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What problem does your solution solve?
The problem is that heart disease is the leading cause of death worldwide, and doctors misdiagnose nearly 1/3rd of patients as not having heart disease.
The customer pain point is that doctors currently lack the technology to provide their patients with accurate diagnoses in a cost-efficient and time-saving way. Most of doctors' current evaluation methods are limited to time-consuming manual spreadsheets that are often inaccurate because they rely on analysis of features such as cholesterol, blood pressure, or blood sugar individually.
Our solution addresses this problem by using deep learning to analyze relationships between multiple medical metrics and obtain extremely accurate results in under 5 minutes. We use a novel software framework that achieves 99 percent accuracy on test data.
Our solution offers greater accuracy and new technology that makes it easier for doctors to benefit their patients, save time, and make more money by seeing more patients in less time.
What’s the market potential for your solution?
Our entire target customer base consists of cardiologists, geriatric specialists, internists, and hospitals. In the US, there is an estimated total of 31,890 cardiologists, 7500 geriatricians, 93,655 general internal medicine practitioners, and 5534 hospitals. This represents the total size of our target customer base.
The market for healthcare enterprise software is currently valued at approximately $4 billion, and is projected to grow to $8.2 billion by 2020. Artificial intelligence-based prediction software is a huge subset of this market, as growth is expected to reach $6.6 billion by 2021 -- a compound annual growth rate of 40 percent. This is indicative of the high market potential for Qardian Labs.
Who are your customers?
Our customers include cardiologists, geriatric specialists, internists, and hospitals. The doctors who buy our software will use it as a second-opinion heart disease risk assessment that can save time and pave the way for improved patient outcomes. We are a business-to-consumer business. Our software is designed for consumers to use directly, with a friendly interface that enables a doctor to enter a file of patient data and run the algorithm with the click of a button.
How will you reach your customers?
We will reach our customers primarily through inbound marketing in the following three ways: 1) advertising in scientific journals that focus on cardiology, 2) marketing our software at conferences / trade shows with a primary focus on heart disease diagnosis or medical data analytics software, and 3) creating content tailored for each of the three stages of the inbound funnel. To raise top-of-funnel awareness, we will prepare a social media campaign through LinkedIn posts that introduce potential customers to the general mission of Qardian Labs. Our middle-of-funnel content will place more emphasis on how the software works and the ways that our product can benefit doctors directly. Finally, for bottom-of-funnel content we will promote the scientific research paper, and offer software demos for customers who are interested. We will also optimize our website SEO to make it maximally discoverable.
How will you make money?
We will generate revenue from cardiologists, geriatric specialists, internists, and hospitals looking to benefit their patients, save money, and save time. Each part of our target market will buy the same product - the HEARO software package which contains a graphical user interface for a doctor to upload patient information, click a button, and receive results in under five minutes. We charge individual doctors $49 for the full software package, which is less expensive than most potential competitors’ products. Our future plans involve developing a recurring revenue stream by moving our software to a cloud-based platform and charging customers a monthly subscription fee.
What will your expenses include?
All our expenses go towards marketing the software and reaching our customers. We plan to exhibit at MedTech trade shows, which connect medical software producers with doctors, hospital executives, and potential business partners. The exhibitor fees for these conferences vary from $400 to $2000. In addition, we are looking to hire a software distribution company such as BulletinHealthcare to deliver official marketing newsletters to doctors within the American Medical Association, American College of Cardiology, and the American College of Chest Physicians. They charge between $10,000 and $20,000 for three to six months of advertising campaigns and medical association briefings.
Who is your competition and how do you differ?
Our competitors include other artificial intelligence-based diagnostic companies such as Ultromics, Bay Labs, and DiA Analysis. What sets us apart is our novel technology, software accessibility, and use of data. HEARO uses a new type of deep learning framework that achieves 99 percent accuracy - outperforming previously published results.
One problem with Ultromics and Bay Labs is that their products are not available for doctors to use. While we continue to develop and improve our software, HEARO is currently accessible to doctors.
Another of our advantages is that our software makes predictions based on 13 numerical metrics, unlike other companies which focus on image-based evaluations. The problem with image evaluation is that it can often be unreliable and inaccurate -- studies have shown that changing one pixel in a test image can result in wrong results. Using numerical data can be more reliable, especially given that our software already achieves 99 percent accuracy.