Remote Smart Health management team are a collection of professionals that came from different divisions of the healthcare industry. Each of these individuals developed knowledge during the past twenty years while being employed through other organizations.
Garrett Sowards is the youngest in the management team and does not have years of experience however he did have the vision to create this dream team. A team of people who had the knowledge and the experience that Garrett lacked.
Discovering business opportunities, in itself, does not create value. To achieve the benefits, you must choose to pursue the opportunities and take steps to exploit them. Garret began his quest while he was in college prior to achieving his MBA. His research led him to the healthcare industry with the focus on a product that had reoccurring revenue capabilities, reimbursable by third parties and was part of the telehealth movement.
Remote Patient Monitoring (RPM) was new to the industry as of 2019 and was poised to be the next trillion-dollar industry. In 2021 the market soared to 90 billion and is expected to hit 600 billion in 2028. Medicare, Medicaid, Commercial insurance carriers needs and wants to monitor people from home.
Garrett business plan was focusing on why his new business could fail rather then why would it succeed. There were two variables that needed to be resolved to have confirmed success. He needed registered nurses who could help the doctor to implement the RPM program within the practice without interfering with the practice day to day business. He also needed a product that could transfer the home testing results without the use of the internet or cell phone connection.
56% of the elderly can not or will not utilize technology to the extent of transferring data to their health cloud.
Garrett was able to contract with two companies that offers remote Registered Nurses for the commercial market. By piggy backing his RPM program with two agencies who offer similar services to a different market he was able to resolve one of the problems.
The second problem is the need of an affordable home monitoring device that has built with cellular capabilities and does not need the internet or connectivity through a cell phone to transfer testing data. Garrett used the same approach in seeking the affordable products to fulfill his needs. He found a company who developed a product line for the transitioning care industry. Garret solidified an agreement to pay a royalty and agreed to private label the product under a different name.
Because of previous relationship that RSH management team had they were able to finalize a pilot with 50 patients that can blossom to 5,000 patients that covers two states. The pilot is coming to an end and the doctors are already placing additional orders. RSH will not be able to supply these orders fast enough to satisfy the buyers and will need to transfer these orders to distributor if unable to find the capital to fulfill the orders directly.
Therefore, Remote Smart Health is looking for investment to fund the cost to private label the products and fulfill the orders directly. Garrett needs $125,000 to private label the cellular transmittal device to supply the presold orders and seeking additional revenue to support the upcoming orders and additional staff.
The birds eye of how the business model functions is Remote Smart Health supplies the Medicare patients with one or more chronic condition with a product that can monitor their health and transfer the information to the health cloud. RSH charges $60.00 per patient per month for this service with 20 minutes of time from the remote Registered Nurse.
The beauty of the offering is that the doctor is reimbursed by Medicare and Insurance companies for $126 at a national average. Thus, after expenses from RSH the doctor will profit $792.00 per patient annually without any out-of-pocket expense and with very little involvement. The average physician practice has 500 patients who qualify for RPM and will generate the practice an additional $396,000 annually.
Currently there are a group of doctors who are part of the health care clinics in two states that has placed their opening orders and anticipate on signing up 800 to 1,100 patients.
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