Proveo Health develops a conversational Artificial Intelligence chatbot to provide answers about our health needs instantly – anywhere, anytime
Meet Proveo Health
The Problem
Over 75% of us who visit the doctor cannot remember healthcare recommendations received during that visit. This leads us to abandon our own health on a regular basis until it is too late. Preventable medical emergencies could arise. Chronic conditions may develop or worsen, taking its toll on our lives and those of our friends and family.
This problem affects us individually and collectively as a society. Research has shown that after developing a chronic condition, such as diabetes, heart failure, or COPD, we can expect a 20% decrease in our income as a result of medical bills and missed career opportunities. Our economy is spending well over $700 billion every year on medical treatments that could have been prevented by following simple healthcare advice.
Knowledge of healthcare and medical information has historically been limited to just our healthcare professionals. Although we have access to all sorts of content on the internet in the modern era, trying to make sense of complex healthcare topics can be a daunting task for anyone. Surfing through Google or WebMD for healthcare information is often frustrating and nerve-wracking, especially when we know our health or the health of our loved ones are at stake. “Is this correct? Does this apply to me? Should I be doing this?” These questions of uncertainty float through our heads as we come across healthcare information online.
What if there was someone, other than our doctor, that we could always talk to, who would answer our healthcare questions reliably, tell us only the answers that pertain to us specifically, and could check in on us routinely to make sure that we are on the right track?
Proveo Health’s solution
Meet Iris, an intelligent healthcare chatbot who lives on your phone, tablet, or desktop, developed by Proveo Health. Iris uses conversational Artificial Intelligence (AI) to chat with all of us about our health and provides answers instantly—anytime, anywhere. Because of the fully automated platform, Iris can help millions of people around the world with each of their own unique health issues, all at the same time!
Iris is a reliable, intuitive, personalized, and friendly way of empowering every individual with helpful healthcare information. The result is improved health outcomes, lower healthcare and administrative costs, and greater insight into patient behavioral data.
Proveo Health’s technology
Proveo Health uses state of the art conversational technology to build a platform that is sophisticated, yet simple and intuitive to use. Our proprietary Natural Language Processing (NLP) algorithms are trained with medical terminology and subjects to accurately understand a wide range of user inputs. Simply chat free-hand as you normally would to a real medical professional, and our chatbot Iris will make sense of it.
Don’t worry about your questions and health information getting into the wrong hands either. Proveo Health does not use any third-party open source API’s to process any of your questions and conversations, ensuring that all your personal information stays confidential and private. We have gone beyond current HIPAA standards to develop our own technologies and create a solution that puts the patient as the center of our focus.
Our content augmentation tool is the first of its kind that combines clinical healthcare information with full customization of chatbot algorithms. This allows all our clients to be in full control of the content produced by the platform and is 100% customizable on demand. No more complicated software updates or lengthy development cycles for editing the content. In addition, our clients will have an unlimited capacity to create new healthcare content as business needs and clinical programs may require. Proveo Health has designed the content augmentation interface to be intuitive for clinical and administrative staff to use. Converting labor-intensive manual patient outreach efforts to a fully automated program has never been easier. Bring static website content to life by effortlessly inserting them into a chatbot conversation and specify exactly which users you want to reach.
Both patients and enterprise clients are provided full access to the content and information gathered by Iris. All conversational data is stored securely in Proveo Health’s database. For patients, this provides an added autonomy to their privacy and health information, as patients are free to save or erase chat history. For enterprise clients, the data collected grants a unique insight into true patient behaviors. Using Machine Learning (ML) and other analytical tools, clients may use the gathered intelligence to efficiently allocate resources, create healthcare initiatives, or help with business decisions.
Proveo Health has created a flexible and scalable platform with modular layers. The platform is designed to continuously improve by adding on more features with greater functionality using minimal software development effort. This gives Iris an unlimited learning potential, as well as an expansive application use in the future. Proveo Health’s software design philosophy is to be fully software agnostic with a wide variety of digital healthcare service sectors, including mobile health apps, digital patient portals, patient and provider apps, electronic medical records (EMR or EHR), and healthcare content providers.
Business Model
Proveo Health sells Business-to-Business (B2B) annual licensing subscriptions for our platform. We are targeting healthcare and related companies currently running mobile apps or online portals for a white-label integration with our platform in the back-end. This business strategy drastically cuts our cost of user acquisition and allows us to focus on providing value for our clients and creating great user experiences. The patients benefit by not having to download and learn a new interface, improving the potential increase in health outcomes. Our clients demand low risk and low disruption solutions that do not require immense training for clinical and administrative staff. The white-label implementation not only provides clients with seamless integration but also ensures that clients have full access to all user data and information generated.
Monthly recurring revenues are generated from enterprise direct sales and content licensing partnerships from various digital media platforms. Pricing is based on Per-Member-Per-Month (PMPM) across a total population segment, using client self-reported membership data. This pricing structure is consistent with most healthcare providers and allows us to build a steady revenue stream each month.
Initial clients will be offered a favorable low rate based on the PMPM price structure, which will increase as Proveo Health scales, and new features are made available to the platform. Our versatile platform design also allows the potential to expand into consumer sales (B2C), lead generation, and other forms of revenue streams in the future.
Proveo Health’s target clientele include hospital systems and healthcare providers (Kaiser, Cedars-Sinai, Mayo Clinic, Teladoc, etc.); healthcare payers (Anthem, Aetna, Cigna, Humana, United Health, etc.); pharmaceutical companies (Pfizer, Abbvie, Novartis, Novo-Nordisk, etc.); and employer health benefits providers (Collective Health, Castlight Health, Redbrick Health, etc.).
Market
Proveo Health’s initial go-to-market strategy is to target the commercially insured population in the United States. Today, there are over 120 million people who are commercially insured, and currently using mobile health services. This equates to a market opportunity of over $1.1 billion for Proveo Health, based on our target average price. There is also tremendous potential to scale beyond this segment, as there are over 300 million total insured individuals in the country. We are confident that we can achieve $21 million in revenue within the first three years. Due to the efficient business model, Proveo Health’s profit margin at this revenue range would be over 70%. Scaling into the future can further raise the EBIDTA margin to 85%.
Digital health is expected to trigger the next wave of economic and innovative success. The mobile digital health market in the U.S. alone accounted for a $24 billion market in 2017, and is growing at a 33% compound annual grow rate (CAGR), while the entire digital health market is growing at 28% CAGR, and is expected to turn into a market place worth several hundred billion dollars.
Investment and Exit Strategy
Proveo Health is currently seeking seed investment in exchange for equity or convertible notes. The investment would primarily be used to hire a head of sales and marketing, build a sales team, and expand ongoing software development.
Our goal is to build a $100 million company within 5 years and offer multiple exit strategies for our investors. Merger and acquisition (M&A) activity among healthcare companies has been high, with several hundred companies acquired each year, and is a very likely exit option. Proveo Health is also building a business strategy with long term exit options in mind. With a high-profit margin from the start and huge growth potential, further investment fundraising rounds and public offerings (IPO) are possible as well.
Proveo Health Pitch Deck
This is Proveo Health latest pitch deck. We try to keep all pitch decks up to date. Founders send us a newer version from time to time, so it is worth the effort to check these presentations periodically.
Meet the team building Proveo Health
Ricky Hsu, Co-Founder and CEO Managed Care Pharmacist
Ricky Hsu is a licensed pharmacist with extensive experience in California’s leading managed care industry. He led pharmacy care teams at specialty pharmacies and at two of California’s largest medical groups, focusing on low-income populations with complex care needs. Ricky has developed a deep understanding of the complicated healthcare incentives from multiple stakeholders, various payment models, and clinical program design.
Check out Ricky’s LinkedIn profile here
William Sutjiadi Co-Founder and CTO Serial Entrepreneur / Software Developer
William Sutjiadi is a serial entrepreneur with 20 years of experience growing startups and developing software in the healthcare and gaming industries. He has successfully raised over $8 million in venture capital for his startups. Past ventures include MahJongTime.com, FractionPrice.com, and MerchandisingAvenue.com, which were sold and rebranded to larger retailers in the U.S. William was previously the CTO at a digital healthcare startup and has created and implemented digital solutions for the likes of Aetna, Humana, Intel, GE Healthcare and others.
Check out William’s LinkedIn profile here
Learn more about Proveo Health
Please visit Proveo Health website to learn more about their work, application, and goals. Don’t forget to check Ricky‘s and William‘s LinkedIn profiles.
