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MEDININ

https://bit.ly/36rc2Ko

India, Karnataka
Market: Medicine, Another, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 12.11.2019
Min investment
$  400.000
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Total required
$ 1.500.000
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Idea

THE SITUATION :
It’s exponentially harder for doctors to manage their healthcare practices...

OUR SOLUTION
Medinin, an Ai powered multi-user enterprise mobile application for healthcare makes managing your patients/clinic/hospital/diagnostic lab as easy as pie! Using face scan, our patient recognition algorithm helps doctors to search and access new patients quickly. The app is built on a unique layer of unified users to connect all healthcare professionals under a single mobile application where the features change based on the user logging in.

Current Status

We have successfully built our enterprise mobile application and launched it on play store on Aug15th, 2019. Currently working on the iOS version...
Our sales intern has met more than 100 doctors last month and the install ratio is above 80%. We have gotten a positive validation and there is definitely a big market for this, given more resources, growth traction can be achieved quickly.

https://play.google.com/store/apps/details?id=com.medinin.medininapp

Market

The global healthcare market is predicted to increase to US$ 10 Trillion by 2022.
Both India & the U.S are also experiencing 22-25 per cent growth in medical tourism and significant scope for enhancing healthcare services considering that healthcare spending as a percentage of Gross Domestic Product (GDP) is rising.

Demographics -
PEOPLE AGED 18-40 YRS
PRIVATE DOCTORS
TIER 1 & 2 HOSPITALS
PHARMACY COMPANIES
INDIVIDUAL CLINICS

Problem or Opportunity

1.)THE SITUATION :
It’s exponentially harder for doctors to manage their healthcare practices...

2.)MORE SPENDING ≠ BETTER HEALTH :
Healthcare spending is increasing globally...
but,

Solution (product or service)

OUR SOLUTION :
Medinin, an Ai powered multi-user mobile application for healthcare makes managing your patients/clinic/hospital/diagnostic lab as easy as pie! Using face scan, our patient recognition algorithm helps doctors to search and access new patients quickly. The app is built on a unique layer of unified users to connect all healthcare professionals under a single mobile application where the features change based on the user logging in.

Competitors

There was no direct competition as of yet. Also, none of the competitors except Zocdoc is an indirect competition to Medinin in terms of some features.
Other smaller competitors include- healthtap, practo, dr.on demand, docsapp...

Advantages or differentiators

WHAT THEY PROVIDE : (Zocdoc, healthtap, practo, dr.on demand, docsapp..)
appointment booking + chat/video consultation

WHAT WE PROVIDE :
appointment booking + chat/video consultation + patient management + vital, drug & records management + follow-up SMS + symptom diagnosis + 3D anatomy + clinic & lab management + patient recognition(using face scan) + conditions library + A.I image radiology + medical forms

WHAT THEY CHARGE : (Zocdoc......
$ 300 /Month/physician

WHAT WE CHARGE :
$ 300 /Year/physician
$25/m is completely justified if we retain just one patient a month since the copay is $25...


THE MEDININ DIFFERENTIATOR -
OTHERS: Online booking (Focus on creating an online hospital)
MEDININ: Personal A.I assistant (Focus on assisting the doctors, patients...)

Finance

SUBSCRIPTION : (now)
$ 300 /Year/physician
$25/m is completely justified if we retain just one patient a month since the copay is $25...
New York ranks second in the United States for its number of doctors (48,960 active physicians) practising in the state per 100,000 population, a New York Public Interest Research Group report shows.

Business model

1.)KEY PARTNERS :
Doctors, Hospitals, Clinics, Diagnostic Labs...

2.)KEY ACTIVITIES :
Smart Health Suites, Marketing, R&D...

3.)VALUE PROPOSITION :
A.I Patient management, Symptom diagnosis, A.I Medical Image analysis, Patient recognition (using Face Scan), 3D Anatomy models, Unified ecosystem, Simple UI/UX...
- Use AI for doctors' clinical paperwork
- Use machines to reduce errors
- Harvest data to improve outcomes

4.)KEY RESOURCES :
Patent-pending Patient recognition algorithm, Brand Trademark...

5.)CUSTOMER RELATIONSHIPS :
- Self-service
- Friendly face-face conversations

6.)CHANNELS :
Mostly Online channels...

7.)CUSTOMER SEGMENTS :
Any doctor that needs to manage their individual practice or personal patients. That's almost nearly every doctor.

8.)COST STRUCTURE :
Servers, Smart Health Suites, Marketing, R&D...

9.)REVENUE STRUCTURE :
Basic Subscription - Free
Premium Subscription - $ 300 /Year/physician (unlimited storage and advanced features)


ECONOMICS OF SCALING : (later)
Opening our own SMART HEALTH SUITES (on rent basis) will allow us to offer full-time out-patient services(both walk-in & online) to MBBS certified doctors under one roof. This will also allow us to give out-patient services for less than our partner hospitals make

Money will be spent on

We are looking for $1.5M in seed funds to finish development of our modules, hire new staff and launch a powerful marketing campaign.
- iOS version of the Medinin app ( 20k )
- Constant work on feedbacks & New features release ( 200k)
- Hire new team members ( 550k )
- Find and establish cooperation with a PR agency with street cred.
- Launch a powerful marketing campaign to enrol new hospitals, patients and care teams to Medinin platform ( 100k )
- Opening our first Smart Health Suites (100k)
- Opening our next Smart Health Suites... (530k)
- Expansion to a new city by the end of the year

Team or Management

Risks

There is a huge rick that our product concept can be copied by others. It won't be simple but it's better for me to scale faster in order to avoid these kinds of risks

As for our competitors, we don’t fear Zocdoc or others. I spoke to a junior executive at Zocdoc who I got matched on LinkedIn and apparently they want to become more mobile, but they see no risk to their existing way of service.
Nobody cares for them, but Apple Healthcare in iPhones is another service health tech companies should be worried about...

Photos

Photo 1 - https://bit.ly/36rc2Ko
Photo 2 - https://bit.ly/36rc2Ko
Photo 3 - https://bit.ly/36rc2Ko
Photo 4 - https://bit.ly/36rc2Ko
Photo 5 - https://bit.ly/36rc2Ko
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
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Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
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