Access Menu

Log in via Social

Avident Health LLC

Avident Health LLC

A smartphone app that promotes patient/physician collaboration

Verify Investor Status to make a reservation

Deal Type

Convertible Note

Funding Goal

$500,000

Current Reservations

$100,000

Minimum Reservation

$5,000

Deal Stage

Seed

Interest (% per year)

6.00%

Term Length (Months)

24 months

Valuation Cap

$7,500,000

Conversion Discount (%)

15%

Warrant Coverage (%)

N/A

Open Date

04/19/2018

Maximum Reservation

$250,000

Closing Date

08/31/2018

Elevator Pitch

A smartphone app health solution optimizing healthcare team collaboration and patient engagement replacing existing failing solutions in cancer care while availing Avident to a billion dollar market.

Company Overview

We aim to disrupt the way medical professionals communicate with each other and their patients, make evidence based decisions, educate, engage and involve their patients in the care process.

According to the Institute of Medicine up to 30% of the $150 billion per year spent on cancer care in the United States is wasted. Medical professionals point to inefficiency in communication, over treatment and unnecessary testing as key drivers leading to waste. Furthermore, many patients experience difficulty in communicating effectively with their care teams and difficulty in understanding their illness and potential treatment options.

Avident Health LLC was established in 2014 to solve these problems for breast cancer and potentially other complex diseases requiring interdisciplinary care. We have brought together an outstanding team of experienced professionals, carried out targeted market research, designed and deployed a suite of mobile apps. The ´ACCORD´ mobile app enables teamwork within cancer care and other healthcare environments.

Problem

According to the National Academy of Medicine:

"Each year 1.5 million people in the U.S. are confronted with a cancer diagnosis and must then decide on a course of care. The complexity of treatment options, each with its own set of potential risks and benefits, and the life-threatening nature of cancer and its emotional repercussions make it difficult for people with cancer to make decisions about their care. In addition, the fragmented nature of the cancer care system, involving multiple specialties, providers, and locations, also presents challenges that may impede coordinated care and the development of comprehensive treatment plans."

Our own experience from over 30 years at the frontline of cancer care suggests this is the result of;

1- Poor medical team collaboration as practitioners work in specialised silos. Electronic health records have failed to deliver improved collaboration.

2- Poor patient engagement has not been resolved by new methods of communication technology or patient portals.

3- Records and data repositories overburdened with large volumes of irrelevant entries that aim to justify billing and help ward off liability rather than giving a clean set of data that would support evidence based decisions using clinical pathways and guidelines.

Solution

A suite of mobile apps in conjunction with our Virtual Perpetual Tumor Board (PTB-TM) utilizing secure cloud based software technology would allow:

1- Real-time team collaboration with individualized and inclusive treatment plans for each patient to replace inefficient communication methods and encourage the use of electronic health records.

2- Simple and clear patient education and involvement and the creation of a truly shared decision making process eliminating patient anxiety and improving face to face clinic consultations and telephone interactions.

3- Analysis and identification of trends through the generation of anonymised and aggregated data eliminating decision making based on irrelevant chart entries or isolated clinical notes.

4- Aggregated data will support clinical research and improve the matching of patients to the guideline based treatment plans and identify eligibility to clinical trials.

Value

1- Cancer treatment can cost up to $100,000 and last over a year. We believe an investment of $400 on each patient in order to improve the efficiency of treatment collaboration will result in savings for patients, health systems and payers by improving patient compliance.

2- Improving compliance with guidelines and evidence based medicine will also create value for individuals and society by reducing over treatment and unnecessary testing and improving quality of treatment.

3- An accessible database of HIPAA compliant and anonymized clinical data will help medical institutions and payers to match patients to proven treatments and improve patient satisfaction as an additional source of revenue for the company.4- Total addressable market size of $600 million from the 1.5M new cancer diagnoses in the US alone each year.

Traction

  • Under ongoing consideration for Genentech’s Learning & Clinical Integration independent or collaborative innovation funding

    February, 2018
  • Exploring Partnership Opportunities with Georgetown University Innovation Center for Biomedical Informatics for future collaboration.

    March, 2018
  • Accord pilot in 4 months: 150 users, over 2000 messages sent and an open rate of messages of about 50% compared to 2% for mass emails

    April, 2018
  • Pilot Launched With A Leading Urology group In Kansas

    February, 2018
  • Avident's Accord chosen for Athena Health Marketplace., MDP ("More Disruption Please") program.

    December, 2017
  • Available for Download for free in App Store and Google Play. On ioS and Android. (Users need sponsoring organization to access Accord)

    November, 2017
  • 150 MAU´s Within 6 Months with multiple use cases. Most prominent is tumor board discussions and leadership, education and change.

    March, 2018
  • Pilot Launched With Medstar Health. Medstar is a 10 hospital system with 28000 employees, 5000 affiliated doctors in the mid Atlantic area.

    December, 2017
  • Accord App Development Completed

    September, 2017
  • CDSS Product Prototype Completed

    July, 2016
  • Notice of patent publication

    January, 2016

Pitch Deck

Key Customers & Partners

Genentech Medstar Health Wichita Urology Athena Health Cyber Tiger Tech Inception Pad

Previous Funding

  • $100,000 Equity
  • Raise Source: Self
  • February 2016
  • $50,000 Equity
  • Raise Source: Investors
  • August 2016
  • $100,000 Equity
  • Raise Source: Investors
  • July 2017

Risks & Disclosures

The Company is a development stage company with a limited operating history and before revenues . The securities being offered entail a high degree of risk, are speculative, and are suitable only for persons (for the purposes of this document the term “person” includes entities) able to sustain the complete loss of their entire investment. The Company was formed in March 2014; it has a limited prior operating history upon which prospective investors may evaluate its performance. The likelihood of the success of the Company must be considered in light of the expenses, complications and delays frequently encountered in connection with the establishment and expansion of new businesses and the competitive environment in which the Company operates.

The limited history and lack of operations make prediction of future operating results difficult; any such predictions are merely speculative and cannot be guaranteed. There can be no assurance that future revenues from the license or sale of the Company’s web-based cancer or smart phone clinical decision support and patient navigation solution will occur or be significant or that the Company will be able to sell them at a profit. Future revenues and profits, if any, will depend on various factors, including, but not limited to both initial and continued market acceptance of the Company’s solution and products and the successful implementation of its planned growth strategies. There can be no assurance that the Company’s results of operations will be profitable or that its business strategy will be successful.

Documents

Confidential

Loading...