Health IT Startup: eVisit

Bret Larsen

eVisit is the telemedicine software platform for physician’s offices. Its cloud-based SaaS application allows physicians, PAs and NPs to evaluate and treat their existing patient population remotely, via webcam interaction. Unlike competitors, eVisit is the only platform for providers, designed to allow telemedicine reimbursement from third party payers. eVisit can increase patient flow up to 300 percent; and can decrease “no shows” by 80 percent, allowing a practice to recover up to $120,000 a year.

Elevator pitch

eVisit is telehealth software that enables providers to increase patient flow and revenue, while providing convenience to their patients with online treatment.

Leadership team

Bret Larsen, Co-Founder, CEO. Glen McCracken, MD, Co-founder, president.

Marketing/promotion strategy

We are actively marketing through strategic channel partnerships and product integrations.

Market opportunity

The Primary Care Market generates $135B/year in revenue with a CAGR of 2.6 percent. It employs 745,642 (246,090 physicians) over 130,526 medical practices; 90 percent of primary care physicians operate in SMB medical practices, our target segment (IBISWorld). This segment represents a $9.99B/year addressable market (221,481 buyers x $1,200) + ($121.5B  x 8 percent billing fee).

How your company differentiates itself from the competition 

Competitors offerings include B2B models with value propositions of lowering costs, B2C models offering convenience or enterprise hardware and software (none offer physicians ability to bill a patient’s insurance, the doctor-patient relationship is non-existent and patients are being asked to pay more).

Business model

Healthcare practice sign up on a subscription that is charged on a per user, per month fee of $99.

Current needs

We are currently raising our seed round of investment ($1M) and actively looking to hire talented developers.

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Take Notice: Rock Health Is Building Useful Things and Helping Solve Many Problems in Healthcare

In the land of health IT, innovation is power and those that control it king.

There’s no status quo here. Resting on your laurels, despite all of the industry standardization related to efforts like meaningful use, will get you no where.

As several vendors are discovering that just because they’ve had products in the market for 20 or 30 years doesn’t mean they’ll be in play forever. We’re in the health 2.0 era. Heck, we’re in the era where even the federal government has entered the open source environment.

As such it’s great to see such a resource like Rock Health dedicating itself to the health IT entrepreneur. If you haven’t checked it out yet, you need to do yourself a favor and take a few minutes to familiarize yourself with its site. Then, you need to forward some of the information featured there to all of your entrepreneurial friends.

Not to sound like a commercial for the service, but it’s hard not to since some of the things going on here are pretty incredible. Actually, this is the kind of thing that happens in a country like ours when leaders, innovators, entrepreneurs, creative folks, business minds, a little money and some passion mix.

The cocktail that commences is Rock Health.

So, what is Rock Health?

It’s an accelerator exclusively for health start ups providing capital, office space, mentorship and operational support to entrepreneurs working on ideas in health. As a nonprofit, Rock Health looks for product-centric ideas that solve real problems in healthcare; “Products can be in the form of web or mobile apps, services, have a hardware or sensor component, and should be early and pre-VC funding.”

Ideas can be of anything as long as it solves a healthcare problem.

For those start ups bidding to participate in the Rock Health program, the selected start up receives a $100,000 investment offer from a VC group for an ownership of between 5 and 10 percent.

Other great Rock Health offerings (found on its site and free for everyone) include an interactive funding database that provides the public with sources for potential healthcare start up funding; videos that teach the unknowledgable upstarts almost everything they need to know about topics like marketing, creating boards, accounting, HIPAA, fund raising and dealing with the FDA; healthcare event listings; a great start up handbook that provides legal and financial advice (it’s comprehensive and overwhelmingly impressive); and finally, perhaps my favorite bit of information offered: interesting health facts that once learned will impress everyone, including your closest and most cynical friends.

You get the point.

Rock Health is more than an incubator and a disruptor for health IT — established vendor giants should be concerned about efforts like this — it is the future of innovation in the space, and if you haven’t taken notice, you should.