Current Crisis in American Health System

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In 2019, the US healthcare system lost $935 billion out of its 3.8 trillion budget due to antiquated fax data collection technology. This same data collection technology crippled the American clinics and hospitals across the nation during the pandemic with incomplete Covid-19 test results. As many patients waited hopelessly for their Covid test results from LabCorp, their information was lost in the file transfer process.

 

At the same time, many non-Covid patients were turned away by their local hospitals due to shortages of resources and personnel. Instead of being transferred immediately to another facility for treatment, they had to wrestle with local health providers to obtain their medical records.

 

According to a recent Gallup poll, many Americans feel that the US healthcare system prevents individuals from obtaining and keeping their medical records. Instead of relying on the system, many people are seeking ways to gain control of their health records.

 

Recognize the Change in American Lifestyle

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Due to the current technological development, people can interact more readily than ever as a worldwide community. They are no longer confined to one location and regularly travel between nations for work and pleasure. However, it may be difficult to obtain access to these documents during health crises or emergencies due to time zone discrepancies. Even when data is transmitted, frequent administration blunders make the proper file transmission impossible.

 

What Is Global Patient Health (GPH)?

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Our answer to the existing flawed American medical system is Global Patient Health. This fully integrated SaaS cloud system allows patients to combine their personal information with other relevant medical records, including blood work results, surgical histories, x-ray pictures, and other vital medical records, into a single cloud database for easy retrieval and sharing.

 

How Does GPH Cloud System Work?

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To provide optimum privacy and security for the Global Patient Health cloud system, GPH includes all system files and codes on S3 storage, while Amazon Web Services provides a stable and safe environment for client data storage and database growth as a result of business development. In addition, AWS services have been incorporated to improve security and lower running costs. With this technology, customers may scan and upload their data to the cloud storage from any internet-connected device.

 

Product Interest

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The recent COVID-19 standard has altered many people's perceptions of the American healthcare system, and more individuals are regaining control over their health choices. O'Reilly (2020) states that around 27 million Americans will be uninsured. For these potential customers, having access to their medical records may be essential while they obtain alternative insurance. We are amidst a golden period for introducing clients to our solution.

 

Financial Analysis

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Although most individuals know the benefits of keeping their medical data in a centralized database, few people would be willing to pay a premium price for this service. For the Global Patient Health app to flourish, clients must be able to afford it. We aimed to charge approximately $10 per month as a starting point. This fee is extremely reasonable and represents the typical monthly movie streaming expense.

 

Short-Term Earning

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We began by estimating the first year's client base and growth. For the first year, we assumed we would enroll only 100,000 subscribers, which is a very modest estimate. This prediction assumes that the initial year will be focused on enhanced software development and marketing.

• Based on our team of 25 people, which include both development and operational members: $100,240/yr x 25 people = $2,506,000

• The estimated cost of operating the system on a cloud platform is $4,849,651.

• 100,000 customers with a $10 monthly subscription: $12,000,000

We estimated a first-year return of $4.6 million using these rough estimations. Although we must pay a premium for our app and security features up front, we do not anticipate our cloud and operational expenses to increase at the same rate as customer development.

 

Future Projection

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Similar to other subscription businesses, we must anticipate long-term costs and attrition. Based on data from the 2015 CRM Benchmark Report, churn rates in SaaS companies are estimated to be 15% (Campbell, 2019) but can be reduced by marketing and continual software upgrade and development. Assuming a conservative estimate, we anticipate that each customer's total lifetime value (TLV) will be $8.50.

 

Comparison with Other SaaS-Based Healthcare Service Providers

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We studied growth rates for healthcare businesses (The Top Healthcare Software SaaS Companies, 2020) and found similar companies, such as RedoxEngine in Wisconsin, to have consistently increased findings and income. Since their inception in 2014, RedoxEngine has raised over $95 million in seven years. (Crunchbase 2021) Like GPH, RedoxEngine has expanded its software products while keeping a small staff of fewer than 50 people. If GPH follows the trajectory of RedoxEngine, we expect LTV to rise due to the larger audience and additional choices we can provide.

 

Implications for Future

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Through this study, we've shown that the Global Patient Health Application provides a critical service and unmet need in the healthcare field. Nowadays, medical data is maintained by a health care provider and is subject to their current antiquate health record system. The health care provider has access to your information while it's stored in an EHR system because you gave it to them. GPH puts the control of patients' medical data back into their hands. Patients should control their health data, not medical professionals. Having all personal information centralized in a single location allows patients to make that information instantly available to any doctor at any time. Clients who travel frequently or have the potential to relocate domestically or internationally will benefit from this function.

 

We will be able to offer a product that not only evolves and grows with the customer but also one that may evolve and grow on the cloud without increasing overhead expenses by utilizing the cloud. We believe that the GHP platform has a real potential to change how healthcare information is accessed and used by patients all over the world and hope you will join us on this journey.

References:

The Top Healthcare Software SaaS Companies, 2020. (n.d.). Retrieved April 12, 2021, from 

 Crunchbase. (2021). Redox | Crunchbase Company Profile & Funding. Retrieved April 13, 2021, from