Healthcare delivery is an enormous industry
Healthcare is enormous: tens of thousands of doctors, clinics, hospitals, and specialists.
We fully understand this, and CAREMINDr has laser-like focus on one specific segment of this industry.
Our market is the largest primary care system in the US. It serves about 29 million patients; it's been around for over 55 years --- and it's likely you've never heard of it.
It is the Federal Community Health Center program: over 1,400 locally governed, non-profit organizations that operate about 14,000 sites. They get base funding directly from Washington, this year about $6 billion.
You probably don’t know of them because their 29 million patients are mostly low-income people, covered by Medicaid. About 1/3 are under 18, including teenage moms, the rest are working-age adults, with a small percentage over 65. Some are veterans, some are uninsured, some are homeless. They come from all racial and ethnic backgrounds.
Over 55 years ago this program was implemented as a safety net for U.S. healthcare, to assure that basic services were available even in the poorest neighborhoods, so that hospital emergency rooms were not overwhelmed with patients needing everyday care.
The COVID pandemic was brutal in these communities.
In mid-2020 low-income people, especially those who were people of color, were dying at unacceptably high rates.
The main reason is that these families have more obstacles in receiving care, difficulties with transportation, food, housing, and even language.
The pandemic put a bright spotlight on this inequity, and Congress responded.
Last April, the American Rescue Plan was passed. It sent an additional $6.1 billion to the 1,400 Health Centers, and added almost a billion more in September. The 2021 Federal funding for Health Centers was over $12 billion.
With this money comes disciplined accountability. Every year each center must file a highly detailed report that lists over 100 key statistics about their patients and the care they delivered.
More importantly, each Health Center lists 20 clinical issues, showing the number of people in each category, and how well they are managing that group's condition. Strict guidelines dictate how performance is measured. Each score is then compared to the other 1,400 centers and a grade is assigned based on where they rank. This is a true quality of care report card --- and it is public.
There are also special programs that provide additional funding. Last January $90 million was awarded to about 500 Health Centers specifically to improve Hypertension. This is where CAREMINDr first entered this market.
Today we have over 30 Health Center clients who are providing nearly 40,000 blood pressure cuffs to their patients. CAREMINDr enables these Centers to regularly check in with each patient and track their progress. These Digital House Calls can instantly identify and help the patients who need attention. We enable Health Centers to exceed the performance goals set by their funding, at levels never before achieved.
Here are 5 reasons why we like this market, the Community Health Center system:
First, it is really big, about 29 million patients (source).
Second, it has enormous needs, and challenges that require new technology to overcome (source).
Third, there is a staffing crisis. Healthcare workers are exhausted or burned out and all of the centers have staff vacancies they are not able to fill. They need to get the job done with the team they have on hand; our technology is automation that performs key patient care tasks, freeing up current staff time to help solve this problem. (source).
Fourth, there is proven financial support. Significant money has been made available, focused on overcoming major problems that truly need to be addressed.
And fifth, there is accountability: mandated reporting pushes each center to take action and not delay, providing them a way to provide accurate reporting (source).
The pandemic greatly accelerated the evolution of the ways primary care can be delivered outside of traditional offices and especially to underserved vulnerable communities. We think CAREMINDr is a way to lower the cost of providing such care while improving the outcomes of care patients receive. This combination is recognizably valuable to the entities who are the financial risk-bearers in the system, from the federal government to the local community health centers.
Moreover, we are not aware of any direct competitors facilitating the Doctor-Patient communication that CAREMINDr enables for Community Health Centers; it is an underserved market.
Being able to effectively sell to the 1,400 Community Health Centers only recently became possible, when the pandemic drove the universal adoption of video business meetings.