business strategy for nursesgetitdone summer 2011
DESCRIPTION
Business Strategy for NursesGetItDone Summer 2011. What's Hard about Nursing. During a shift, mini-deadlines (do everything on time!) Meds on time Follow up on labs, tests, MD orders Patient/family education pre-discharge Avoid pressure ulcers: turn the patient every 2 hours - PowerPoint PPT PresentationTRANSCRIPT
Business Strategy for NursesGetItDone
Summer 2011
What's Hard about Nursing• During a shift, mini-deadlines (do everything on time!)
– Meds on time
– Follow up on labs, tests, MD orders
– Patient/family education pre-discharge
– Avoid pressure ulcers: turn the patient every 2 hours
– Diabetes: check blood sugar, give insulin before meal
– Pain meds working?
– Pre-op prep (antibiotics, site prep, NPO)
– Many, many more
• So much to remember! (Don't forget anything!)
• Time management (tackle first what's most important)– Anticipate bottlenecks
– Optimize and combine, e.g. trips to supplies room
– Delegate
– Keep the big picture
NursesGetItDone
An iPhone app – Quick overview:• Time management for inpatient hospital nurses• To-do lists with timing information
– Knows when tasks are due
• Lists are fine-tuned– For each type of hospital unit (med-surg, rehab, skilled
nursing, long-term care, perioperative, maternity, etc.)– For each hospital
• Reduced stress staff nurses
• Improved safety patients
• Less overtime hospital financials
• Bottlenecks anticipated charge nurses
• New data managers, researchers
The NGID Value PropositionThe NGID Value Proposition
value
value
value
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value
Target Customers
• Tier 2: Hospital nursing managers– Buy a package: software, training and support
• Both tiers subscribe, to get:– Shared “shift definitions” (fine-tuned to-do lists)– Social networking (nurse heroes)– Work diaries
– individual and aggregate– on-line database
• Tier 1: Nurses- Buy the app for themselves
Business Model• Revenue from unit sales
– Proposed price: $25/unit
• Ongoing cashflow from subscriptions– Proposed price: $1.99/mo
• Tier 1 sales channel– Apple iTunes store – collects the money
• In the store (units)• Automatic “in-app” (subscriptions)• Takes 30%
• Tier 2 sales channel– Direct sales (we visit sites, train, support)– Medical supplies distributors
Market Size
• 2.7 million working RNs– Next: LVNs, LPNs, PTs, OTs, RTs
• 5,800 hospitals– Next: Additional nursing units in each– Next: Extended-care facilities
Customer Acquisition
• Nursing culture of mutual assistance– One nurse solves a problem, shares the solution with another.– Example: paper “brains” nurses have traditionally used.– Nurses who create them are team workers and share them.– Enlightened managers recognize these efforts.– Hospitals elevate them to best practices.
• Shared shift definitions via the web portal– Social networking component drives rapid acceptance.
• Nurses getting their work done faster, more safely, more completely, and with less stress, are powerfully motivated to adopt this tool.
User Adoption Model
1.RN buys NGID + subscription
2.Selects a shift definition, uses it on a shift
3.Fine-tunes the shift definition
4.Evangelizes it to co-workers
5.Co-workers buy NGID + subscriptions
6.Entire unit of RNs use NGID on their shifts
7.Hospital buys package/volume licenses
8.Shift definition tuning proceeds iteratively
9.Value to institution grows
Secondary Marketing Channels
• Web-based promo– Share-your-brain contests, brain museum, nurse
manager’s blog– Email blasts
• YouTube videos of safe, productive nurses• Google AdWords• Booths, presentations at nursing trade shows
– RN continuing education on time management
• Training (nursing schools, professional tutorials)• Outreach through nurses’ unions
Sales Forecast
Time and Money
• Start-up costs: $250,000
• Estimated time to breakeven: 1 year
• Estimated deepest red: -$200,000
Money In and Out
• Angel investment received to date:– $40k in hand
– $9k spent leaves $31k
– $167k still needed($198k - $31k = $167k)
• To be spent on:– $60k Development Director
– $20k software devel
– $30k IP protection (3 patents)
– $10k concept videos
– $10k D&O, E&O insurance
– $10k AdWords
– $20k trade shows (booth, travel)
– $10k Share-Your-Brain contest
– $10k web site
– $6k iPods for betas
– $12k travel for betas
$198k total
Revenue Projection
FY 2012 FY 2013 FY2014 FY 2015
Revenue
Package Sales Revenue 140000 280000 420000 420000
Unit Sales Revenue 125000 375000 500000 600000
Subscriptions Sold (months) 30000 160000 220000 265000
Subscription Revenue 60000 320000 440000 530000
Total 325000 975000 1360000 1550000
Expense
Devel. (s/w, ip, vid, art) 160000 60000 40000 40000
Sales and Marketing 70000 70000 70000 70000
Admin, Support 20000 250000 300000 350000
Total 250000 380000 410000 460000
Net Cash 75000 595000 950000 1090000
% Profit 23 61 69 70
Competition• None today• 40-60 medical apps in iTunes store
– Half are for medical reference– None are for time management
• Only one nursing workflow app– PatientTouch from PatientSafe– Sold to hospitals not to nurses– Announced 2/21/2011 (not mature)
• Strongest competition will come from electronic medical record vendors– A natural extension– They can generate tasks from patient data– None yet
• A market window is briefly open– We can capture the market– Will make us attractive for acquisition (exit strategy)
Timeline
• June-October: Beta software devel., site built, team built, videos produced
• Beta launch (3 sites) in November, support team hired/trained
• November-December: Beta feedback, software iteration, Share-Your-Brain contest, 2 trade shows, 6 site visits
• 2012: Ongoing sales and support
Capital Raise
• Seed funding is sought now
• Series A stock in Nurse Tech, Inc.
• Second funding round is possible, probably not needed
