The problem we solve: The primary device to protect seniors is a Personal Emergency Response Service (i.e. LifeAlert Product) which is old technology and provides help only when user is in distress. It doesn't incorporate today's technologies to monitor and manage the health of the elderly.
About our solution: The HealthAssist Watch is a superior solution adding the monitoring and management of heart rate, medication adherence management, blood pressure, blood oxygen, ECG, fall detection, steps and sedentary time. The user or caregiver gets to select from 5 levels of healthcare support, including Remote Patient Monitoring in which the physician is paid by Medicare or Medicaid.Progress to date:
We developed a proven comprehensive Population Health Managment used by Cigna and Anthem which improved medicatiion adherence and compliance with member Care Gaps. The first generation HealthAssist Watch was launched 4 years ago. One year ago we partnered with Samsung to integrate our Health Management Eco-System into their Galaxy and Active 2 Smartwatches and futher integrated that platform with Remote Patient Monitoring. All of the above is ready and field tested. We have several "Life-Alert" type companies who will be adding HealthAssist to their product line and will shortly add HealthAssist to Amazon and Walmart. We also have a partnership with Best Buy which will help us quickly scale using their Geek Squad City.
Creator: Daniel Ferrara Ferrara
Location: New Jersey
Education: Rutgers University
Bio: Pioneer in Interactive Voice Response Technology, #32 on Deloitte's NJ Technology Fast 50, Best Expansion Stage Company NJ Venture Fair. Grew company from inception to 110 employees. Vistage Chair of 12 CEO/Presidents from companies ranging from $8 million to $5.3 billion in revenue. Facilitated Strategic Planning for corporations. Consulting engagements with Novartis, California Emergency Physicians, Emergency Medical Associates and Cardinal Health.
Advanced Degree(s): BA Economics, Rutgers University
The latest HealthAssist Watch, powered by Samsung improves medication adherence rates, one-click prescription refills, and monitors heart rate, ECG, blood oxygen, blood pressure, falls, steps per day and sedentary time. This data is appended to a HealthAssist Monthly Health Monitor Report for the caregiver which shows readings compared with the "safe" zone for each of the aforementioned. With Remote Patient Monitoring, we add vital collections for Glucose, Weight plus readings from Blood Pressure and PulseOx devices the patient may use. The monitoring and oversight by caregivers and physicians will improve patient outcomes.
Covid-19 has changed the landscape. The elderly will refrain from doctor visits for fear of Covid-19, a detriment to themselves and loss of revenue to the physician. Remote patient monitoring benefits the patient and physician alike.
At home care providers are affected. The elderly doesn't want people in their house and visiting nurses don't want to visit many envioronment where they can catch Covid-19.
Additionally, a recent KLAS Research report noted that Remote Patient Monitoring…
Just the HealthAssist Watch program alone provides a Monthly Health Monitor Report tracking pulse, heart irregulariies via the ECG, blood oxygen, blood pressure, falls, activity and sedentary time. Phyisicians can opt-in or receive this report on demand.
Accountable Care Organizations more than most benefit financially based on having better patient outcomes. Remote Patient Monitoring reduces hospital admissions and readmissions.
A recent KLAS Research report noted that Remote Patient Monitoring…
Just the HealthAssist Watch program alone provides a Monthly Health Monitor Report tracking pulse, heart irregulariies via the ECG, blood oxygen, blood pressure, falls, activity and sedentary time. Phyisician can opt-in or receive this report on demand.
Bringing HealthAssist Home Health Care into the home through ROKU, Smart TVs, Alexa Show and other "mass audience" devices will enable easy access to improve the health of the elderly. HealthAssist is the glue that binds all of the above with data collected via the smartwatch and Remote Patient Monitoring.
The Personal Emergency Response Service (PERS) market is a $6 billion dollar industry. Additionally, according to AARP, there are 45 million unpaid caregivers in the U.S. With a superior product at a cost equal or less than current devices, we anticiapte we can carve out a portion of that $6 billion market and also attract unpaid caregivers who are looking to manage the health of an elderly family member who are current not PERS customers.
Projected 3 Year Growth
Our strategic plan is to have HealthAssist become the glue that binds smartwatch technology with Remote Patient monitoring with mass audience devices such as Alexa Show, Roku and Smart TVs to bring the HealthAssist Home Health Portal into the home. The ability to take advantage of this window of opporuntiy is dependant on the amount of "growth" funding available to us as we meet key performance indicators. With zero funding the company can acheive revenue of $4-7 million in the first three years. With funding the growth could expand exponentially.
WellCare Today is a software company with high gross profit margins and a monthly recurring revenue model based on the monthly subscriptions of HealthAssist Watch users as well as license fees to physician groups for Remote Patient Monitoring. Without funding the company will generate profits in the first and subsequent years but bootstrapping the company will come at the expense of market opportunity.
In the PERS market, the devices are primarily plastic pendants or bracklets or a walkie-talkie type device for away from home that only provide an emergency call to their call center and for a higher subscription rate will include fall detection. We understand that our competitors are in need of wearables that address the changing technologies and needs of the buyers. Small companies as well as larger companies such as Philips Lifeline, ADT, Medical Guardian and others represent more of an opportunity for channel partner relationships or to view WellCare Today as a strategic acquisition rather than direct competition. We are already in discussions with 3 such companies who wish to add HealthAssist to their product line. In the PERS market, we have a unique selling postion in which we provide features that others do not have at a rate that is competitive to their fees. Since we have bridged HealthAssist with Remote Patient Monitoring, we are the only company that can add valuable data that we collect to the Vitals only data of other RPM providers.
We have one committment from a PERS provider that will bring WCT 100 customers per month. We have another PERS company we are in discussion with that will bring 2-3 times that amount to WCT and lastly we have a upcoming meeting with the CEO of one of the largest providers which would add 1,000 or more new customers each month.
We also retained 24g, an expert in eCommerce sales responsible for over 2 billion in eCommerce revenue that is placing and managing HealthAssist on Amazon and Walmart.
We had several meetings with CVS, Walmart, and Walgreens and have an estblisherd relationship with Best Buy.
Our marketing of RPM has just begun.
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