monitoring/wireless point-of-care testing intervention by iAssay in disease management promises to involve patients in their own care, provide continuous monitoring by their healthcare providers, identifies early symptoms, and also allows for prompt responses to exacerbations in their illnesses. Generally, the benefits of home monitoring/wireless point-of-care testing include reductions in use of service (hospital admissions/readmissions, length of hospital stay, and emergency department visits). It includes the collection of clinical data from the patient and the transmission, processing, and management of such data by a healthcare provider through an interface system. As such, it represents an innovative paradigm for the medical management of chronic illness, which aims at providing appropriate care at the appropriate time and place in the most appropriate manner.
Market SizeiAssay's addressable market is $8.8Bil Addressable market: Professionally-Administered tests, which is expected to increase to $10.5Bil by 2019. This is a small segment of the more than $20B Point of Care market ( http://www.marketsandmarkets.com/Market-Reports/point-of-care-diagnostic-market-106829185.html?gclid=Cj0KEQjwhvbABRDOp4rahNjh-tMBEiQA0QgTGuDc0BM4q5vjhQVPpOyv7zRhKm_tLYdlWO-D8OSglkYaAqTk8P8HAQ)
Projected 3 Year GrowthIn 3 years, iAssay will generate $36M in device revenue and $17M in "Click Charges" -- we receive a small commission for every test run on the iAssay device. iAssay projects an EBITDA of $40MM.
How We Will Make MoneyiAssay will sell devices at a gross profit, then receive "Click Charges" (commission) every time a test is run on our device. Sometimes the commission will come from the manufacturer of the test cartridge, sometimes the commission will come from the customer.
About our CompetitioniAssay's primary competition is Abbott iSTAT and Alere Epoc. Neither of these companies are interested in the home care market because it's too small for them at $0.5Bn, but large enough for us to start off. Abbott iSTAT has 18 test cartridges and Alere has 2, and neither can run any other cartridge but their own. Neither of these companies can run all the tests that a provider would need point of care, but iAssay can because its device can accomodate all kinds of test cartridges regardless of format or technology. The universal nature of iAssay's patent-pending device is its biggest advantage: nobody else can do a full patient panel at point of care.
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