Jas bootstrapped CareSkore with a paycheck and then was accelerated at YCombinator. The company rapidly scaled to over $5 million in revenues in 2016 selling a patient relationship management to hospitals and insurance companies. It’s a great window into a segment of Healthcare IT!
Sramana Mitra: Let’s start by introducing our audience to CareSkore.
Jas Grewal: The product that we’re bringing to market is called personalized population management. We are going after the population health market. There’s a lot of reasons why that segment is emerging at a really fast pace. It has a lot to do with what kind of outcomes we expect from this country from a clinical standpoint. Our spend is, as a country, really high. We are touching almost 30% of GDP. That has given birth to the population health market.
How do you identify at-risk patients and help them? What’s interesting about CareSkore is we place a lot of emphasis not on doing top-down analysis, but really understanding the risks at an individual level. We are using a lot of machine learning and data science to understand the risks at the patient level and help them coordinate care with their providers and physicians so they can address and mitigate some of those risks.
Sramana Mitra: How do you go to market? To whom are you selling this solution to?
Jas Grewal: From our side, there are two customer segments that we’re focusing on. The first customer segment is providers, which includes large health systems like Texas Medical Center. These are big groups of providers. We also have physician practices like cardiology or they’re in an accountable care setting. Our target initially was the provider market because that’s where most of the risk is. The second segment that we sell into are insurance companies.
Sramana Mitra: I’d like to understand in quite a bit more detail, especially in more visceral detail, how these customers use your technology and what is the outcome. Let’s maybe do three use cases. I’d like to do a couple of hospital/provider systems, and I’d like to do one insurance company.
Jas Grewal: Let’s start with a typical hospital. We’re working with a 300-bed hospital in Chicago. They want to understand, for the patient population that they’re seeing over the last six years, which patients are at risk for things like re-admission or infections. We have three different categories of risk that we are looking it. We are looking at clinical risk, which includes re-admission, hospitalization, chances of sepsis, chances of a fall.
We are also looking at compliance risk. From a compliance standpoint, we are looking at things like if they’re going to show up for their appointments or if they’re going to take their medication. Finally we also look at the propensity to pay. Do they have the financial structure in place to access healthcare? Do they have insurance? Once you understand the different risks, then you can pair them up to clinical pathways and say, “Based on this history, these are the things that we should do for this patient after they are discharged from the hospital.” From a hospital standpoint, they think of us as a CRM system.