Stage: Revenue generating
Number of employees: 6-15
Investors: Wes Selke, Michael Collins
Investment Firms: Better Ventures, Green D Ventures
Iris Plans reduces the cost of complex care by 25% with our Advance Care Planning (ACP) solution for health insurers and at-risk providers. We dramatically reduce unnecessary care delivered to patients facing serious illness - a focused population that drives significant spending. Our telehealth platform allows Iris healthcare professionals to meet with patients and their families anytime, anywhere, creating a plan to guide major healthcare decisions. We have decades of palliative care experience and deliver a targeted offering at considerably lower cost than a traditional palliative program.
Iris Plans provides a complete Advance Care Planning (ACP) solution for payers and at-risk providers, reducing the cost of care for members with serious illness in the last few years of life by 25%, while improving quality and experience. Our solution uses the payer's claims data to identify high-risk members, and a telehealth platform (video/phone) that guides Iris healthcare professionals, patients & families through disease-specific ACP discussions, creating personalized plans to guide major healthcare decisions. These documents include Advance Directives to Physicians, Medical Power of Attorney, DNR/POLST and Iris' proprietary disease-specific form. Iris then distributes these documents to the patient, family, hospital, physician offices and residential facility if applicable. Finally, Iris follows the patient for 24 months, updating the plan as necessary. We work on a case rate basis, currently offering a 12x ROI on the price of our services while generating 75% gross margins.
Iris Plans is first to market with a video-based ACP offering, with only one telehealth ACP competitor that is 100% phone-based, in a market sized at $3B. To successfully walk families through these ACP discussions, the most difficult discussions in healthcare, it is critical to leverage technology to power face-to-face interaction. Being first to market, we will achieve two primary benefits: (1) generate outcomes data on cost savings before others, a critical competitive item for payers and other healthcare organizations, and; (2) secure sticky channel partnerships with payers who are the critical source of revenue and data for segmentation and targeting within their member population.