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WatchRx, Inc.

Smartwatch Digital Health solution for Seniors & caregivers

USA, Massachusetts
Market: Another
Stage of the project: Operating business

Date of last change: 05.07.2020
Min investment
$  250.000
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Total required
$ 1.000.000
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Idea

Our smartwatch helps seniors stay healthy, independent with dignity. WatchRx provides a Remote Patient Monitoring platform including a smartwatch, care-coordination app for caregivers and physicians. that connects patients, caregivers and providers to solve complex care coordination issues, monitor health of the patients right at home. Our visual medication reminder on the watch displays the medicine name, dosage and image with personalized voice instruction. WatchRx provides live GPS tracking for , Emergency phone for two way calls, and personalized custom reminders, vitals collection.

Current Status

Initial version (MVP1) was launched in 2019, and Remote Patient Monitoring Platform was launched in March 2020. Currently we are working with number of leads for Remote Patient Monitoring:

1. Established partnership and business agreement with a Telehealth company. Completed trial and now onboarding patients
2. Partnership agreements with a care management company, care service provider company and two device companies in progress
3. Signed one LOI with a home health company
4. Comlpleted trials with Sprint, business agreement in progress
5. Trial with Hackecnsack hospital and senior community in Massachusetts in progress
6. Application to NIH SBIR for phase 2 clinical trial has been filed in collaboration with Hackensack Meridian Hospital in NJ

Market

Our target market is Seniors and caregivers Our typical users are seniors (65+) who have one or more chronic illnesses, live alone or in independent living homes, and take multiple medications with complex dosing regimen. We are reaching our customers through Telehealth (remote patient monitoring), hospitals (transitional care and outpatient settings), home health and senior living homes. The total addressable US market size is about $20B.
Telehealth (Remote Patient Monitoring (RPM) for Chronic Care Management)
Total market size for medication adherence is about $4B with annual CAGR of 18.3%.
Total RPM market size is $15.871B in 2017 with annual CAGR of12%, expected to reach $31.326B by 2023 Care coordination market size for hospitals is $3.18B with a CAGR of 15.4%
Caregiver spend on medication management is $10B with annual CAGR of 15%

Problem or Opportunity

51% of all prescription medication in the U.S. is taken incorrectly, causing 125K deaths & 1M hospitalizations annually. Among seniors, Rx non-adherence accounts for 30-40% of all hospital admissions with an annual cost $290B. There are 45M seniors today with 7M seniors taking 10+ medications every day. 75% of the seniors have chronic illness and forget to take medications or get confused due to complex regimen. There are 43.5M caregivers , 49% burnt out and 70% career impacted due to juggling between their family, job and caregiving, and looking for solutions to reduce their stress. With most of the seniors at home, isolated it is important to monitor them right at home for medication adherence, vitals, activities, GPS tracking, falls to ensure they are healthy to prevent hospital admissions.

Solution (product or service)

WatchRx provides a care management solution that includes a smartwatch for seniors, smartphone app for caregivers, and dashboard that seamlessly connects patients, caregivers and providers to solve complex care coordination issues. Our smartwatch software helps seniors manage complex medication care plans, decrease hospitalizations and other medical costs. Our patent pending smartwatch provides visual medication reminders, with name, image, dosage and personalized voice instruction, vitals monitoring, live GPS tracking, activity monitoring, Emergency phone calls , personalized ADL reminders to help seniors live independently with dignity. The watch generates missed medication alerts, emergency and GPS alerts to caregivers via Caregiver app providing peace of mind to caregivers. Using sensors watch collects 150+ behavioral points (patent pending) to provide early warning alerts for any anomaly based on predictive analysis. Our platform enables physiscns and casemanagers for Remote Patient Monitoring to emsure they are healthy and prevent hospital admissions.

Competitors

WatchRx outpaces all competitors in medical wearables for older adults managing prescription medication because it as an easy to use, dedicated solution (reminders, phone, GPS, activity tracking, sleep monitoring, fall detection*) AND offers providers and caregivers a truly connected patient (cloud-based real-time data, alerts and predictive analytics*). Medisafe offers an app configured for the Apple Watch, a cost-prohibitive and overly-complex option for most seniors. Unaliware is a custom hardware B2C play with no provider integration. In addition we also have Remote Patient monitoring platform that allows for documenting encounters, phone conversations, vitals tracking with threshold crossing. It also generates various customized reports that is able to personalize the tracking and treatment plans for every patient. There are many RPM vendors whose platform simply collects vital data and present it to the physicians. Because we have our own wearable and predictive analytics, we can automate the workflow for the physicians.

Advantages or differentiators

Our Uniqueness:

Our watch application provides many features in one: Medication reminders, heart rate, custom alerts, phone, texts and surveys, GPS tracking, fall detection, activity monitoring, sleep monitoring and most of these can be personalized for each patient.

Our platform has unique features including documentation for encounters, phone communication, cumulative minutes for phone and documentation, threshold crossing, task board for case managers including automatic task creation and management for physicians and case managers, alert escalation, population health and a rich customizable reports. Most of the RPM platforms only collect vitals and enable voice/video calls. Preparation for submission of claims and revenue cycle management still needs to be performed using different platforms. our platform automates entire monitoring workflow.

Finance

WatchRx business model is a one time watch cost from $129 to $149 and monthly subscription revenue. For Remote Patient Monitoring CMS reimburses $159 per month per patient. WatchRx will split the monthly reimbursement with Telehealth companies and/or providers. WatchRx will get monthly payment ranging from $49.99 to $65. Gross profit margin for this is about 60 to 74%

For consumer market, the WatchRx monthly subscription ranges from $9.99 to $39.99 with a gross profit margin around 50%.
We expect the company will reach about $100M in revenue with 200,000 patients enrolled in the platform.

Business model

Customers: Our typical customers are seniors with chronic condition, live independent or Alzheimer’s and early Dementia patients who need tracking device to locate them if they wander away. To reach our target customers initially we focus on the seniors who are monitored by Telehealth for chronic illness, seniors in assisted or independent living homes and those in transitional care from hospital or nursing homes.
Sales/Marketing Strategy: WatchRx uses B2B model to acquire customers. Our target customers are Telehealth companies that remotely monitor patients with chronic conditions, Senior homes such as assisted and independent living facilities, and hospitals. Our go to market strategy is to acquire customers through conducting workshops and exhibiting product in healthcare and senior conferences, and Social media marketing. We plan to go to retail stores, distributors and pharmacies in 2019.
Metrics: We have been getting atleast 1 B2B lead per week and 1 qualified lead that gets into evaluation of product with an intent to proceed. Since the beginning of this year we have signed one business agreement for 500 patients, two letter of Intents, two partnerships and three trials that are in progress.

Money will be spent on

Most of teh funds will be used for marketinga nd business development to speed up the sales and revenue generation. Here is how the funds will be split:
R&D and Product Development = 30%
Marketing and Sales Operations – 40%
Customer support and Sales support = 20%
Operations (Legal/Insurance, etc.) = 5%
Inventory = 5%

Offer for investor

It will be based on negotiations.

Team or Management

Risks

There are many players such as insurance companies (payers), CMS (Medicare), Medicare Advantage, and these vary from state to state. In addition there are so many EMR systems that need to be integrated. working through all these maze may take time and perhaps we may have to find the niche and focus on the verticals to find the right fit. Though the product and teh platform can be applied to all Remote Patient Monitoring services such as Telehealth, Home Health, Hospital transitional care, employer benefits for caregivers, substance abuse patients, pharmaceutical medication adherence, Parkinson disease etc. it will spread too thin if we focus on every market. Best is to identify two to three areas and focus.

Incubation/Acceleration programs accomplishment

NewJersey Innovation Institute HealthIT, - WatchRx was the winner of Hackensack Innovation Showcase conducted in collaboration with NJII and was selected to particpate in a trial
SEG Rhode Island,
Babson WINlab - Featured finalist out of 23 cohort companies
NewChip Accelerator - Top performing startup, was able to raise funds through their showcase

Won the competition and other awards

Bayer and Techcode selects WatchRx for Digital Healthcare Innovation Programhttp://www.watchrx.io/bayer-techcode-digital-healthcare-innovation.html

WatchRX and Jayanthi Narasimhan selected as top Innovators by AARP and Medcity News https://medcitynews.com/50-plus-innovation-leaders/?winner=watchrx

Outstanding Woman of the year by India NewEngland NEWS https://indianewengland.com/2016/05/jayanthi-narasimhan-innovating-senior-care/

WatchRx featured in of Boston Business Journal http://goo.gl/6RLv0Q

WatchRx wins Google and Boston Scientific Connected Patient Challenge https://medtechboston.medstro.com/blog/2016/02/26/judges-unanimously-vote-watchrx-winner-of-the-boston-scientific-connected-patient-challenge/

Women to Watch: Jayanthi Narasimhan https://www.bizjournals.com/boston/print-edition/2016/02/26/women-to-watch-jayanthi-narasimhan-founder-and-ceo.html

WatchRx wins SBA InnovateHER BostonOct 16, 2015 Boston Globe - Startups serve up ways to get patients to take meds goo.gl/8slJLs

Invention/Patent

USPTO application # 15/158,770 (Pending)

Photos

Photo 1 - Smartwatch Digital Health solution for Seniors & caregivers

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video