Aja Health Engr245 2017
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business model, customer development, e245, engr245, lean launchpad, lean startup, stanford, startup, steve blank
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Aja Health Engr245 2017
- 2. Aja Health MS Data Science, MBA MBA, MA BS, MS Computer Science MS Electrical Engineering, MBA Founder Original3 Inc
- 3. Our end customer was insurers. We assumed that buy in from patients and physical therapists were means to that end Adherence = Outcomes 25% Surgery Reduction Custom Hardware
- 4. Throughout Lean Launchpad we have made a number of pivots towards our final position 1 2 873 4 65 9 15 27 44 58 68 78 88 104 112 Athlete Pivot Clinic Pivot Text Message MVP Platform Pivot Works Comp Clinic Text Messages Interview Count “Aja has left the building”
- 5. Channels • Insurers : Direct sales
- 6. Robert Pearl – CEO Permanente Group
- 8. Throughout Lean Launchpad we have made a number of pivots towards our final position 1 2 873 4 65 9 15 27 44 58 68 78 88 104 112 Clinic Pivot Text Message MVP Platform Pivot Works Comp Clinic Text Messages Interview Count Athlete Pivot
- 9. After limited interaction with insurance companies we pivoted to PT for athletes Insurers • Lack of statistical evidence Athletes • Regularly need PT and are motivated • Lie about recovery to re-enter play faster • Want quantitative measures of progress
- 11. Dr. Joel Press – Medical Director of Rehab Institute of Chicago
- 13. Throughout Lean Launchpad we have made a number of pivots towards our final position 1 2 873 4 65 9 15 27 44 58 68 78 88 104 112 Clinic Pivot Text Message MVP Platform Pivot Works Comp Clinic Text Messages Interview Count Athlete Pivot
- 14. We found that PT clinics are very insterested in increasing adherce, something AJA health specializes in Athletes • Want progress data from at home exercises • Athletes meet with their trainers daily Clinics • Interested in differenating themselves • Incentives aligned with patient outcomes • Reponse rates were >75%
- 15. Throughout Lean Launchpad we have made a number of pivots towards our final position 1 2 873 4 65 9 15 27 44 58 68 78 88 104 112 Clinic Pivot Platform Pivot Works Comp Clinic Text Messages Interview Count Athlete Pivot Text Message MVP
- 16. Clinics owners showed immediate interest in our text messaging solution o Immediate Testing: Utilizing a text message service and manual data roll ups and manual message sending o Foot in the door: The MVP provides us with access to those at clinics who have purchasing power o Free for patients: A free MVP allows us to test adherence hypothesis isolated from cost
- 17. Throughout Lean Launchpad we have made a number of pivots towards our final position 1 2 873 4 65 9 15 27 44 58 68 78 88 104 112 Clinic Pivot Platform Pivot Clinic Text Messages Interview Count Athlete Pivot Text Message MVP Dot Demo
- 18. With the success of the text messaging Aja Health became a platform Passive tracking device that provides quantitative measures of adherence Low cost solution proven to increase patient engagement and appointment attendence Clinic, physican, and patient level metrics that differentiate skill and predict aherence and outcomes
- 19. Using MVP contacts we were able to demo the Recovery Dot hardware and gauge interest levels Patients preferred the Recovery Dot due to its “hands-off” nature – provided it was covered by insurance Clinic owners and therapists responded positively, but preferred the text message solution for its immediate value
- 20. Throughout Lean Launchpad we have made a number of pivots towards our final position 1 2 873 4 65 9 15 27 44 58 68 78 88 104 112 Clinic Pivot Platform Pivot Interview Count Athlete Pivot Text Message MVP Dot Demo Workers Comp
- 21. “You guys are missing the forest through the trees” -Dr. Lehman Worker Comp Market • 45.5 B Market • Strong interest in adherence • Value straight to bottom line for insurers
- 23. John Cole – Cincinnati Insurance
- 25. We forgot week 1’s lesson
- 26. Throughout Lean Launchpad we have made a number of pivots towards our final position 1 2 873 4 65 9 15 27 44 58 68 78 88 104 112 Clinic Pivot Platform Pivot Interview Count Athlete Pivot Text Message MVP Dot Demo Works Comp Clinic Text Messages
- 27. Dynamic messaging engages patients and increases their adherence and enagement Utilizing the familar SMS platform there is no learning curve Our solution provides visibility into which patients are adhering to their prescribed regime Automic roll ups of patients adherence allows therapists to know where their patients are on the road to recovery
- 28. Updated and accurate information based on interviews $6M . Annual Net Profit 22K Monthly Clinic Revenue Increase $2 Monthly Cost Per Patient Per Clinic 600 Clinics Serviced
- 29. Assumptions we made and gaps that we filled in by getting out of the building
- 30. Updated and accurate information based on interviews TAM: 3B SAM: 660M Initial Income •Year 1: 495K •Year 2: 990K •Year 3: 3M • TAM data generated from intereviews with Performance Health • SAM is based off our finanical model pricing text message services at $2 / patient / month • Average 550 patients / clinic / month • Sales Projections – Clinic Totals • Year 1 – 75 • Year 2 – 150 • Year 3 – 450 • Conservative margins 50%+
- 31. Customer acquisition and retention plan and relevent metrics for Aja Health Get Keep Grow • Clinic lifetime of 5 years with 250 annual patients • Up-sell patients on in-app purchases • Sell more devices that feed into platform • Database of compliance for individual PTs • App personalization for individual clinics • Analytics for best interventions • Sales are at the clinic level • Foot in the door with text messaging • Value of product must be signed off by therapists CAC: 2.3k Churn: 3% LTV: 75k
- 32. An illustration of our learning throughout Lean Launchpad