Deal To Watch: This Deal is Proving That an ‘Ounce of Effort is Worth a Pound of Cure’

Summary

Amount Raised Prior to Current Round: $1.4 million. As of October 30th, 2018, Health Here has raised $253K

Problem

It probably goes without saying that patients in the United States do not typically consider their healthcare experiences to be smooth, easy and transparent. When they visit a doctor’s clinic, along with dealing with their health concerns, they are bogged down by a vast quantity of paperwork to be filled even before meeting the doctor.

Not only is there a mountain of paperwork before meeting the doctor, but there is also a lengthy billing process to deal with after the appointment.

While healthcare is, of course, a complicated process no matter how you slice it, it’s clear to anyone who has investigated America’s healthcare system that many of these problems are due to outdated technology and systems used at the physicians’ clinics.

Even today’s leading healthcare software ven dors, like CureMD and athenahealth, have fallen behind in the race to mobile applications. Many only specialize in particular niches (CureMD, for example, is highly rated for billing management).

This is perhaps why, in a recent study conducted by the American Medical Association, it was discovered that high prices for things like compensation, prescriptions, and administrative costs are responsible for the nearly 2x price of healthcare in the U.S. versus other advanced economies. This problem needs to be addressed through better, faster, and smarter healthcare solutions.

High prices for provider compensation, healthcare services, and prescription drugs, as well as administrative costs, are responsible for increased healthcare spending in the US compared to other high-income countries, a new JAMA study revealed.

To drive down the cost of healthcare and make going to the doctor easier patients are in need of more sophisticated technology to reduce the redundancy and complicated nature of the entire process.

The Easy Patient-Friendly Solution

For those striving for a healthcare process worthy of the 21^st century, Health Here presents a solution to the problems faced by patients. It offers a platform to streamline the entire process right from intake to payments.

Clinic Q is the specialty platform offered by Health Here. It is available on the in-clinic iPad kiosks and mobile. The physicians can rely on this platform to give their patients a friendly, transparent and simpler experience. The software is used by physicians to reduce the overall waiting time, optimize the payment collections process, and increase patient satisfaction to a large extent.

The Clinic Q platform offers the following features:

• Q Flow: This feature helps the patients to check-in directly and reduce the waiting time at the appointments. The patients can put in their medical history and related data, and it is accessible by the physician even before meeting the patient. The health data provided also gets integrated with the physician’s’ office database and it does not need to be provided and entered again.
• Q Plan: The Q Plan feature of Clinic Q allows the patients to access the care process that will be followed for them. It also gives them an estimate of the costs involved.
• Q Pay: This feature helps the patients in making the payments through flexible payment modules.

Health Here has proved beneficial not only for the patients but also for the healthcare providers. The providers are also able to develop better relationships with their patients due to the streamlined process.

“The greatest thing about Health Here is the ability to add scale to our operations so we can continue to grow and to collect accurate patient information in a format that over 75% of patients favor over paper.”

John Cornelissen, COO- Tennessee Orthopaedic Alliance

The Opportunity  

Health Here has a huge demand in the market wherein the healthcare co sts are rising exponentially. The out-of-pocket costs of the US patients are expected to increase to $609 billion in 2019.

 The patients are completely dissatisfied with the patient-care they receive at the physicians’ clinics. About 73% of the individuals in the US believe that the health care system is in a state of crisis and needs better technology and processes. This is the problem Health Here can solve.

 Health Here has many competitors in the market, including industry heavyweights like publicly-traded athenahealth which sports a market capitalization of $5 billion. Privately held Verona, Wisconsin-based Epic Systems is tough to value but with ⅔ of the U.S. patient record market it’s safe to say it’s another multi-billion-dollar competitor.

 Yet near as we could tell, no other vendor offers as holistic a solution as Health Here. Its offerings were created to provide suitable solutions to both the patients and the healthcare providers, the solutions that have not been offered by anyone else yet.

Why We Like it

1. Key Differentiators of the Platform: The Health Here platform is sophisticated and highly differentiated. It offers solutions to patients. The patients can receive a personalized experience with reference to their medical history, appointment preferences, and payment options.
2. The mobile adoption of the platform is also simpler as it is event-driven. The physicians’ clinics send a text message to the patients prompting them to download the app. This makes it faster and more probabilistic for the patients to adopt the new technology.
3. Overall, the platform provides a much easier start-to-end process to the patients, along with keeping more accurate and timely patient-generated health data. The redundancies are reduced through the CardFlow patient survey which is customizable.
4. Early Successes: Health Here has already processed and stored over 290,000 patient records, of which over 29,700 patients have directly onboarded through the Clinic Q kiosk.
5. It has partnerships and integrations with industry heavyweights like Allscripts, Athenahealth, and Greenway Health and has acquired several paying clients including Tennessee Orthopaedic Alliance, Pulmonary Associates of Mobile, and Qualderm Partners of North Carolina.
6. The Team: Another significant reason for us to like Health Here is the management behind the company. The founder, Ryan Wells, has worked in the healthcare industry for more than 20 years and developed the platform due to his personal experiences of redundant paperwork, non-continuity of care, and long waiting times.
7. Mr. Wells previously founded InVivoLink in 2009 and led it through its acquisition by for-profit hospital operator HCA in 2009. Before founding InVivoLink he served as a mentor for entrepreneurs looking to disrupt healthcare as a part of Chicago’s Healthbox. Ryan has even worked as a Management and Sales leader with Johnson & Johnson.
8. The entire team at Health Here is passionate towards offering patient-friendly solutions and improve the overall experience.

Rating

The Recommendation: Deal to Watch

 Thanks to the forward-thinking patient-friendly solutions that Health Here offers, we are assigning the Deal to Watch rating to Health Here. The rating is reserved for the top 20% of the reviewed equity crowdfunding offerings.

Health Here is well-positioned for growth and has bright future prospects. The company and its platform have modernized and simplified the patient Onboarding process, along with providing user-friendly experience right from the check-in to the payments. Serving a huge market with a new solution that out competes even the early entrants into healthcare records like Athenahealth presents a unique and large market opportunity.

 At a $6M valuation with preferred equity being offered this is an attractive investment. However, you may have seen our Top Deal rating on Circle Medical. If you are looking to invest in a transformative healthcare company with even more upside, this might be the one.

 For this reason, in addition to the continuing competition Health Here will likely face we think this is a Deal To Watch, rather than a Top Deal.