Sramana Mitra: What about disease-specific or more demographic-specific?
Jas Grewal: I’ll take a disease-specific example. In our latest presentation, we followed 12 years of data for cardiology patients. One of the really surprising findings was that 58% were women. It is seen as a man’s disease but, at the same time, it’s known as a silent killer in women. There’s a huge bias towards a high percentage of women having heart disease especially after the age of 50. That was surprising to us.
If you think about it, it should be pretty close to 50/50. Women are much more likely to have heart disease after 50 and the onset is very sudden. It doesn’t have the typical symptoms of agitation or hypertension that you would see in men. In women, it’s more subtle. It has this acute onset.
Sramana Mitra: That gets us familiarized with your hospital use case. One last question on that one, how do you charge these hospitals?
Jas Grewal: When we engage with the hospital, we go into an exercise for the first three months, which is our implementation exercise. That’s on a fixed fee basis. That is based on the scope or size of the hospital. That’s a one-time fixed fee to implement the technology over 12 weeks. Once it’s all integrated, we are pulling data from the electronic health record and from all the third parties. Then they have a monthly fee.
Sramana Mitra: Aside from the setup side, it’s a traditional SaaS model.
Jas Grewal: Yes.
Sramana Mitra: What about large health systems with multiple sites? What scale of annual contracts are we talking?
Jas Grewal: That’s a complex question to answer. It depends on two big factors. The first factor is, what are they buying from us? Are they buying the risk and the advanced analytics? Are they also buying the patient engagement where we have this messaging service that automatically reaches out to patients and directs them to what patients should be doing.
Interestingly, patients are the most underutilized resource of healthcare. This is a very big statement that has been bouncing around. How do you engage patients in their own care? The second factor is size. Our smallest customer is $80,000 a year. One of the larger customers is a $1.2 million contract.
Sramana Mitra: Is there any benefit to doing another use case on the provider side or should be go to the payer side?
Jas Grewal: The most important use case on the provider side is around automation. Let’s say that somebody is at a high risk of hospitalization for the next 30 days. It’s identifying those patients and starts reaching out to patients to do certain things through text messaging and phone calls. It’s aligning the nurse in the hospital and the social work in the hospital and saying, “We will reach out to the patient most of the time. We’re automating a huge piece of that.”
We are reaching out to 100% of the patients. There’s no fall through. Most of the activities are completely automated. In 70% of the cases, nobody has to even push a button. As a patient gets discharged, we know that the patient got discharged. We understand the risks. We start communicating with the patient using natural language. We did a survey where 93% of the patients couldn’t even tell that the text message was generated by a machine.