Team
The company was founded by Dr. Renee Dua and Nick Desai, a tech entrepreneur, in 2014. The CEO of the company is Nick Desai, who is known for numerous successful start-up business projects. The information technology team works under the leadership by Jason Shafton, a technology, and media specialist, who previously worked for Google. The main body of a company consists of independent practitioners who provide their services through the application. Heal has a strict selection policy for affiliates who want to be available for booking.
The vision and mission of the company are stated on their website, with a clear focus on the availability of medical care. The team continually recruits new doctors with various specializations whose goal is to provide high-quality care for patients at home. Nowadays, the company has over 100 physicians and a total of more than 250 workers across the United States. Moreover, the company hires medical assistants who are paired with doctors to reduce the technical work the doctors have to perform. The structure of Heal gives physicians a significant room for independent action, while providing them with all the tools necessary to meet their customers’ needs.
TAM [Total Addressable Market]
The primary market on which the company operates is on-demand health care, which experiences high demand nowadays. The secondary market is telemedicine, which is more saturated and competitive. Both markets are experiencing an unprecedented rise in demand and in investments. The company’s services are available in a number of states, including California, New York, New Jersey, Georgia, Virginia, Washington, Maryland, and Washington D. C. (Wilson). The market for in-house doctor visits has a low number of competitors, and those who are present on the market are more focused on specific problems, such as Well Woman or House Call Doctor.
Although the number of competitors on the telemedicine market is higher, the company has an advantage there due to the integration of its services with IoT. The company’s doctors are available to over 100 million Americans of all ages in the selected states (Dotson). Heal recently purchased one of its competitors, Doctors on Call, which operated in New York. It aims to further increase its customer base and gives a projected growth to $100 mil/year in revenues by the end of 2021 (Get Heal and Dua Medical Inc. 2). Having built a solid foundation, the company continues to expand its reach to other U.S. states through investments.
Technology
The company uses a unique service model, which became popular due to the success of Uber Technologies, Inc. The rapid growth of the company is linked with both disruptive technology and business model that are involved in its operations. Heal implements the newest technologies, such as wearables that record biometrics, into healthcare in order to monitor all health-related data of its patients. It relies heavily on the Internet of Things technology and makes use of automated assignments through deep learning and artificial intelligence.
The application allows patients to easily schedule doctor visits, monitor their health status, and get immediate answers to health-related questions. In turn, the doctors can gain access to a wide array of options that help them to connect with their patients, check their appointments, track their healing process, and give recommendations on the fly. The business model was created from the deficient quality and quantity of healthcare services provided by clinics and hospitals. Wilson states that “mobile care model also may prove to be an effective way to provide services to a growing senior population.” Being one of the first firms in this market, Heal has a definite advantage due to its clever use of technology and human resources.
Trends
The technological shift to mobile devices and applications allowed numerous companies to launch successful start-ups. Moreover, the U.S. healthcare system has been completely upgraded to electronic health records, which enable persons and companies to access in-depth data about patients’ conditions and illnesses. Medicare rule changes, which were implemented in the past two years, removed restrictions on patient calls and enabled remote patient monitoring (Get Heal and Dua Medical Inc. 10). These policies allowed the company to expand its reach and access more patients through telemedicine.
Moreover, hospitals and clinics are experiencing a high number of patients, which inhibits access to timely care, leading to unsatisfactory results. The current situation with pandemics across the U.S. also has an adverse effect on the willingness of people to visit healthcare facilities, where they might get infected. Nowadays, Heal experiences a massive surge of customers who choose the convenient method of receiving medical assistance. People are accustomed to mobile services similar to what the company provides, which increases their disposition towards the application.
Traction
The healthcare market in the United States has been viewed as unwieldy and costly for Americans, which created perfect conditions for Dua and Desai’s start-up. Consumer demand for Heal healthcare services is on the rise since its foundation, as it reported a 310% growth of its customer base in 2019 (Rodrigues). Nowadays, the company’s benefit to customers is evident, as it indicates a 78% improvement of outcomes when comparing to clinical visits. Patients who use Heal’s services avoid a significant portion of spendings related to hospital visits, as the company’s automated system eliminates 65-70% of regular hospital expenses. Moreover, doctors are able to spend significantly more time with a single customer, increasing the quality of care.
Heal is partnered with several major insurance companies, such as Medicare, Blue Cross California, and United Healthcare. After being purchased by Heal, Doctors on Call implemented the Heal Hub application into its workflow, which increased its revenue by $4.2mil. The solution that the company provides is proven to be highly effective, and the number of companies who are willing to use it for their employees continues to increase. The primary channel for advertising includes social media, such as Facebook, and advertisements in application stores, such as Google Play and Apple Store.
Term
Get Heal, Inc. actively seeks new investors in order to expand its business and improve the quality of provided services. The company has shown a clear view on the pandemics problem and managed to improve its position on the market, significantly increasing its capital and attracting new stakeholders (Ellingson). Wilson writes that “Heal’s investors include Fidelity ContraFund, Bascom Ventures, Inflection Capital, IRA Capital, RLJ Equity Partners, Trans-Pacific Technology Fund, Lionel Richie and others.” Due to its rapid growth, Heal promises a 10x return of investment within five years (Get Heal and Dua Medical Inc. 2).
Recent policy changes, statistics from the past years, as well as an unexpected spike in demand due to the pandemics, guarantee increasing value of the company with little to no risk to its investors. With no royalties or penalties pending, Heal has a clear pathway towards further growth.
Works Cited
Dotson, Kyt. “In-Home Healthcare Network Heal Launches Telemedicine App for 102 Million Americans”. SiliconANGLE. 2020. Web.
Ellingson, Annlee. “L.A. Health-Tech Startup’s Doctor House Calls Spike during Coronavirus Crisis”. L.A. Biz. 2020. Web.
Get Heal and Dua Medical Inc. Intro to Heal. 2019.
Rodrigues, Nicole. “Heal Acquires Doctors on Call and Brings Award-Winning Doctor House Call Service to New York City”. Business Wire. 2019. Web.
Wilson, Linda. “Heal, a Medical House Calls Startup, Acquires Doctors on Call.” Healthcare Dive. 2019. Web.