Who is your customer?
Our customer base is comprised of insurance companies, device manufacturers associated with diabetic treatments, and physicians in need of electronic health record management equipped with analytic services. Insurance companies are facing massive costs due to severe diabetic complications. We present a model that will allow for insurers to identify the most costly and high risk patients. Our analytics will also be able to help device manufacturers better fulfill the needs of their customers, thereby enhancing their value and beating out competitors. Physicians are experiencing a transition nationwide to electronic health records, and we provide the ease of creation and management for those who specialize in diabetes. Physicians will be able to employ our services in finding the highest risk patients that need more attention, and in turn possibly saving their lives. They will be able to use their resources more effectively, track progress of a treatment, and retain satisfied and healthier patients.
What problem does this idea/product solve or what market need does it serve?
MergeCare was founded to save lives, prevent the tragic losses to countless American families, and help end serious complications relating to diabetes. Our company offers analytical solutions to predict patient trends for our customers: insurance companies, device manufacturers and physicians. MergeCare is a software analytics service based on machine learning algorithms that will identify individual trends in patient risk for health complications related to diabetes. For healthcare and insurance companies there is a need to better understand if a patient is approaching a moderate or severe diabetic complication. These complications are often costly and we can identify high risk patients inflicting these costs. We offer substantial value to device manufacturers with databases and record transcription by introducing a technology that will help them market their product as risk assessment capable. Currently device manufacturers offer tracking and management programs without powerful analytic tools for short term complications. With our service, they will be able to introduce a newer and more effective device and associated software programs. The device manufacturers who purchase our product will have a much greater value they can offer to their customers than their competitors, which will in turn help them capture market share. Our analytic models will also help physicians identify high risk patients, which will in turn better patient outcomes and save lives. We ensure the most secure and HIPAA compliant medical database available by employing up to date security measures as well as hire a team of experts in medical ethics and law. By setting these goals, we are laying the groundwork for a profitable company, but more importantly, we are accomplishing our mission of saving the lives of diabetics across the nation.
What attributes will make this idea/product successful? Why do you believe that those features will create success?
We separate ourselves from current products and competition by providing both short-term and long-term outlooks through our models. For certain complications and conditions arising from diabetes, a five to ten-year predictive model (which is what is currently available) would not be capable of stopping more immediate and life threatening complications. Through the set of models that we offer, MergeCare can provide a more comprehensive look at numerous issues a diabetic may face. This is appealing to insurance companies, as some of the short-term complications of diabetes tend to be more costly. For physicians, the ability to stop these immediate conditions will improve patient outcomes and allow doctors to allocate their time to most serious cases. This saves hospitals and private medical offices time and money. When approaching the diabetic device manufacturers and management programs available, we can offer software service that will immensely improve the quality of care that these services are capable of providing, and in turn increase their value to diabetic customers.
Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?
We believe that as this market is high in growth and with limited competition, we will be able to gain substantial market share by aggressive penetration and sales strategy. Our segments have high patient populations for the disease and we are fulfilling the need for preventative measures to help protect patients and reduce costs of care. We provide incredible value to our customers: the ability to better treat patients and drastically cut healthcare costs. Our pre-marketing phase will be to conduct trials to a limited number of physicians through a flagship hospital system to gather data and show how well our product will perform as proof for larger companies. Then we will introduce our product in three phases. First we will sell our analytics capabilities to the insurance payers as a way to help identify high risk patients, and help to reduce costs in emergency healthcare. Our second phase of release will be to physicians and hospitals to fulfill the need to analyze the huge datasets received from their patients. Our final phase of the release will be to device manufacturers as a product that will help analyze and compile their patient data to provide accurate outcomes. The core of our sales strategy is to create personal connection and interaction with our prospective customers.