What is the problem you're solving?
A patient seeking care can’t answer the 3 most basic questions asked by consumers when making a purchasing decision
Convenience? (when and where)
Answers to these questions help determine success and value in normally functioning marketplaces. In healthcare, the lack of information around these 3 questions creates fear and friction which can lead to sub-optimal outcomes.
How is your product/solution going to help?
"Join for the tool and stay for the network"
To transform the healthcare experience, we are engaging the medical providers (doctors and mid-levels), vendors and patients in a way that they didn’t think was possible.
1) Empower the medical providers
Create a tool that delivers the basics for offering services in a new way
2) Empower the patient
Easily connect them with trusted providers, services and prices
3) Connect the vendors
Medical providers order, patients pay and receive, vendors deliver
4) Create a safe and transparent platform for all parties
Transparency, reviews, choice, professional liability insurance and customer focus
Our mission: Increase utilization of the right healthcare service, at the right time and place, for the right price.
How would you size the market opportunity and what's your go-to-market strategy?
We are focused on the self-pay market for services, which is large (despite being estimated at only 10% of current overall spend) and poised for growth with the US system transitioning from first-dollar care to high-deductible and co-insurance.
Overall: $3+ trillion (self-pay/out of pocket $300+ billion - 10% is near historic lows)
Lab Testing: $75+ billion ($7.5 billion)
Prescription Medications: $300+ billion ($30 billion)
Durable Medical Equipment: $46+ billion ($4.6 billion)
# of medications filled at pharmacies: 4.1 billion
# of lab orders: 1.5 billion
We are approaching the marketplace build in a staged manner. We have on-boarded medical providers in a measured fashion to test the platform. Patient demand has been primarily driven by making it easy for medical providers to connect with patients (existing and new) through digital networks. We have proven our ability to connect with a large vendor and transact through the platform. We are in the process of connecting with additional vendors and helping build the supply of patients.
When did you launch and how much traction is your product seeing?
We deployed our minimally viable (MVP) product in late 2013. We have seen solid and accelerating growth across marketplace participants.
We like well-rounded teams. Please be sure your relevant team members added to the team section in your company profile and make sure their brief bios and links to a LinkedIn profile are added.
Steve Bull (CTO): Co-founder of Twenty20, stint at Oracle, BS and MS from MIT
Chirag Shah, MD (Co-founder): Started Accesa Health and Accesa Labs, MD from Yale, MBA from Harvard, BA from Stanford
Matt Williamson (Co-founder): Started Accesa Health and Accesa Labs, VP of Investment Banking at Credit Suisse, BA from Rice
Who are your competitors and why is your solution better?
Healthcare spend is currently dominated by 3rd party or insurance-based payment. As such, most of the existing competitors are focused on insurance based activity.
Surescripts - a software platform that connects many existing EHRs to a network of pharmacies to enable e-prescribing
PokitDok - an AP! platform designed to make healthcare transactions more efficient which is a fancy way of saying that they check insurance eligibility and help submit claims
Health Gorilla - a secure clinical network to enable better sharing of health information
By connecting the marketplace participants in an eco-system with actual prices and enabling transactions based on those prices, Push Health is embedding itself as a trusted platform for managing self-payment healthcare. As insurance-based prices for healthcare increase and the US system transitions from first-dollar care to high-deductible with co-insurance, enabling and validating self-payment for services will become an important option for all parties. Push Health is uniquely positioned to provide this option. As a growing marketplace for healthcare services, our value proposition is clear to all of the participants.
Medical Providers: Extend practices and make more money with “plug and practice” software, become price makers, leverage license / scale themselves, lead generation, customer service team, and true digital presence (not just a listing)
Patients: Improve traditionally frustrating experience, remove fear created by zero transparency, enable discovery (price, quality, convenience), customer service, and better manage out-of-pocket spend/deductible
Vendors: Directly connect with thousands of medical providers and patients, grow usage and revenues, manage receivables, allow for differentiation (price, quality, convenience), and lead generation
Insurers*: Validate out-of-pocket spend and deductibles and get closer to patients with direct reimbursement. *Not a direct participant, but benefits
How did you hear about the Vator Splash competition and why do you think your company should be on stage?
We are focused on a very important problem facing the US. Our team has built two other businesses focused on delivering price transparency in healthcare. These two bootstrapped companies have provided or enabled the care for over 50,000+ patients without accepting $1 of insurance and are growing at 25+% to 50+% year over year.
Experience ranges from bricks (accesahealth.com), to clicks (accesalabs.com), to code (pushhealth.com)
We have had success engaging all three parties to marketplace: understand challenges of medical provider, skilled at finding and converting self-pay patients, connect with vendors and manage relationships.
Accesa Health: Yelp 5 Star Reviews
Accesa Labs: 74 Net Promoter Score
Questions from Bambi:
1) Is this an app for doctors? Are you selling to physicians?
We have designed the app to make it easy for doctors (and other licensed medical providers like nurse practitioners and physician assistants) to scale themselves virtually. To date, we have primarily marketed to medical providers and have let them market to their respective patients. As such, we designed Push Health to be easily shareable through email, text, social media etc. Going forward we see an opportunity given our 15+ years of combined experience acquiring self pay healthcare consumers to accelerate the marketing efforts of the providers in a highly scalable and ROI effective manner.
2) Why would they need this?
We are making the previously impossible, possible for the individual medical provider by removing friction points and connecting disparate parties across the healthcare services space.
3) What's the biggest use case for your service?
The three primary use cases to date are:
A) Optimize and scale beyond four walls of brick & mortar facility. A major challenge in the consumer-driven healthcare world is the ability to create a habit which helps create a brand. Our experience is that "convenience" is the primary decision making factor in a selfpay healthcare consumers mind. Push Health makes it easier to develop and reinforce a habit by offering a convenient healthcare experience for the patient.
B) Easily and simply create a scalable "after hours" care model on their own terms (ie compensation, patients, services, etc.). Push Health makes it possible for any individual provider to turn themselves into a "Tela-Provider+".
C) Provide care to personal networks in an organized manner. With deductibles increasing and access worsening, Push Health creates additional capacity in a more affordable way by making it easy for the individual doctor to serve his or her personal networks.
4) How do you reach out to physicians? What's been your go-to-market strategy?
To date we have been in a so-called semi-private beta and have limited our outreach to cost-effective digital marketing and WOM initiative.
We recently deployed our "subscription" based model driven by our development of a first-of-its-kind, per service medical malpractice premium. If you think that was difficult to read, you should try getting this type of policy in place. We worked with AON for nearly one year to develop a solution that is ONLY POSSIBLE on Push Health.
The subscription model paired with marketplace fees create a very interesting economic opportunity at scale.
5) Do physicians pay Push Health? How challenging has that been?
Prior to the subscription based offering, the software was free for physicians to use and the patients were the only participants making payment. It is early innings with the subscription based offering, but the feedback is great.
When the alternative is to go through the hassle of a broker and underwriter, write a multiple thousand dollar check, and then hope you can find patients, the $60/month no hassle option sounds pretty incredible.
As an analog, what we can do with medical malpractice coverage reminds me of when we first opened Accesa Health, a walk-in self pay healthcare facility. Our marketing options were basically write a $10,000 check to the yellow pages, put one ad with untested copy & design in the book, and then hope and pray for customers. Instead, we found Google and spent $1 per click and tested, refined, tested, refined and now we have served tens of thousands of self pay patients without a yellow page ad. (By the way, 50% of our customers have some form of insurance.)