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Medifies

Medifies

Digital health SaaS with large hospital customers.

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Deal Type

SAFE Note

Funding Goal

$600,000

Current Reservations

$706,000

Minimum Reservation

$10,000

Deal Stage

Seed

Valuation Cap

$6,000,000

Conversion Discount (%)

20%

Open Date

07/09/2018

Maximum Reservation

$300,000

Closing Date

08/31/2018

Elevator Pitch

Medifies provides real-time surgery notifications for patients' families and caregivers. We improve patient satisfaction, save staff time, and minimize liability and are live with paying customers!

KPIs

9 Employees
$78,000 Sales
1,200 Users

Company Overview

Medifies is now live with paying customers with a secure, HIPAA-compliant SaaS platform than enables healthcare providers to keep families in the loop as medical procedures progress with standardized messaging, giving family unprecedented peace of mind.

This current lack of information is a familiar pain point; all of us have sat in hospital waiting rooms with no idea what is happening. Patients, hospitals, surgeons and families all want to see this problem solved.

Medifies positively affects providers' revenues, too.

  • Currently, doctors and nurses spend up to an hour each shift tracking down family members after a procedure, wasting valuable time, and missing them most of the time! Medifies dramatically improves efficiency, lowering the cost to healthcare providers.
  • $2.1B of Medicare and Medicaid funding each year is withheld due to low patient satisfaction scores on HCAPHS surveys. Up to 30% of these paper surveys are filled out by family members, so improving the families' experiences with Medifies raises a hospital's scores and can gain them back the money withheld.
  • Involving family reduces costly readmissions by 25%.
  • Finally, patient acquisition is difficult for many providers in the increasingly competitive healthcare sphere. By helping providers market and acquire new patients, Medifies helps them increase their revenue dramatically.

We have a subscription-based, SaaS B2B model that will also drive revenue from upsells of our other planned products (radiology, chemotherapy, dialysis, OB, elder care) and fees for setup, analytics, and 24/7 support. The platform is HIPAA-compliant and uses bank-grade security. We do not display any PHI or PII, and the patient invites their family members, protecting those patients' privacy and the hospitals security. Medifies is simple and intuitive to use by both family members and healthcare staff.

Fun fact: The concept is from the Chief of Surgery at Sutter, a co-founder and investor who has known the CEO since 6th grade!

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Traction

  • Children's Hospital of New Orleans wants Medifies Pre-op to stem their 31% no show rate. $380k/yr bid accepted.

    June, 2018
  • Growing fast! Medifies has hired a new operations manager, 2 new territory sales directors and 2 customer success people in last month.

    June, 2018
  • Live with first Tenet hospital. 3 year contract - already paid $78k. Tenet is 84 hospital and 450 surgicenter system, NYSE traded.

    May, 2018
  • SaaS software sales expert, Joel Carabello joined the Medifies Board of Advisors and doubles down on investment.

    March, 2018
  • Texas Children's Hospital requested a Statement of Work to begin the contracting process for a Medifies Radiology product.

    February, 2018
  • First Revenue! $78,000 check for 1 year up front for Doctors Medical Center (large Tenet hospital in Modesto, CA) three-year sales contract

    February, 2018
  • Conducted a day of workflow observation at Kelsey-Seybold to strategize Medifies implementation there

    October, 2017
  • Completed Texas Medical Center Innovation Institute Accelerator (4th cohort, digital health)

    June, 2017
  • Version 1 of the Medifies Surgery platform released

    February, 2017
  • Finished building MVP

    October, 2016

Pitch Deck

Press Mentions

Key Customers & Partners

Tenet Health Children's Hospital of New Orleans Texas Children's Hospital TMCx - Texas Medical Center Accelerator Capital Factory Launchpad Digital Health Startup Health Amazon Web Services

Testimonials

Erik Halvorsen, PhD
Erik Halvorsen, PhD
Director, TMC Innovation Institute
"Medifies helps hospitals get notifications to the family members of patients in their care. Their first product is for families of patients in the OR. Speaking from a lot of experience going through surgeries with my daughter, including one at Boston Childrens just last month, the anxiety felt in the waiting room and the ridiculous lack of communication is frustrating. This is a pretty cool and simple approach you guys want to check out."
Carin Sarkis
Carin Sarkis
Dir. of Business Dev., Doctors Medical Center
"I brought Medifies to our Administrative Meeting with the CEO and the group agreed that this technology would be a great fit."
Dr. George Bisset
Dr. George Bisset
Chief of Radiology, Texas Children's Hospital
"Medifies has risen to near the top of our priority list."
Dr. Robert Rothstein
Dr. Robert Rothstein
VP of Medical Affairs, Johns Hopkins Hospital
"I would like to introduce you to Nate Pagel, CEO of Medifies, a company that has a pretty nice product helps communication from the OR to family and friends waiting for a loved one. Nate and his folks demonstrated this to me while at Suburban/Hopkins."
Bonnie I.
Bonnie I.
Family Member of Patient
"My husband and I were here doing a similar procedure a month ago, we could have really used Medifies. At least we got to use it this time, and it was so great to know what was going on the whole time, even if I went to the bathroom or dining hall to grab something. Thank you Medifies!"

Frequently Asked Questions

How big is this?

Total market for all products in the platform is $15B in the US alone.

Where will Medifies be in three years?

Operating room communication is only the first step for Medifies. The product roadmap includes tools for communicating throughout the entire perioperative cycle, as well as products for other procedes, like radiology, chemotherapy, and labor and delivery.

Who is your competition?

The market for a provider-to-caregiver communication is nascent; most tools focus on doctor-to-patient communication. The closest solution to Medifies is EASE, an app that allows nurses to send photos of patients in surgery and type free-text updates which disappear after 60 seconds. Two other solutions are Medicend, which is similar to Medifies but without our traction or patient acquisition ROI, and Mutare Health, which is patient-focused but has a small family add-on option.

Can Medifies be integrated with any EMR?

Yes. We've heard different opinions from executives; some want us to integrate with an EMR to streamline the process, while some want to avoid EMR integration to go live sooner and keep implementation simple. Our CTO has significant experience with both FHIR and HL7 integration protocols, and we can integrate with an EMR upon request. For example, Texas Children's Hospital is paying for us to integrate with their Epic implementation.

What is your competitive advantage?

Our experienced team is perhaps our biggest competitive advantage. We are also "mobile-first," and we have an IP plan that includes light AI around "comfort messages" for family members. Our patient acquisition ROI model--which is very important to healthcare providers--is unique, and we enjoy a natural network effect as caregivers sign up.

Any comparable exits?

The head of business development (Carin Sarkis - our champion) for the first Tenet hospital in which we are currently live (with her budget) said to me that the first hospital that InQuicker sold to was in fact her hospital and InQuicker then went from that one hospital to being bought for (made available to by corporate in Dallas) all 89 hospitals in the Tenet network within two years; then within three years it was required for all 89 tenet at hospitals by Tenet corporate. The next year that company, InQuicker, was bought by Stericycle.

Risks & Disclosures

This is a startup company. While the CEO has sold several companies before, with acquisition prices totaling $1.4 billion, and a ROI of 122x in one deal in particular, past success is no guarantee of future performance.

Medifies expects you to be an accredited investor as such term is defined in Rule 501 of Regulation D under the Securities Act. Medifies wants you to know that that this financing instrument and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available.

You would be purchasing this instrument and the securities to be acquired by you for your own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and you should have no present intention of selling, granting any participation in, or otherwise distributing the same. You should have such knowledge and experience in financial and business matters that you are capable of evaluating the merits and risks of such investment, are able to incur a complete loss of such investment without greatly impairing your financial condition, and are able to bear the economic risk of such investment for an indefinite period of time.

The CEO, his co-founder and 3 board of advisor members (and several other accredited investors) have invested under the exact same terms as are offered here.

Documents

Confidential

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