2013 03-29 ringadoc deck
TRANSCRIPT
Jordan Michaels CEO / Co-Founder
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Instant audio and video consultations with doctors
Problem
2 Sided Inequality
Doctors are doctors between 9-5
Patients are patients 24 hours a day
• WebMD or Google
• Mom & soup
• Doctor in family
• Doctor next door (VIP)
Options
What do we do when we’re sick?
Even with insurance and primary care physicians whyare these our options?
Before
Because calling your doctor after-hours is a pain
It costs your doctor hundreds of dollars per month&
Your doctor isn’t incentivized to be available for you
After
Ringadoc’s Answering Service fixes this!
It saves your doctor hundreds of dollars per month&
Incentivizes them to be available for you
Growth
- Average 261% MOM growth
Growth
- Average 261% MOM growth- Will hit 500,000 by January 2013- Average 127% MOM Growth
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Product
1. Doctor simply forwards office # to Ringadoc instead of current answering service number
2. Patient calls regular office number and interacts with Ringadoc’s automated system
3. If urgent, appropriate provider is notified instantly and can handle call as they deem appropriate
“Ringadoc’s answering service is truly an innovation for on-call docs. It is easy to use, less intrusive, and I don’t get charged per phone call like my old service; it just makes good business sense for a busy practice.”
-Dr. Susan V. from Oregon
“I cannot wait to fire my answering service!”-Private practice in California
“If every company had the fantastic service, PR, and great desire to help as you guys, this would be a better country.”
-Dr. Rebekah C. in Tennessee
“We used to pay $200/month for our service that was not nearly as good as Ringadoc!”
-Private practice in Montana
“Ringadoc is the bomb! It is so easy to use, I love checking my voicemails online.”
-Office manager in California
Feedback
8
Timeline (mid)
Ringadoc Answering
ServiceQ3 2012
DoctorMonetization
Q1 2013
We Are Here!
Patient Monetization
Q4 2013
Mobile App for DoctorsQ4 2012
Mobile App for PatientsQ3 2013
| |
Monetization
Doctors pay for the Ringadoc Answering Service
$49/month per office
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The answering service market:
Already exists.
It is very large.
It is highly fragmented.
It is ripe for innovation.
Market
$2bn annual spend800,000 total doctors
$1bn annual spend400,000 PCPs
Doctors are already spending billions annually
Market
Status Potential Reach
Deal reached 50,000
Term sheet 160,000
Term sheet 25,000
Audience surveyed & validated
125,000
AcquisitionWe will acquire doctors on our own & from channel
partners such as these guys:
We’ve seen a 10% conversion rate to active user
Acquisition
Status Potential Reach
Expected Conversion
Deal reached 50,000 5,000
Term sheet 160,000 16,000
Term sheet 25,000 2,500
Audience surveyed & validated
125,000 12,500
AcquisitionWe will acquire doctors on our own & from channel
partners such as these guys:
Doctor Monetization
Doctors pay for the Ringadoc Answering Service
$49/month per office
Status Potential Reach
Expected Conversion
Potential Revenue
Deal reached
50,000 5,000 $250,000/month
Term sheet 160,000 16,000 $800,000/month
Term sheet 25,000 2,500 $125,000/month
Audience surveyed & validated
125,000 12,500 $625,000/month
Doctor Monetization: Potential
We will acquire doctors on our own & from channel partners such as these guys:
Competition: Answering Service
Live Agent
Automated Systems
Our Edge
- Cost- Technology automation- User experience
- Cost- Simple setup- Triaging features- Monetization
opportunities
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Timeline (final)
Ringadoc Answering
ServiceQ3 2012
DoctorMonetization
Q1 2013
We Are Going Here!
Patient Monetization
Q4 2013
Mobile App for DoctorsQ4 2012
Mobile App for PatientsQ3 2013
| |
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Source:
Yes No
Yes No
Solution(s)
Do doctors want to charge patients for calls?
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Before
Currently-$$$ / =(
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After
Doctors make money by charging for some calls and are incentivized to be more
available
Patients Covered
Img: chart
- Will hit 500,000 by January 2013- Average 127% MOM Growth
CONFIDENTIAL
Mobile Strategy
Mobile apps takes our platform beyond a phone call
Q3 2013 Q1 2013
Allows for patient monetization:- Photo-sharing- Video-conferencing- “Premium” Access
Mobile Strategy
Doctor & Patient Monetization
pay for the Ringadoc Answering Service$49/month per office
pay for an instant virtual consultation$40/call, doctor gets $20
After-hours calls~200 per month
In-person visits~1,200 per month
$40/call
$40/call
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Consultations will come from two pools where doctors already spend their time:
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Ringadoc will monetize 1.0% of current in-person visits with 1.5% monthly growth
Ringadoc will monetize 2.0% of current after-hours calls with 1.5% monthly growth
Patient Monetization: Assumptions
$40/call
$40/call
In-person visits~1,200 per month
After-hours calls
~200 per month
Potential patient revenue of
$3mm by 2014
$9mm by 2015
$21mm by 2016
Patient Monetization: Potential
With the answering service, Ringadoc is entering a known market as a known practice management solution
Paid for monthly by doctors
To use with their 2,650 patients*
They’re introducing a new workflow and creating a new market, rather than leveraging an existing workflow and market
*This is why we’ll beat:
Competition: Telehealth
By targeting doctors we are exponentially growing our network
Each x 2,650
vs.
Leverage an existing relationship
Rather than building two separate pools and hoping they want to
interact
Network Effect
Network Effect
We improve cross-coverage care practiced by physicians everywhere
The more colleagues a doctor brings onto the platform The better the level of cross-
coverage careThe more valuable Ringadoc becomes
Jordan Michaels, CEO & Co-Founder• University of Southern California (Neuroscience and Biology)• Interdisciplinary background with Los Angeles Dodgers, LAC+USC, and
Cedars-Sinai
Micah Grossman, Product Manager & Co-Founder• New York University (Economics and Cinema Studies)• Quality assurance at 2K games and medical billing experience
Chino Jeng, Sr. Product Designer• Interactive Design at TED, Facebook, Apple• Mobile Art Director at skyrockit
Lukasz Tackowiak, Lead Ruby on Rails Architect• Located in Warsaw, Poland• 7 years of programming experience and member of team since inception
Ryan Howard, Board of Directors• CEO and Co-Founder of Practice Fusion, the fastest growing EMR community• Healthcare technology industry leader and visionary
Team
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Recap
Ringadoc Answering
ServiceQ3 2012
DoctorMonetization
Q1 2013
We Are Here!
PatientMonetization
Q4 2013
Mobile App for DoctorsQ4 2012
Mobile App for PatientsQ3 2013
| |
Currently seeking $1.95mm convertible noteHave raised $1.75mm to date from…
Founders FundFacebook, Yammer,
Palantir
Ryan HowardCEO, Practice Fusion
Siemer VCMarketfish, Science,
Tonx
Sharon KnightFormer President
One Medical
Terms:- Uncapped note, discount in form of 5% MOM coverage, 8%
annualized interest
Financing
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Ringadoc: Uber for Doctors
Vision Summary
Talk to a doctor whenever you need to.
Need a hand?Taskrabbit
Need a ride?Uber
Need a place?AirBnb
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Not Feeling Well? Ringadoc
DemocratizingMarketplace
