Health Innovators
Health Innovators

Episode · 1 year ago

Finding Order in Chaos: How to Launch in a Rapidly Changing Healthcare Landscape w/ Anthony Dohrmann

ABOUT THIS EPISODE

Many innovators looking to launch a technology-rich product may come into the game with glamorous visions of tech giants and gurus snapping up their innovations and immediate market adoption. But the path to success is less often glamorous and more often long and arduous. It requires a foresight of challenges and the flexibility to pivot when necessary, which is becoming increasingly apparent in the face of the COVID-19 pandemic.

 

To maximize a product’s chance at success, it’s imperative for an innovator to have a solid understanding of what they can expect when first embarking on their path to product launch. They also need to plan for outliers and the unexpected. 

 

On today’s episode, Electronic Caregiver Founder and CEO Anthony Dohrmann tells us about his experiences on the path to product launch. He offers insights and strategies on what it’s like to have a radical innovation idea, and the work that goes into seeing it come to fruition.

 

Anthony shares: 

  • His take on the importance of coordinating input between providers, patients, caregivers, and families
  • That even if you have thousands of people telling you that your product is just what the industry needs, a focus group comprised of those who will use your product every day will give you more comprehensive feedback — and help you avoid costly mistakes
  • How having a solid understanding of how to secure capital — and how capital requirements may shift as you develop your product — is an often mis-assessed key to the launch process
  • How to recognize the silver linings and opportunities presenting themselves as COVID-19 pushes a rapid evolution of the country’s healthcare landscape 

 

Guest Bio

Anthony Dohrmann is the CEO and Founder of Electronic Caregiver, a company that uses advanced technology and artificial intelligence to create a voice-based virtual caregiver to serve clients based on their needs and resources.

 

Pushed to pursue his innovative nature through circumstances, Anthony has successfully leveraged his love of technology and drive to change the healthcare landscape into a truly innovative product — and its introduction into the market couldn’t have been better timed.

 

To learn more about Electronic Caregiver, visit ElectronicCaregiver.com or call 833-ECG-LIFE. 

Welcome to Coiq, where you learn howhealth innovators maximize their success. I'm your host Dor roxy,founder of legacy, DNA and International Beth selling author ofhow health innovators to maximize market success through handedconversations with health innovators earlier doctors and influencers you'lllearn how to bring your innovation from idea to start up to market nomination,and now, let's jump into the latest episode of Coiq. Welcome to the show coiq listeners ontoday's episode. I Have Anthony Doram with me. He is the CEO and founder ofthe electronic hairegiver and he is going to talk about this groundbreakinginnovation. Addison will learn more about that today. Welcome to the showTony! Thank you for having me on. I really appreciate it very Tony Anthonyhere. I go right. So, let's start off by telling ourlisteners a little bit about what you do and what Addison is all about. Well,we are in evidence space we've been heavilyinvolved in research to develop our products, but we're virtual carecompany, and so one of the hot subjects right now is all about tella health.What Tella health can do to carry the burden during this time where we've gotthis pandemic and and we've always been involved inproviding telle health services? But when you look at Pourtpopulation, wehave about forty eight million older adults who, when we have a pandemic ormost at risk, and that population is about to double in size and themajority of them have at least one chronic illness, many of them tocommoreabidities, yea and so tella health is very episotic. A A doctor may schedule a routine visitor you may request a session because you're not feeling well. What we found is that the biggestchallenges in healthcare revolve around outcomes, ind adherentsand a lot of the spending majority of the spending with three point. Seventrillion dollars is for chronic disease management and then on the treatment there inside we've got a problem where- and this is around the world- it's notjust in the US half of all treatment failures. Excuse me, half of all treatment failures areattributed to nonadherents. All of this is happening right. Th. The support forchronic disease is happening, needs to happen in the home. It's a continualprocess. It's not a periodic episodic process yep. So what we wanted to bringwas advanced technology that have the capability and the intelligence to beable to unpack day to day a Careplan, a treatment plan, Andi able to walkcaregivers and patience through that Careflan to be able to monitor theirprogress, their performance to be able to use artificial intelligence toidentify the very earliest stages of decline, functional decline, cognative declineto be able to faster, see signs of infectious disease, for instance, tokeep with current events, and so we wanted to create a virtual caregiverand it was a very big project of people, told us. It was impossible because todo this well, it involves a lot of different coordination between healthstakeholders. You've got some patients and providers and potentially othercare teams and family members, and then you've got to have a technology that issimple to use for people that may be suffering or struggling the other sideof the diagnosis. Maybe they do have some memory, losser cognitive decline.They might be compromised physically in other ways, so we wanted to create a voicebasedvirtual caregiver came worming, a unique relationship with the user, thecustomer patient, something that captivated them where they didn't haveto reach out to the technology. Technology would reach out and embracethem, and so we've got voice, but sometimes we need to demonstrate ofphysical therapy routine, or we need to remind them how to use one of theirperipheral devices to take a vital reading. You know there's a whole host of thingsthat we need to demonstrate. So you know we're all familiar with telexa rigyeah, we loved voice. We were very...

...early on with aws. I think we wrote thevery first health skill for Elexad, two thousand and fourteen, but I couldn'tform a relationship with a speaker groll and I couldn't get that Demonstrov. You know demonstrationcapability, so we decided to give that voice a better set of ears set of ice, a face, a body, a personality with empathy and humor,and basically the brain of the nurse practitioner that might be oversteppinga little bit because you can't Replacebuti, you needed her to be verycapable and very intelligent. And so that's what we've created it's taken USten years. People said it would cost five hundredmillion. We did it for about sixty million dollars. It required eight years of puttingtogether a very special screening laboratory and then infusing that, witha lot of technology from some of the biggest names in tech, we participated with development teamswith and Development Support Teams, fromMicrosoft, from Google, from apple from aws and from Inteil, and we deployed this laboratory. In thirtytwo states we organized hundreds of providers and senior care professionalsand as we did, that we started learning some other things that we need to doaddress other challenges in the market. For instance, twenty seven percent of our childrenare living with a chronic illness or disability and they often requirecontinual oversight cand. As you get into these pockets I'll stop talking,because You'e never going ta be at last man question. If I don't stop when you getto these pockets ofpopulations, people that are high risk or that need a lot of high touch and a lotof oversight, whether they're Chit children going through variousevelopmental stages with t e disease or disability, or whether you've got anolder d. You know adult who's in a some form of continual decline, so muchpressure on caregivers and not a lot of resources in support for them liveCareis, very expensive. Even parttime live caregiving for theolder adults is beyond the financial reach of ninety seven percent ofAmericans. If you MA look at the income levels and the the starting costs forpart time care, and so we really had to be effective and inconsiderate of these-you know approximate fifty million family caregivers, providing thirtybillion hours of service a year on figure out, not only how to care forthese. These patients who range across all disease, spectrums and ages, Han tobe really cogasetv of you, know developing support tools forthose caregivers that'. I want to talk about so you know whatyou're describing here is obviously you're solving a lot of differentproblems. When you talk about you know, artificial intelligence and virtual reality and voice, it'sdefinitely groundbreaking and revolutionary an a lot of times. Wehave the perception that this is really exciting, because it is and veryglamorous right. You think about you, know Steve Jobs with the iphone or ElonMusk with the TESTLA. It's like, oh my gosh. These guys are coming up withsomething that's just we never heard of. We didn't even think it was possible and o again, you kind of think it'sreally glamorous. So, like walk our listeners through, you know just someof the realities of what it's like when you're. When you have an idea forradical innovation that no one's ever heard of before they don't believe it'spossible and you still are holding tight to thatdream and having it come to forition. So from the entrepreneurs andinnovators mindset yeah the public will always say well,look what they've done and when things take off and get traction you'll oftenhear overnight success. I I it is the most discouraging grueling frustratingjourney to do something. That's fairly complex, itit doesn't just take you know it'snot just the person who founds it and leads it hies going to be the continualyou know. Cheerleader who's got to be steadfast and faithful and focused tothe mission, but you got to be very what it developing a team of people whohave those same types of qualities...

...when you go out to the market like Ihad gone to Silicon Valley and they said what is it that you want to do? Whatare you coming to us for funding for Yep Sai? Well, we're going to build avirtual caregiver y voice, edge computing visual sensing tying in somewearables wor tying ind customized plans of care, threed animation. You Going through this Ol lit and we said, but that's to get from here to therethere's some other things that happen have to happen. First, we're going todevelop an enterprise solution to manage our customers, our devices orcare plans to go nou the hells data, the security to manage the litlebusiness theyre, going to build this lab and deploy it for at the time wesaid you know four or five years and we're goto coordinate all these techcompanies coordinate all these health professionals and organized thousandsof patients to screen and we've got a roadmap for three products. The thirdone is the virtual caregiver addison care. The first two start to provide some digital healthsolution. Some connected care. We described a simplistic device when weput into the Medicare system that had peripherals and did a lot of healthmonitoring, medication, management and voice based in Om custom assessmentslike hom and Sams, and then we get to the virtal think kid. You should havenaive and stupid Frin it on you for You'e, going to putthings out in the market. You have no idea if you can actually monetize them.You don't know. If you can get the tech companies, you don't know. If you canget the providers organized to help youorganize patients, no idea of any of what you'll collect is viable. Thecosts are so unknown. This is a project. Where is you just went through thedifferent components? We were adding up? What is it usually cost Doiangenterprise solution? What does it usually take to launch couple products?Whats it take to Loungh, you know, develop a a go to market network. Youknow sales and distribution and support them, and they said what you describedinvolves technology that some exist. Some in the early stages never beencoordinated like this you're talking about a three hundred to more likelyfive hundred million dollar plus investment nobody's going to back you,you should try to choose one small component. I said everybody's workingon one small component, but that doesn't reimagine and transform rightyeah. So when you start down this journey, sometimes you got a big vision and youknow when you look at how you get things funded. Well, there might be oneand five hundred deals that go to traditional equity funds, like venturecapital that actually get to term sheet, but it's probably closer to like oneand a thousand that actually get funded. So what happens to the other ninehundred and ninety nine entrepreneurs right they've got to learn how tostructure a capital offer how to go out to high networth investors and learnhow to have that engagement, that communication diffuse or overcome their concerns anddoubts, and even when you do that well, you're going to have a much biggerpercentage of people telling you no and nobody just says no Rigthey, give you a list of all thereasons why there's certain you're going to fail? Yeah, you know, and ifyou're, it's so Y, you feel like your character and integrity and values inquestion at all times, yeah, because your identity is wrapped up into thisind vis. This vision, Yeah Omany ways, no matter how much you try to say, Idon't want work to be my identity, work, who I am a husband or who I am with myfaith in it Churche right. It's all consuming yeah, so you know know ifyou're lucky enough to get some capital. One of the. I think one of the the mostcommon mistakes is that people completely misasets how much capital they need,for instance, Tha Lot of times. Think from you know a small team mindset. Soif they haven't taken something to market or put a product into productionor built a big development team or runup Customer Service Department orgone through in health care, you might need to go through clinical trials. Youmight need to get FDA approval. You might build something that you've gotto put patents around and if it has, you know, telecommunications and youmight be getting FCC certification or ul certification,and you know people think in terms of...

...you know. If I just get this money, Ican do this and I can't do anything I mean it's. The skill sets throughout our buildingare diverse and there you know people that are werewell educated, have had to go through years of a learning curve still andreach out to other Mentousi takes a big team. We usually think if I can justget this money, I can starve building and pay a couple consultants and nowsource of few things and it's going to happen, and so they don't realize in the beginning stages your job isgoing to be one hundred percent chasing the money and getting the companycapitalized. We also have the burden of building a team, then managing a teamand if you're, good Nyess, you start getting that process down. It becomesmore intense because, usually in health, yer health moves slow productdevelopment is slow, we're not talking about you know: appon mobile everybodycan build an AP hundred. Thousands of people done it that isn't going totransform our issues with global health. It's a componeent, an extension of youknow the core platformo or services, just like tella health can't be theCorpe. If you just do the EPISODEIC and you're not doing the continuousengagement of monitoring and keeping on track with e Careplan Sportin theCarrio, all those other things early identification, you can't transform care, so the thingstend to be more complex with longer lead cycles, they're very expensive andI'll. Tell you one of the things that people never considerd when they'rebudgeting for their and forecasting mistakes. For some reason, re think it'sthere are going to be mistakes.Mistakes might be on the capital Sid. You might organizea meeting and host a dinner or servor derbs or you know, do whatever you. Canyou try to keep it on the cheap in the beginning, but you travel and you bring phrototypeso you're printing for color. You know illustrative, you know samples to showpeople, Here's how our marketing's going to look like here's our productsgoing to look hand you get out there and you get nervous because people beenpounding, you and filling you with doubt about your own mission and vision,and you have a bad talk now. You've spent thousand dollars and you have allyou've done because of a bad talk where you didn't handle some ojectives orsomebody hit you with a curve ball. You haven't evolved enough to evenunderstand that's a problem at so you certainly don't know how to answer itright and so that's going to happen over and over and over again and then,when you get into the development there's mistakes. Iyou know, I remember so. I had a bignational security company and I wanted to be the first one to develop kind ofa doit yourself, professionally monitored, plug and go security system,and I had an idea about how it should function and how it should look, and Ithought this is going to be great because, like people that live in rented apartments and homes getburglarized like eighty percent, more than people thot own their homes, Ithought this coing to be great for the rental market and my my channel wasgoing to be through major retail and at the time it was a big cell, because AttBlack and Decker Brang Chlak Magna Box Che. They all categorically failed atthe time. Tru S I wasn't just going to sell, you know some components. Iwanted you to activate it like a cell phone for a service and it's funny. I'mnot going to mention the names, but even today you know more than a decadelater, fifteen years later, I've seen some big companies make the attempt todo it and haven't been able to do it. We actually put Theo program togetherand until the retailers crashd and went out of business like circuin city andGop Psa, we had unbelievable success rat, but while we were doing the development,I created this kind of pyramid, looking cool little high tech device and weactually had purchase orders for tests with like acehardware and compuas a at the time and we're in production, and I have a salesguy come on board. I finally got enough capital to get somebody's reallyseasoned and he said I am not putting this out and doing the big shows at cesand meeting retail buyers. If you've not focused group. This- and I said,Howard, you know I run this big at the time. I was running managing this bignational entreprenaurial seminar, business and thought. I knew everything.I've been exposed to tens of thousands of deals. I was the consultant to allthese other. You know emerging businesses, so I said how would I put this out infront of thousands of people for seminar. They all love it. He saidthose people they've got you on a...

...pedestal, they're not going to beobjective, nobody's noingyoadly Yeu, whatever you put out there they'regoing to say if he thinks it's great, I think it's great, so you get in shewedadvice. So we go into these focus groups and I'm I can't wait. I've gotwe're big. You know the two way glass were like hidding behind Mer and I'vegot stockholders there, big ones and we're in production in China at thetime e. So they go through the pricing, the name. You know what it's going todo. Everybody says you know wow it's great wow. That would be really usefulyeah. You know I could use it, but my mom could use it and then they unveilit, and I mean there was this visteral reaction. People like push back intheir chair and they went. Oh, I mean my wife's never going to let that be inthe house. I mean like that. Hey you know the way. You'veconfigured it like where you want to plug that in doesn't I don't have aconvenient phone line? I want that part to be separate from the MA I had to sowe went through two rounds and I had to shut down production inChina, call up retailers and tell them. You know had a good story. You when youhave these bad things happen. You better have a good plan that you canexplain in great detail. So people say that it happens, but you're you're,taking the information you're not ignoring and denying it you're acting,but that was you know. That was a about a million and a half dollar air,and the factory now wonders they've ordered all these parts. They putthousands of people on these productions an to work and you just andthey schedule that in between other builds. So you know you have tomaintain the confidence of R. Your factory you've got to make sure you canmaintain the confidence of your retailer, and so we had a goodcommunication for them, and then you now have the expense of redesigning theentire product, and then that changes the pricing, thepackaging, all the collateral material, all the sortography everything changesand how you've got to put that out to focus group and make sure you got itright before you take it out in the market. So we're about to do around ofsome new focus group studies we've been you know, bringing in people representactuoal users and now we're going in with some of our new product releases.Ind, these focus groups, you know the first small one that we're going to dois about thirty eight sand dollars, it', not cheap, do three or four ofthose. I think we probably invested in this project. Gosh I mean we must be at close to amillion dollars and legal work on patents. People don't realize how much it cancost. Well. I want to pause about the product in the focus group, because youknow that is just something that is so prevalent in this industry. I wastalking to a physician entrepreneur a few weeksago and you know it's it's someone who is keenly aware of the problem because hefaces it as a surgeon every day right, and so he comes up with an idea of howhe's going to solve it and he's really excited about it, and you know beingthe perfectionist that he is puts in every bell whistle fulturefunctionality that you could possibly have it's in the appstore. You can goand download it today and there's been no focus groups, no market research andreally not even a consideration for commercial viability out of his own usecase and ND, and very little resources for actually bringing it to market foractually commercializing it and it just like you said it just it happens allthe time. It happens all the time and it's muchmore expensive than people think yeah build a product and Ind. You know I've seen something else choose ifyou've never gone out ar done direct sales, or I mean I've done stuff in big box retail specialty retailer Clubretailors, we've done distributorships. I've been on QVC myself and marketedproducts on QVC through direct response, and then there's you know all of thecommerce and online components but they're all very expensive to get from.You know, progress belt to this point, but one of the things I've seen overthe years over and over again CIUS. You know the idea person who's not beenthrough all the nuances and and costs, and what needs to be in place to makethis successful. It's very, very big problem. In with engineers right I have this idea I think, is going to help people or make adifference or a lot of people are going to love this and buy it. So they makestuff, they think is cool and it's the wrong approach. Youe really got ta digdeep into WHO's. You going to use this...

...product WHO's. Your ultimate customeryou've got to know everything about that customer. You have to throw a lotof concepts and alternatives in front ofthat customer and figure out what they actually want, what meetstheir needs, what they find desirable, what they find useful. You got to makesure that you can measure. How does this work and this is really bi? How does this work from a phrice pointlike? Can you get this built at a price point that they'll respond adoption right, but sometimespeople don't realize th the process of compensating the people that will helpbring you that customer carry your product to that customer also have tobe in the revenue chain. Sometimes you think you'V got your margin set up, andthen you realize I don't have enough, like the economics don't work, I see alot of people and we've actually been a little accused of this. To be honestwith you on this particular product, Addison Carerig overbuilding. In some point, whenyou've worked back from the customer- and you then you've moved through yourchannel relationships and looked at how to structure the economics and ad adeliver your product and then support it, because there's costes insupporting things, especially if they're tached any kind of service andsometimes they're not attached to a service, but they are subject toongoing scrutiny or review or fees for certifications to me, regulatorycompliance. So there's always ongoing cost warranty replacement. Then you work yourself. You know allthe way back to the start and you at some point once you've answered thosequestions. You got to make a decision on minimum viable product and not addevery single bell and whistle it's better to get t e first product. That'syou know well designe and provides you know great services or benefits to yourcustomer. Let them give you the feedback yeah. We t what they'd like tohear Anand in that inexperience can get you in trouble, because I also see somebody to get a thousand customersand two distributors and one customer two distributors, out of a thousand one two, three customers and they'revery noisy. They are just demanding that they have this thing or one,member of the press and all of a sudden without any indepth study, withouttaking that to other people without asking yourself. Is this a priority ascompared to the other priorities we HAV previously designated? Where shouldthis be in the the stack of priorities? They don't do that they make nee jrkreactions and suddenly there's redesigns a new marketing literature indo spens on things D and You you know if Yu know at you're, in a Ol that youweren't even really intending to be in and now your whole product developmenthas been taken over by your customers, and you know yeah, it works for them. Imean that is. That is a very common pitfall in the in the innovation process. Isthat you know you've got those those customers that by first thoseinnovators thers earlier doctors, their visionaries, they want the competitiveedge they're, the ones that buy first, that's why they buy right, and so then,once they buy he you know their vision doesn't stop their compettive advantage,doesn't stop. They want to do this next and do this next and they're so excitedand y? U It's so easy to kind of get caught up in that momentum, especiallydepending on where you are in your financial situation. Right I mean Imight, I might have feel like. I have some responsibility or requirement tocontinue to develop what they want, because I need to keep the lights on.If I don't have enough cash and then before you know it you're, just like Isaid in a completely different business and you're like wait a minute how inthe world did we get here and that whole radical differentiation strategythat you started off with is just completely diluted? Yeah, Hey! It's Dr Roxy! Here with the quickbreak from the conversation. Do you want your innovation to succeed tochange lives to shape the future of health care? I want that for everyhealth innovator, which is why I invented coy Q, an evidence basedframework to take your innovation from an idea to start up to the full marketadoption, if you're, not sure where you are in the commercialization process.Take the free assessment now at Dr roxycom backs for don't miss out onimpacting more lives just because you have a low coiq score: the FreeAssessmsis hat Dr roxycom X, La Four,...

...that's Dr Rox IECOM, backflash, sc ore,and now, let's jump back into the conversation, there's such a balancebetween not letting the distractions and understanding with goodexperienceand discernment, and I Didn' have a process in place tointerpret what you should respond to and what you shouldn't. You got to hold your focus to get to aviable product, but you bring up another great point, which is you know, evolving the productadaptation, the ability to pivot, to get something out there. Successfulpeople will find other ways to apply this product into other places, Araright, and sometimes we get people that are soriteted now n ehere's a big thing, a big cause of this. It comes back tocapital. Again they get so focused. They won't adapt. There's a lot ofnoeter that won't adapt business models, yeahs bar towalk, the line of pushing through and holding your focusand not letting disruptions come in and take you off track and knowing thatthere are times to diversify times to develop. You know times to pivot. We've had to do a lot of pivotingbecause of clbidnineteen right covid lake, big pivots in the business we've hadall kinds of business. You know, structure set up for going to market.This big is crazy. Aerit that we have is like whatever strategy we had inplace put the breaks. Now we need a covid strategy N in rightfully sobecause it's you know what we, the assumptions and the strategies andtactics that we believe we're going to be most effective last week, aren'tnecessarily going to be our best path this week. Well, an I really feel, forI mean I, there are going to be the layoffs and job losses are in themillions, and you know for some people. You know this is going to be a breakingpoint for other people to be a making point righ. There might be some people out therethat have had dreams on the shelf and different ideas, and maybe this will bethe thing that urges him to finally pursue that thing that they've alwayswanted to do for a living every day. You know there was a point where it IDappointin time many years ago that that happened. For me it was throughunexpected circumstances. I hamedone this. You Know Entrepreneurial Quest. You know, I said there was that one keyskill set, I think the ability- and this really spreads through the wholeorganization- The ability of to develop capital, because it's really about developingbelief and support and compelling the people around you to get behind yourmission, your purpose and what you're going to deliver and n how you're goingto transform the human experience in your unique way? Yeah. It is the masterskill because, like I said earlier, most Equity Funds,DCS Angel Groups, Wthey'll reject you know all, but onein a thousand deals and they're inundated it's hard to even get intothe lineup o Evena that one shot and they can be very difficult to dealwith right. So you see a lot of you see a lot of deals where and youjust go on and search the Internet. People sold away, er their companies. Isee people that come and want to pitch for a job here and they've beeninvolved in a senior leadership position and three different ventureback deals, and I sayd know if you had done this right and been smart enough,you would have become the ZC after your first deal or your second deal. Youwouldn't be on your third or fourth PC deal, Anin Bol with bounders that areselling away Everyi and it's tough, because people won'tsee that coming there's initial scene round and then suddenly you needanother development round and then all of sudden you need some go to marketmoney, and then you need growth money. So these different stages through development, an different needsand they typically are increasing over time. So you go out and you leverageyour home and you drain your bank account or pull money from a four Onekpar. Your Callit, Your Kids College, Fun Ali Money, and now that's pro nowyou got you know, get connected with some lawyer helps you put a littleoffering together, but it doesn't have any experience with structuring abusiness. It's not how you're going to...

...capitalize your startup, it's howyou're going to capitalize it all the way through to some form of you know where it can continuouslysustain itself and become very profitable or you get to an exit whereyou're acquired or you know you go to an IPO, and so youknow you have to think long terms. So they'll they'll drain their ownresources beyond the brink of disaster and and collapse finally figure out howto get some friends and family money in but didn't structure the deal to givethe room or set the expectation in advance for the larger cabitol come inlater now they get out to a venture firm and maybe the venture firm likesit happens over and over again Tho. There is the group of the deals theylike Yep by the time that deals done, and you know people ever see this comeyou'll say how much money got in the bank I get. You know I have x, so that's roughly based onYourparen Rate Three Months: Yeah, okay! Well talk in for in the streets, you know, youas Tebleving here they'll be on the brink of disaster and they need this money and it's avery difficult place to be in because when that deal gets structured withthat VC, should it go forward? You're going to see founders and foundingstockholders get watered down, diluted, lose any form of say so, and you knowyou see over and over again, yeah got funded and it went out became verysuccessful and I got my principale back and I you know I got A. I got a nicemodest return back the big money that came in later, youknow made thousands of percent on the dollar right: threethousand percent,the mony five thousand percent of the way, some of them even bigger than thatall do work very little return, little wire O and it's so terrible for thosethat did all the heavy lifting yeah and you know like, but I always say youknow, entrepreneuois a great adventure. If you had told me all the things thatcould go wrong, all the setbacks, unforeseen challenges. If you told mewhat it was going to cost. I especially in the earlier deals I did whin wasyounger and the complexity I never would have started. Sometimes it'sbetter. You know you need to know, but sometimes it feels IC, because if youdid't know you wouldn't even be get right, Yep one hundred I oneed to geton the hook. So so one one other question that I have before we start towrap up here. You know we're all. We talked aboutcovid nineteen and we're all shifting years here you know what are ineverybody's talking about the the layoffs and the unemployment, andyou know just all of the negative components of it as an entrepreneur.What is most exciting to you? You know thinking about this as Oh, I'man opportuny opportunist and I'm going to start. You know selling some sleezysnake oil. You know like we're talking about ethical things and moral thingsthat entrepreneurs can do because you mentioned early earlier, and I thinkthat's very true- that every single business out there is at this crossroad, it's going to be the time that they either go belly up or it is goingto be a catapult for growth, unimaginable growth that they nevereven could have predicted. So, as you kind of start to pivot in your owncompany- and I know this- is you know evolving daily and it's so it's very,very dynamic. You may not have even thought through all of this or Yo Soa,okay. So what is most exciting to you, as you think about how you're going toleverage the opportunities that are in the silver lining in all of this chaosthat waaing? Well, there are so first ANC, you learn your capital. I thinkthe next most important thing beyond team building dis contingency plans,you ought to think about them in advance. I don't care how you good, youthink you are your factory partner. Is it Toif some point you're going toupdate some firmware or software somewhere, and it's going to introducea bug and they'll, be some product recall or need to Pivit right. I'vebeen through complete, catastrophic collapses of all national distributionchanges, the worst market correction in history that two thousand eight twothousand n nine it was- was very difficult, Wuth, a lot of people out ofbusiness, and so now, when we look at things, we say what is everything thatcould go wrong and how are we going to respond to it? This particular current event with thisparticular pandemic and we've seen bird flu, swine flu SARS, and this is a formof SARS right I mean it's technical name. Is You know SARS Hyphen Clv, youknow hyphen to and it just attacks the...

...respiratory system, here's whath,here's which is great about this for us personally, we were in a position wherewe immediately could start helping people in the areas they needed help and it became very apparent when thefirst CAS ES showed up here. The same day, we were literally starting to signup our own staff so that we could monitor them for temperature andsymptoms at home. We do it in morning and at night to make sure that theydon't inter the workplace if they're infected and expose the faculty rightwell that immediately translateed to homecare companie senior livingproviders, people start realizing. I got Ta Monitor my own staff, there'shuge liability to my resident population or to my other healthcareworkers or my petiens, in a surgical center. So suddenly peoplestart coming to us and it's not just about the patiente. It's about thepeople serving the patients now we're monitoring and protecting them. But youknow this. This is going to happen again. Last year we had one of the mostresilient most destructive strains of influenza and what's happened throughthis event, is thethe focus on connected care, we'vebeen hearing for decades, can't do it with outdatedinfrastructure, and we can't do it with the minimum number of beds when we havea hundred thirty million people with chronic illnesses, and we got a fortyeight million. You know population of Chronicallyhel, older adults, that'sdoubling in size in three decades right. How do you fix that ot that shortperiod of time, so for years, Ofan Ereand? We have to extend support forcare outside the doctor's forewalls and into the home, and when this event hascreated worldwide is now connected, care is is getting itspotlight. Now we're going to be able to show you know, we've startedMedicare as a reimbursement for monitoring patients at home, so we havea lot of older adults that are chronic lel and we're monitoring them and it'sa reimberse service for the doctor and for the service, and we started workingwith diabetics and we looked at a three so the first thousand patients thatwent on that were the Medicare patients. We looked at three hundred diabeticsand there ha one c levels were literally dropping across the board, asthey continue to use our service because the support we were providingin the home was helping them more effectively manage their disease. Wehad a practice put on a first, you know, group of patients in Mississippi andthe doctor just made a blood pressure change and because of the monitoring athome and everything happening in real time. This patient took a reading had ablood pressure. Seventy over thirty immediately, a nursetry USH teamthrough our smart hub, was connected to the patient, cancurrently notifying thefamily and then carried the message instantly to the physician. Who said wejust made a change. I would I wouldn't have known you know: Munto, potentially,some catastrophic things could have happened right. The next thing you knowshe gets dizzy. She falls. She got broken hip in a head trauma right, sothese things really make a difference. So the opportuntists out there figuringout. How can I transform my approl quick and go out and tell people thatthey can work through their? You know Momil device and kind of self treeAJENSA. That's that isn't going to do it. People aren't going to continue to funkO apps and Menus and decision trees, and it they need something, that's morecapable and also more user friendly, and it's got to be connected into theecosphere in a much more dynamic way. Ou Th, N we're seeing now is people aretalking about digital health connected care. It's time to start looking attechnology in the home, to improve outcomes, to reduce pain and suffering.To Stop people from having those head traumas and broken hips through earlyidentification and expediting intervention, and because now thatthey're, finally opening up they're opening up greater access, greaterreimvursement resources and what they're going to see virtuallyovernight is just how effective this really is, and it's the birth of anentire new global industry, and it's literally the moment we're going totruly transform thealt ter industry. Isn't that Absusi? I completely agreewith you. I mean, I think, that you know when you look at the technologyadoption curve and you're coming out to market with something- and you see thissmall little market- that's going to buy and adopt first right and you'vegot this gigantic piece of the market.

That's like the laggards right in theirlate, an early majority, and they want to hear like they want the they're notbuying for many years right. An in this part of the challenge that we've had inthe system is that you know people brilliant minds like yourself: haveinnovated these really exciting ways for us to really transform thehealthcare system and there's been regulatory and legislative barriers andhurdles. That's been challenged to overcome, and then you just had allthese laggards and late majority adoptors that are just like I'm, notready yet and that's changing right and so we're going to see this trajectoryof adoption. Just like you described, and I think once people you knowphysicians that were like I'm not doing tela health patients that were like. Iwant to be my of my doctor in person. You know that's going to be changingand once they get a taste of UH. This is really not so bad. This is actuallymore convenient. This is actually more effective, they're not going to want togo. Oh huge chunk of those people are not going to go kno what to go back tothe way it was before. COVID nineteen yeah, I agree with you, unde percentI've seen you know. It's Beett interesting that here's, this huge atrisk, population, the Chronicaly, ill theire, older adults right and thebenefits been in place now for over a year, and I'm surprised at thephysicians that have not picked it up now. They have to use good discernmentbecause everybody, like I said, is thrown an APP and just give them onedevice and download this APP, and you can put this out a get reimbursed foryou know doing remote, patient, modern yeah that doesn't work. You've got tomake sure that you have redundancy and security. If you lose power, if youlose Internet there should be emergency response. Tor Shoul be medicationmanagement. Everything should be happen, a real time I shouldn't just be. Idecide to look up some of the charts in a week right right, we're takingreadings, we're seeing they're out of threshold or we're seeing they werepromped to take a reading and they didn't take the reading now we'reengaging in real time. So they have to make good decisions. But you know oneof the other great things about this moment in time. Is that we're going to get struck again, like Istarted to say before as soon as we get through this we'regoing to have another rampant influenza season act every single year and ithits the same members of population xcept. It takes the younger as well right. Sowe're not Sain many kids. It takes more children, you Kno, it's still takendown. The in the numbers are epics still takin down the older adults. Sonow that we made this transition, I think that the worlds going to bereally surprised to see with some of the new skill sets in some of the newpractices and some of the new sanitation routimes. So an saying, EREGOINTA now be able to use this technology, just suppress the spread ofinfluena every year and the damaging consequences and reduce the mortalitiesand long term complications through that early identification that rn ementof the process getting in there early and starting to immediately put inpractices right. You look at. We got a whole adult living, assisted living,nursing homes, independent living facilities for older adults, YeahMonitoring, now their staff and monitoring all of their patie otherresidents Ho many or patients te saying we're, never going to stop doing thisright, right, wnow right and the influencees Brit. Nowwe're going to be able to make sure that an effective worker doesn't comein and wipe out our resonant population and we're going to be able to know whowe need to corn down and get treatment to wigt Ov, otherwise infected ahundred, a twenty or hundred and eighty other residents. It's going to changeeverything for the WEP Yep Yep. I completely Welli'm glad we were able toend on a positive note, an all of the opmortunities that are hidden and maybe even not so hidden inwhat we're facing today so anthony. Thank you so much for your time andsharing y with them with my listeners, it's been great and I appreciate yourcandor and transparency. How can folks get a hold of you if some of ourlisteners have some questions either about your solution or justabout your business insights? So we have a pretty simple number to remember:We've got eight three three and it's electronic carrygiver right. So it'seight thre, three ECG life, EGH, three, three ECG life and the easiest wayonline is to just look for electronic caregiver you'll find our website it'selectronic caregiver com and they can learn about Adison and see this new.You know lifelike talking incredible, interactive friend and Care Partner andcaregiver and nurse, and you know so...

...theu see some really amazing stuff thatwe're developing, as well as some of the incredible solutions that we'redeploying right now for government and facilities and patiens frust country.Well, I look forward to staying in contact with you to see how you grow in the next few months and theyears to come, based Apan what happening. Thank You O. Thank you.Thank you so much for listening. I know you're busy working to bring your lifechanging innovation to market, and I vow ue your time and your attention tosave kind and get the latest episodes on your mobile device automaticallysubscribe to the show on your favorite podtast act like apple podcast, spotifyand stitcher. Thank you for listening, and I appreciate everyone. WHO's beensharing. The show with friends and colleagues, see you on the next episodeof coiq.

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