Symptom.ly ^Company

Business Summary: Symptom.ly is a clinically validated, SaaS symptom-tracking platform that displays real time, actionable data for patients and doctors to provide rapid and timely intervention and dramatically reduce hospitalization and ER costs. Our first product eAsthma Tracker has been shown to reduce child asthmatic hospital readmissions by 98%. Product/Services: Our platform reduces recurring emergency room visits and hospitalizations by tracking symptoms and notifying physicians of progress for patients suffering from chronic diseases outside of the hospital. Our technology seamlessly integrates tracking, notification, scoring and is based on clinical research conducted at the University of Utah and Intermountain’s Primary Children’s Medical Center. Customer problem: Asthma is the most common chronic illness in children and a leading cause of hospitalizations. eAsthma Tracker was designed to prevent ER visits and hospitalizations of child asthmatics. The platform can be expanded to include any chronic disease, whose symptoms can be reduced by intervention, such as cardiovascular, COPD, hypertension, and diabetes. Target market: Our initial product targets a $3.6 billon market. This is the total direct cost of ER and hospitalizations for asthmatic children. Our next identified market, Cardiovascular, has a cost of $17.5 billon annually. The direct and indirect payer costs for chronic illnesses total over $451 billion annually in the US. Management: Derek Bereit, Co-Founder/CEO is a graduate of the United States Air Force Academy and University of Chicago, and active in the startup community in New York and Utah prior to starting Symptom.ly. He’s a proven leader with established relationships at insurance payers and Children's Hospitals. Our CTO is an experienced senior software engineer, and worked for 9 years at Cerner. Bob Durkin is a serial entrepreneur with several startups under his belt. He sold the first company he founded to Zoll Medical. Customers: (1) Payers: ACA changes are forcing hospitals to find solutions to reduce readmission rates: CO-OPS (patient owned insurance companies formed under ACA), Accountable Care Organizations (ACO), and State Medicaid/Children Health Insurance Plans (CHIP), (2) Hospitals/Clinics: Improved quality of care, lower re-admissions, and patient population disease management, (3) Foreign government healthcare systems. Sales/Marketing strategy: Payers are driven by data, clinical validated tools and proven cost savings. Arches Health Plan, our first customer, is a patient-owned CO-OP formed under the Affordable Care Act. There are 23 other state CO-OPs that share best practices, and will learn about our tools success in UT. We are enlisting major Children's Hospitals throughout the country to become champions of our system and share quality of care improvement data. We have signed Children’s Mercy Hospital to a pilot of our product. Business model: Our revenue streams are based on licensing our platform-as-a-service (PaaS) and developing customer specific modules (e.g., COPD and patient surveys). Our customer integration will allow Symptom.ly to channel additional products directly to the customer through our platform. Finally, our platform will collect and analyze large amounts of valuable population health data. Competitive advantage: (1) clinical validation of Asthma Tracker in randomized, prospective $2 million dollar study conducted by University of Utah and Primary Children's Medical Center, (2) exclusive license of platform as a service from University of Utah, (3) Patent Pending.