Stage: Revenue generating
Number of employees: 50+
PokitDok is a price transparent health marketplace where consumers shop directly from providers for high value health services. Consumers can search by condition or specialty and request a price quote directly from providers.
PokitDok is a cloud-based API platform that powers healthcare interoperability to improve the business of health. Third party developers such as payers, health systems and digital health companies who license the PokitDok platform can easily create new apps to streamline healthcare transactions, creating better experiences and bending the cost curve down. PokitDok's APIs offer real time eligibility/claims, scheduling across multiple EMRs, computing/payment tools, identity management, and current cash and reimbursement-based prices for healthcare treatments.
While competitive solutions fall into one of four categories: 1) consumer reviews (Yelp, Angie's List), 2) brokered pricing (FairCareMD, Sprig, SaveOn Medical, HealthinReach), 3) provider listings and bookings (ZocDoc, ITriage) and 4) Physician Ratings (healthgrades, vitals, RateMD). PokitDok is the first solution to integrate all necessary purchase information into one health marketplace capturing and retaining consumer attention from activation through conversion.
Building on a commitment to finding the highest quality services at a fair price, PokitDok Mobile’s Request for Quote process gives users the ability assign a price they are willing or able to spend on a particular service and have providers bid for their business. Described as the “Priceline for Health” by GigaOm, http://gigaom.com/2012/12/21/priceline-for-health-pokitdok-launches-on-mobile/ PokitDok’s Request for Quote systems connects qualified demand to competitive providers.
We derive a reputation and quality score from validated provider and service data and combine that with consumer reviews for a consistent and authoritative service evaluation, independent of network.
In the first 6 months since launch we perfected a call center lead generation model with 2x the national conversion rate and over 500 practices signed at an average of 3-5 providers per practice. Most recently we signed the largest private physician’s group in the country representing 230 independent practices of approximately 776 primary care and specialty physicians serving over 200,000 patients.
Q. How are you attracting practitioners to your marketplace and what is the benefit to them?
A. Practitioners - especially those in solo practice, partnership or small group situations - face incredible financial pressures to maintain autonomy in an environment of consolidation. Their traditional referral networks are changing or disappearing and they seek simple, cost effective ways to replace those networks with highly qualified online referrals. On our self-service platform providers can claim their business page and publish practice information to the PokitDok marketplace in 10 minutes or less with no change to their backoffice footprint.
Q. How are you getting distribution?
A. We partner with self-insured employers and health solution providers to distribute to employees with high deductible plans, cash contribution and HSA accounts who are shopping for the best value services. We also partner with professional associations to distribute to practitioners as a recommended tool for maintaining and growing independent practices.
Q. What’s the business model?
A. We are free to consumers and offer a fremium model to providers with a paid subscription for enhanced SEO, marketing and practice management features. Employers and other organizations also pay a fee to populate private networks with the highest value providers as a function of quality and price.
Q. Why would a consumer go to your site? What is the typical use case?
A. Enrollment in high deductible plans with HSA accounts tripled over the last five years reaching 13.5M in 2012. Faced with increasing costs, employers like GE and Whole Foods give employees cash up front ($1000 in most cases) to spend on full cost healthcare before their high deductible plan takes affect. These consumers seek the information you would expect to have before making any important purchase: product and service information, reviews, recommended providers and price. PokitDok is the only source for that information where providers and services are listed independent of plan and payment method including cash, HSA or insurance.
Q. How do you size this market?
A. Of the $2.3 Trillion spent on health care in 2011, $381 Billion of that came directly out of consumer’s pockets for expenses other than healthcare premiums. While a significant portion of that was spent on co-pays, an increasing amount (as measured above) is spent on full cost health care from cash accounts or HSAs. Breaking it down even further, in 2012 the states with highest levels of HSA enrollment were California (1,001,943), Texas (755,432), Illinois (717,384), Ohio (662,999) and Florida (539,778) with a minimum HSA balance per enrollee of $1,250 for an individual and $2,500 for a family creating a minimum of $4,596,920,000 in tax deductible cash health purchases for those five states alone.