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Sep 26, 2016 12:47 EST

Crowdability: Leo Health – Reimagined Pediatric Medicine

iCrowdNewswire - Sep 26, 2016

Leo Health

logo

Reimagined Pediatric Medicine

COMPANY INFORMATION

Website:

www.leohealth.com

Sector:

Healthcare Software, Mobile Software & Services

Location:

New York, NY

Leo is a new type of pediatric medical practice. It’s taking the best of technology, experience, and design, and combining it with the most innovative clinical care to create a different and superior patient care experience for parents and kids.

Leo is not a traditional healthcare company; it is a technology, consumer products, and customer service company. It combines “bleeding-edge” technology, smart operations management, and high-quality customer service into a holistic and cohesive practice experience.

A family using Leo has a vastly different experience managing their child’s care. Leo empowers parents with advice and care available from anywhere, the ability to make better decisions through real-time access to data and health information, premium education content, and powerful tools to help coordinate care.

The company’s team brings together the startup, medical, and engineering skill sets to execute on a unique business model, positioning it to disrupt an industry that is critical to the well being of millions of parents and children.

It built Leo to address its founders own needs as parents, making it easier to provide great care for their kids.

This is an enormous market it’s going after:

In the U.S. alone, there 74 million children under the age of 18. Per capita spending is $2,437, and $180 billion is spent annually.

The target customer — parents of pediatric-age kids — is young and tech savvy. As millennials become parents, they are increasingly demanding consumer-friendly and tech-enabled services across every area of their lives, and having something to help them better manage their kids health is a high priority. (They also display a high willingness to spend on their children: for example, they pay upwards of $1,000 for a stroller.)

Despite the enormous size of the market, there has been very little innovation in pediatrics. Pediatric practices that want to provide a better experience today struggle as doctors are trained to be great pediatricians, but usually lack the technology, operations and service expertise to innovate at the practice level.

Leo’s core consumer-facing interface is its mobile app. At launch, the app consists of five core modules covering the five most common tasks parents navigate to manage their kids’ health:

1) Appointment booking
2) Messaging their care team and physician
3) Accessing their kids’ health record and information
4) Submitting and receiving forms (schools, camps, sport leagues, etc)
5) One-click payments

In addition, its built a provider application that allows its staff to communicate directly with its customers, allowing it to escalate and route clinical messages to the clinical team as appropriate.

It is deploying HIPAA-compliant and secure video conference (telemedicine) capabilities, beacon-powered auto check-in, and in-practice kiosks for administrative tasks.

It’s also built a robust internal API that integrates its tools directly into its practice infrastructure (it uses AthenaHealth for Electronic Health Record, Practice Management and Billing Management systems).

Regarding its business model: it collects insurance, and it also charges an incremental membership fee of $20 to $25/month per kid.

The cost efficiencies it creates (for example, its tech and workflow processes reduce the need for staff) lead to more profitable medical practices.

It aims to attract top pediatric practices by offering a combination of:

1. Technology: Its apps improve patients’ lives, make providers’ lives easier, and make medical practices far more profitable.

2. Physical space: to help medical practices redesign their physical medical offices, it partnered with Eight, Inc, the company that designed the Apple stores.

At the moment, Leo is focused on optimizing three core success metrics:

1. Engagement: demonstrating the ability to migrate people away from traditional channels of interaction (phone calls, check books, fax machines) to Leo’s mobile app channel.

2. Satisfaction: Net Promoter Score and Referral Rate.

3. Customer acquisition: demonstrating the ability to accelerate new customer acquisition of members willing to pay the monthly fee.

The funds from this round will be used to provide 18 months of runway with a focus on validating the core value hypothesis: that there is a market of customers willing to pay $20 to $25/month fee to access a premium, tech-enabled practice experience. If it can prove this hypothesis, it might be able to quickly build a very valuable business.

Its first practice is launching in NYC in February 2016.

TEAM BACKGROUND

Ben Siscovick – Founder & CEO

Ben Siscovick has spent much of the past decade in the start-up tech world as an entrepreneur, operator and, most recently, venture capitalist.

Over the past four years, he was co-founder and general partner at IA Ventures, a $155 million early-stage venture firm.

He was also an investment banker at Barclays, and at Allen & Company.

Ben is a graduate of University of Pennsylvania and Columbia Business School.

Nayan Jain – Founder & CTO

Nayan recently completed a Presidential Innovation Fellowship at the White House, where he worked on national health data initiatives and deployed one of the first sensor networks for employee wellness.

As founding engineer at Audax Health (acquired by UnitedHealth in a multi-hundred million dollar deal), Nayan was responsible for the company’s core mobile and web platforms.

He received his BS in Computational Media (CS and HCI) at Georgia Institute of Technology.

CO-INVESTORS

Brad Feld

Managing Director of the Foundry Group, investor in Fitbit, MakerBot, StockTwits, and Zynga

Corigin Ventures

Early-stage venture capital firm based in NYC. Portfolio includes LendingClub, Aloha, and Zeel.

Grape Arbor VC

Angel investor group with investments in two dozen companies including LiveIntent, Birchbox, and Klout.

Great Oaks Venture Capital

Seed-stage Venture Firm. Investor in Hinge, Acorns, OKCupid, Plated and StubHub.

Quotidian Ventures

Early-stage VC based in NYC. Portfolio includes Bench, Paintzen, and Nestio.

RRE

Founded in 1994, RRE has raised in excess of $1.5 billion to invest in private information technology companies. It focuses on rapidly growing markets such as software, internet, communications, and financial services. Portfolio companies include BuzzFeed, Paperless Post, and Palantir.

Scout Ventures

Early-stage VC. Portfolio includes Circa, BlackBook and InSparq.

VaynerRSE

Early-stage venture firm. Portfolio includes Birchbox, Coinbase, and Medium.

Contact Information:

Ben Siscovick - Founder & CEO

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