EFTA01092081.pdf

EFTA01092081  •Team •Background & Problem Agenda •Solution •Market •Direction •Financials & Summary EFTA01092082  ChartWorks: Management Team • Michael Zalis MD: founder, chairman of MAB, board member • Associate Professor, HMS, Interventional Radiology MGH • Director QPID Informatics MGH • BA: Biophysics, U. Penn; MD: U. Virginia; Visiting Prof, Stanford • Mitchell Harris PhD: founder, chief scientist • Chief Architect, QPID Informatics MGH • BA: CS, Cornell; PhD: CS, U. Illinois, Champagne- Urbana • TBH: • CFO • VP Engineering • VP Sales EFTA01092083  Background & Market Opportunity • Electronic Record (EHR): 1st Wave Digital Infrastructure • Key element: the health record data silo • ACO model: promotes efficiency & quality as revenue drivers EFTA01092084  Background & Market Opportunity • But for EHR users, hard to find "What I need to know now" • Problems with EHR systems: • Primitive search • Passive data • Difficult navigation • Leads to: • Underutilization of information • Error and inefficiency EFTA01092085 Background & Market Opportunity Clinicians seek: •Better integration of information into work How? •programmable, conceptual search •automation & awareness •improved navigation EFTA01092086  ChartWorks Solution: QPID • Enterprise health intelligence platform • Decision support software for exception handling & screening • Trainable based on input from user base • Suite of department-specific configurations • Consists of: • EHR search engine, scalable library of HIPAA-compliant concept queries • programming system for app development • Anonymous capture of user activity stimulated by information presentation • What distinguishes QPID: • 'in the trench' clinical focus; configurable information retrieval; ease of integration into workflow • Business Model: initially software product; will evolve to data product • Software product decreases cost and improves revenue for customer • Data capture valuable for benchmarking, L ~.,,preve,,,ei.t • customers: hospitals and affiliated group practices (ACO's) EFTA01092087 0 EFTA01092088  TR ChartWorks Solution: QPID Key Features: Record + information retrieval users' by concept Improve Sq'OrrAted associations. quality, tap entire triR MatAfic revenue, & 9' (from notes to search efficiency of codes) care `No-click' dramatically navigatio 9 improve utility of 0 n EHR EFTA01092089  ChartWorks Solution: QPID Testimonial: "I've died and gone to QPID heaven. serious...can I share this with my colleagues?" C. Kotton MD, ID attending, MGH "I consider QPID to be the Google of the EHR" J. Noga, CIO Partners Healthcare Inc. 0 + dramatically improve utility of EHR EFTA01092090 • Focus is clinical: workflow improvement, risk reduction • Emergency: PMH overview for "don't miss" issues & meds • Gastroenterology: Pre-procedure screening • Anesthesia: O.R. and pre-sedation management • Imaging: MRI safety, utilization management, procedure in- take • Additional Benefits: administrative efficiency & revenue gain • Coding optimization • Global QA/QI: palliative care, Imaging utilization, PQRI, MU • QPIDTM data capture: • Saved queries reflect what clinicians are thinking • Action buttons on applications capture activity that reflects • Value of information to user & patte EFTA01092091  -rf ChartWorks QPID t : ROI • Clinical • Palliative care: 3X screening MGH; $750K new revenue 2009 • Interventional Radiology MGH: 8X reduction in-take time • Imaging Utilization: 5% decrease un-necessary CT / MRI • Diabetes Management, MGH: 93+% accuracy; all MGH OR's • ED: 80-100+% PPV for PMH summaries; all ED patients • Administrative • Coding optimization: 165% increase claim processing; decrease claims receivable • PQRS: 1st Q 2011: $200K revenu , • Data • GI: 50% benchmark engagement; 10 practice modification EFTA01092092  IT or : *origin • Conceived in 2005, launched 2007 at MGH • With partner, Mitchell Harris PhD • Funded internally • Grown virally, used by clinicians and administrators • —40% engagement MGH, with version 1 product • 2M clinical search requests per month • 6,000 patients touched per day • Generating revenue: —$300K FY 2011 • Strong financial commitment • MGH admin: $ 2M investment over 3 years EFTA01092093  ChartWorks Testimonial: "QPID is AWESOME" B. Monash MD, chief resident, med-peds "I'm ready to buy the whole [QPID] car" E. Mort MD, MGH Center for Quality and Safety c' "You all are clearly ahead on this" D J. Halamka, CIO HMS / BIDMC + dramatically improve utility of EHR EFTA01092094  ChartWorks: Market • Customer Categories by size: • Integrated Delivery Networks (IDN's): • Large hospitals (300+) • Community based hospital • Affiliated large group practice • Identify initial customer targets based on: • Size (clinical volume) • Degree of EHR implementation • Similarity of EHR platform • Five key clinical expansion areas within customer base: • Imaging, GI, Emergency, Oncology, Cardiology + dramatically improve utility of EHR EFTA01092095  ChartWorks: Go-to-Market • Sales Approach • Direct Sale • Clinical Focus (CMO, department heads) • Regional approach • Initial Business Development • Partnerships with EHR vendors • Value to ChartWorks: qualified lead generation • Value to partner: enhances customer experience • ChartWorks complements existing data silos & software • Allscripts, Athena, Cerner, eClinical. Epic and Meditech EFTA01092096  ChartWorks: Competition • EHR vendors • Allscripts, Cerner, GE Medical, IBM, Meditech, McKesson, eClinicalWorks, Epic, and Eclipsys • Consumer Search Application • Autonomy, Microsoft • Direct Competitors • Healthcare Informatics companies • MedVentive, Zynx Health, Apixio • Share of wallet I EFTA01092097 EFTA01092098  These are features that 2011 2012 were added in 2010 Features virtualization complete coding. In. deploy online authoring complete indexing, patient medicine. system database upgrades cardiology. Radiology produce products Al support for GI. IR. Emergency improved search products complete 'Consult Hub' accuracy product roll-out trust and user- coding optimization rating system for product technical updates: modules autosuggest and spell check: UI improvements throughout product line complete MU application write back to silo EFTA01092099  VATRis s: onger erm • Evolve from SaaS software to Contributed Data Model • Initially sell: software to improve efficiency & revenue • Move to: capturing data for benchmarking, efficiency and quality improvement • Use cloud infrastructure to permit aggregation of data capture and benchmarking across sites • Analytics & search insights become valuable to customers • Substrate for customer CQI • Works with ACO model: improv efficiency • Analytics product may attract advertiser interest EFTA01092100 lirlfaVitWaint Customers: target size hospitals New Cysican I Int I rent rend 1 ear 4 le n3 tar 6 140. IN 3c 4 cm I re* In. Inca 6 awl .404401.1 3 cm fen Sea in. 10 eel If owl IIO• One& On.% 2 an scut Meat 25.4 lima - lalbak Oren ilitai f tat :On. 1f c-.64 Moo. • Products: Base installation; focus on clinical products for each customer type; add-on dep't-specific clinical applications over time • Pricing: SaaS pricing for each customer and for each product type EFTA01092101 Initial Install Add-on Apps Charl."'orks EFTA01092102  Aik at; mancia If.. I 11•41 Ter 3 Yu r4 51x5 Yet Sgempocn $191917 31704.375 $9.614.(01 $10.147.1131 536312763 $1510141 instolawn 114.010 774150 1.145150 1.44/150 1.146210 5.190000 Tool Moen. $301917 11441.415 370.911.051 311.944.131 519.760015 170396.111, COGS 17.0:0 1400) 361.171 619.017 1.874313 4.104.407 Gros. Peelle 311117 1.411.625 10319.710 21.305211 37.941501 44177/112 Walk Sahrt11547710 IMMO 3.194.110 5.746.121, &TI7.935 1.111.416 7.419.413 Non.5417.1 Coten4. 741750 1.11933 1.76041, 1.111.91$ 14110)2 arum 44015W5 1.471730 4.317005 7.511311 014.921 4.11$5144 *141241 IIIITIPA 11071./57) 1441370) )1347.212 11.391.1170 17.117455 53.794.144 OW40407 •Arnoroutpr, 671231 974.420 5171310 1114475 5414.179 3337.145 EllIT 02111.4051 151.1111,7111 32914.921 11201275 570.351774 1$4.701115 fryer-717(477st 117407.41 15- M7, S11 S41 11014$91 11220111 1714.3471 Pre. Tax Mown* (5100.4671 1$10017541 51.934312 112209.934 570174,114 535347.(47 UK )pane 0 0 726444 4490174 11.141.915 2/127041 1144 lissom. 01013.4671 1$1.006.7101 31117.711 37.310361 116.714191 3333705/1 EFTA01092103  , ilske Non, $19191? $2.7031S S9.1.124: 3:1047.(€1 $36s. n .u, 165.24‘.10 laci•Wrannb knit. I col Rawest 515.2.417 IL40.4.15 410.91111.02 S2 IM9.1.2SS 534.)44515 570.I.4119 • a B.% S G172 ~MI5 SI 11 SI imam Prot) 371.917 $1. 1523 109/3.7,0 MM.= $7.1M4.94: 60.MAI2 PULA %se) Wm.: 1,)11.594 12. )40 5.744.124 1.717.925 7.271.M.1 ,A1B4.13 TMem$91my blase -21422- --1.211W- -11.121. 2.111W. I WIDA 132.01M.1,01 13.0370, 5300:B: 511))0201 5.27.)8, h53 $55.))...114 le(E) • 11 BM) ))1.50 ‘II40 Bif4 403 72)540 )79140 I DITOM • (mE) $)14).151 311.124/.01 BrY11.1155 55.1.55064 (umielme (ail Bum " )31.)11.140, )51) 10.9))0 7M/9)) ISK170.91) lonami) 113.7».440 tm .0 .1" 0941 01uí 0(Vl •rtml. cam In 4 am 10 cum If aid. :mad. foal 10 cm( 25 OM )fm. Ona. On cm) al mot l5aut Memo. Wow IA mat 14 cui 23 am. ea. IS cui al mat Smid 42 am. on :am. Snol. 15 mat .))0.61 45 ma. Ondm. 5 cm) 24 mat Maul 2111 n.. Illm-mmmat I tea IMO LTG ILO lit. SOO Ilt.) M0IIG O55IIG 71.0 EFTA01092104  ChartWorks: Proposal • Series A raise: $4.5 million • Build out senior management team • Continue product road map • Commercial product launch • Hire initial sales executives & team • The exit: • EHR partner • Healthcare-focused software/consulting vendor (IBM) • Healthcare information exchange vendor (Microsoft) EFTA01092105 • Michael Zalis MD • email: • Tel: EFTA01092106