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Medifies

Medifies

Digital Health SaaS with revenue. Live with large hospital customers. CEO has 4 exits for $1.4B.

This company and others may be fundraising.

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Company Overview

Medifies is now live with paying hospitals (and surgeons, nurses, patients and their loved ones) with a secure, HIPAA-compliant SaaS platform than enables healthcare providers to keep families in the loop as medical procedures progress, with pre-written messaging, giving families 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.

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  • Currently, surgeons 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 and improving family, patient and surgeon satisfaction.
  • $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 - from existing patients family and friends, 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, text, multiple language and 24/7 support. The platform is HIPAA-compliant and uses bank-grade security. We do not display any PHI or PII publicly, and the patient invites their family members, protecting those patients' privacy and the hospital's 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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KPIs

9 Employees
$85,000 Sales
4000 Users

Pitch Deck

Traction

  • 3 New hospital sales for early 2019 go-live. 1 from a 64 hospital system and 2 Ascension (130 hospitals). Cash flow positive after that.

    October, 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 hospital. 3 year contract - 64 hospital and 450 surgicenter system.

    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! Check for 1 year up front from a large hospital with a three-year sales contract

    February, 2018
  • 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

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."
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!"
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