Health Innovators
Health Innovators

Episode · 2 years 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 how health innovators maximize their success. I'm your host, Dr Roxy, founder of Legacy DNA and international bestselling author of how health innovators maximize market success. Through candid conversations with health innovators, earlier, doctors and influencers, you'll learn how to bring your innovation from idea to start ups to market domination. And now let's jump into the latest episode of Coiq. Welcome to the show coiq listeners. On today's episode I have Anthony Dorham with me. He is the CEO and founder of the electronic caregiver and he is going to talk about this groundbreaking Innovation Addison. Will learn more about that today. Welcome to the show, Tony. Thank you for having me on. I really appreciate it. Very Tony. Anthony, here I go right so let's start off by telling our listeners a little bit about what you do and what Addison is all about. Well, we are in evidence space. We've been heavily involved in research to develop our products, but we're virtual care company, and so one of the hot subjects right now is all about tell a health what telehealth can do to carry the burden during this time where we've got this pandemic and and we've always been involved in providing telehealth services. But when you look at our population, we have about forty eight million older adults who, when we have a pandemic, or most at risk, and that population is about to double in size, and the majority of them have at least one chronic illness. Many of them to come Moor Abidities, Yep, and so tell a health is very episodic. A doctor may schedule a routine visit or you may request a session because you're not feeling well. What we found is that the biggest challenges in health care revolve around outcomes and adherents and a lot of the spending, majority of the spending of three point seven trillion dollars is for chronic disease management and then on the treatment at here inside we've got a problem where, and this is around the world, it's not just in the US, half of all treatment failures, excuse me, half of all treatment failures are attributed to non adherents. All of this is happening right this support for chronic disease is happening. Needs to happen in the home. It's a continual process it's not a periodic episodic process. Yep. So what we wanted to bring was advanced technology that had the capability in the intelligence to be able to unpack, day to day, a care plan, a treatment plan, and be able to walk caregivers and patients through that care plan, to be able to monitor their progress, their performance, to be able to use artificial intelligence to identify the very earliest stages of decline, functional decline, cognitive decline, to be able to faster sea signs of infectious disease, for instance, to keep with current events. And so we wanted to create a virtual caregiver and it was a very big project. Of People told us it was impossible because to do this well it involves a lot of different coordination between health stakeholders. You've got them atient and providers and potentially other care teams and family members, and then you've got to have a technology that is simple to use for people that may be suffering or struggling the other side of a diagnosis. Maybe they do have some memory laws or cognitive decline, they might be compromised physically and in other ways. So we wanted to create a voice based virtual caregiver capable forming a unique relation ship with the user, the customer patient, something that captivated them, where they didn't have to reach out to the technology, technology would reach out and embrace them. And so we've got voice, but sometimes we need to demonstrate physical therapy routine or we need to remind them how to use one of their peripheral devices to take a vital reading. You know, there's a whole host of things that we need to demonstrate. So you know, we're all familiar with Alexa. Right, Yep, we loved voice. We were very early on with aws. I think we...

...wrote the very first health skill for Alexa two thousand and fourteen. But I couldn't form a relationship with a speaker grill and I couldn't get that to monstrate, you know, demonstration capability. So we decided to give that voice a better set of ears, set of eyes, efface, a body of personality with empathy and humor and basically the brain of a nurse practitioner. Right, that might be overstepping a little bit, because you can't replace right. You needed her to be very capable and very intelligent, and so that's what we've created. It's taken US ten years. People said it would cost five hundred million. We did it for about sixty million dollars. It required eight years of putting together a very special screening laboratory and then infusing that with a lot of technology from some of the biggest names in tech. We participated with development teams, with in development support teams from Microsoft, from Google, from apple, from aws and from Intel, and we deployed this laboratory in thirty two states. We organized hundreds of providers and senior care professionals and as we did that we started learning some other things that we need to do address other challenges in the market. For instance, twenty seven percent of our children are living with a chronic illness or disability and they often require continual oversight. And as you get into these pockets, I'll stop talking because you're never going to be a last me a question if I don't stop. When we get into these pockets of populations, people that are high risk or that need a lot of high touch and a lot of oversight, whether they're chat children going through various developmental stages with a disease or disability, or whether you've got an older to you know, adult who's in some form of continual decline, so much pressure on caregivers and not a lot of resources and support for them. Live care it's very expensive. Even part time live caregiving for the older adults is beyond the financial reach of ninety seven percent of Americans if you look at the income levels and the the starting costs for part time care. And so we really had to be effective and in consider it of these, you know, approximate fifty million family caregivers providing thirty billion hours of service a year, and figure out not only had a care for these these patients rage across all disease spectrums and ages. Had to be really cognisant of, you know, developing support tools for those caregivers. That said, I want to talk about so you know, what you're describing here is obviously you're solving a lot of different problems. When you talk about, you know, artificial intelligence and virtual reality and voice it's definitely groundbreaking and revolutionary and a lot of times we have the perception that this is really exciting, because it is, and very glamorous. Right you think about, you know, Steve Jobs with the iphone or Elon Musk with the tesla. It's like, oh my gosh, these guys are coming up with something that's just we never heard of, we didn't even think it was possible. And you again, you kind to think it's really glamorous. So like walk our listeners through, you know, just some of the realities of what it's like when you're when you have an idea for radical innovation that no one's ever heard of before. They don't believe it's possible and you still or holding tight to that dream and having it come to fruition. So, from the entrepreneurs and innovators mindset, yeah, the public will always say wow, look what they've done, and when things take off and get traction, you'll often hear overnight success. It is the most discouraging, grueling, frustrating journey to do something that's fairly complex and it doesn't just take you know such just the person who founds it and leads it. is going to be the continual, you know, cheerleader who's got to be steadfast and faithful and focused to the mission. But you got to be very what it developing a team...

...of people who have those same types of qualities. When you go out to the market, like I had gone to Silicon Valley and they said, what is it that you want to do? What are you coming to us for funding for? Yep, well, we're going to build a virtual caregiver voice, edge computing, visual sensing, tying in some wearables or tying in customized plans of care, D animas. You'll going through the sole list. And we said, but that's to get from here to there. There's some other things that happen, have to happen. First, we're going to develop an enterprise solution to manage our customers. Are Devices, are care plans, to you know, the health data, the security, to manage the Ole business. Then we're going to build this lab and deploy it for at the time we said, you know, for five years, and we're going to coordinate all these tech companies and coordinate all these health professionals and organized thousands of patients to screen. And we've got a road map for three products. The third one is the virtual caregiver, Addison Care, the first to start to provide some digital health solution, some connected care. We described a simplistic device when we put into the Medicare system that had peripherals and did a lot of health monitoring, medication management and voice based in home custom assessments like home exams. And then we get to the virtual I think you should have naive and stupid printed on your for you're going to put things 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 can get the providers organized to help you organize patients. No idea, if any of what you'll collect a viable the costs are so unknown. This is a project where is you just went through the different components. We were adding up what is it usually cost to do an enterprise solution? What does it usually take to launch a couple products? Doesn't take too launch, you know, develop a go to market network, you know, sales and distribution and support him and they said what you've described involves technology that some exist, some in the early stages, never been co ordinated like this. You're talking about a three hundred two, more likely five hundred million dollar plus investment. Nobody's going to back you. You should try to choose one small component. I said everybody's working on one small component, but that doesn't reimagine and transform. Yeah, so when you start down this journey. Sometimes you've got a big vision and you know when you look at how you get things funded, well, there might be one in five hundred deals that go to traditional equity funds like venture capital that actually get to term sheet, but it's probably closer to like one in a thousand that actually get funded. So what happens to the other nine hundred and ninety nine entrepreneurs? Right, they've got to learn how to structure a capital offer, how to go out to high net worth investors and learn how to have that engagement, that communication, diffuse or overcome their concerns and doubts. And even when you do that well, you're going to have a much bigger percentage of people telling you know. And nobody just says no, right. They give you a list of all the reasons why there's certain you're going to fail. Yeah, you know, and if you're it's so you you feel like your character and integrity and values and question at all times. Yeah, because your identity is wrapped up into this envision division. Yeah, many ways, no matter how much you try to say I don't want work to be my identity, work who I am, husband or who I am with my faith in it chare right. It's all consuming. Yeah, so you know now, if you're lucky enough to get some capital, one of the I think one of the most common mistakes is that people completely missus set how much capital they need. For extence, they a lot of times think from, you know, a small team mindset. So if they haven't taken something to market or put a product into production or built a big development a team or run a customer service department or gone through and healthcare, you might need to go through clinical trials, you might need to get FDA approval, you might build something that you've got to put patents around and if it has you know, telecommunications and it you might be getting FCC certification or UEL certification. And you know, people think in terms of, you know, if I just...

...get this money, I can do this and I can't do anything. I mean it's the skill sets throughout our building are diverse and there you know, people that are were well educated have had to go through years of a learning curve still and reach out to other mentors and takes a big team. We usually think what if I could just get this money, I can start building and pay a couple consultants and outsource of few things and it's going to happen, and so they don't realize in the beginning stages your job is going to be one hundred percent chasing the money and getting the company capitalized. We also have the burden of building a team than managing a team, and if you're good inns you start getting that process down, it becomes more intense because usually in healthcare health move slow. Product Development is slow. We're not talking about, you know, APP on Mobile. Everybody can build an APP. Hundreds of thousands of people have done it. That isn't going to transform our issues with global health. It gets a component and extension of, you know, the core platformer or services, just like telehealth can't be the core. If you just do the episodic and you're not doing the continuous engagement of monitoring, you keeping on track with the care plan, supporting the Cary, get all those other things, early identification, you can't transform care. So the things tend to be more complex with longer lead cycles. They're very expensive and I'll tell you one of the things that people never consider when they're budgeting for their and forecasting mistakes. For some reason, everything it's there are going to be mistakes. Mistakes might be on the capital side. You might organize a meeting and host a dinner or serve or derbs or, you know, do whatever you can. You try to keep it on the cheap in the beginning, but you travel and you bring prototypes or you're printing for color. You know, illustrative you know samples to show people here's how our marketing is going to look like, here's our products going to look then you get out there and you get nervous because people have been pounding 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 all you've done because of a bad talk or you didn't handle some objectives or somebody hit you with a curveball. All you haven't evolved enough to even understand that's a problem yet. So you certainly don't know how to answer it right and so that's going to happen over and over and over again. And then when you get into the development there's mistakes. I you know, I remember. So I had a big national security company and I wanted to be the first one to develop kind of a do it yourself, professionally monitored, plug and go security system and I had an idea about how it should function and how it should look and I thought this is going to be great because, like, people that live in rented apartments and homes get burglarized like eighty percent more than people that own their homes. I thought this is going to be great for the rental market and my my channel was going to be through major retail and at the time it was a big cell because att black and deck or Great Schlag, Magnivox Ge, they all categorically failed at the time try this. I wasn't just going to sell you know some components. I wanted you to activate it like a cell phone, for a service. And it's funny. I'm not going to mention the names, but even today you know, more than a decade later, fifteen years later, I've seen some big companies make the attempt to do it and haven't been able to do it. We actually put the program together and until the retailers crash and went out of business, like Circuit City and God USA, we had a unbelievable success rate. But while we were doing the development I created this kind of pyramid looking cool little high tech device and we actually had purchase orders for tests with like ace hardware and COMP USA at the time. And we're in production and I have a sales guy come on board. I finally got enough capital to get somebody's really seasoned. And he said I am not putting this out and doing the big shows. It's the ES and 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 big National Entrepreneurial Seminar Business and thought I knew everything. I've been exposed to tens of thousands of deals. I was the consultant to all these other, you know, emerging businesses. So I said, how would I put this out in front of thousands of people the seminar? They all love it. He said those people have got you on a pedestal. They're not going to be...

...objective. Nobody paddling whatever you put out there. They're going to say if he thinks it's great, I think it's great. So you getting skewed advice. So we go into these focus groups and I'm I can't wait, I've got we're big. You know, the two way glass. We're like hidden behind mirror and I've got stockholders there, big ones, and we're in production in China at the time. So they go through the pricing, the name, you know what it's going to do. Everybody says, you know, wow, it's great, wow, that would be really useful. Yeah, you know, I I could use it, but my mom could use it. And then they unveil it and I mean there was this visceral reaction. People like push back in their chair and they went, Whoa, I mean, my wife's never going to let that be in the house. I mean look like that. Hey, you know the way you've configured it, like where you want to plug that in? Doesn't I don't have a convenient phone line. I want that part to be separate from the main. I had to. So we went through two rounds and I had to shut down production in China, call up retailers and tell them, you know, I'd a good story. You'll when you have these bad things happen, you better have a good plan that you can explain in great details. 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 are and the factory now wonders. They've ordered all these parts. They put thousands of people on these productions to work and you just and they schedule that in between other builds. So you know, you have to maintain the confidence of your factory. You've got to make sure you can maintain the confidence of your retailer, and so we had a good communication for them. And then you now have the expense of redesigning the entire product and then that changes the pricing, the packaging, all the collateral material, all of photography, everything changes, and how you've got to put that out to focus group and make sure you got it right before you take it out in the market. So we're about to do a round of some new focus group studies. We've been, you know, bringing in people represent actual users and now we're going in with some of our new product releases in these focus groups. You know, the first small one that we're going to do is about thirty Eightzeros. It's not cheap do three or four those. I think we probably invested in this project. Gosh, I mean we must be at close to a million dollars and legal work on patents. People don't realize how much it can cost. Well, and I want to pause about the product in the focus group because you know, that is just something that is so prevalent in this industry. I was talking to a physician entrepreneur a few weeks ago and you know, it's it's someone who is keenly aware of the problem because he faces it as a surgeon every day, right, and so he comes up with an idea of how he's going to solve it and he's really excited about it and, you know, being the perfectionist that he is, puts in every bell whistle, Foascher functionality that you could possibly have. It's in the APP store. You can go and download it today and there's been no focus groups, no market research and really not even any consideration for commercial viability out of his own use case and and and very little resources for actually bringing it to market, for actually commercializing it. And it just, like you said, it just it happens all the time. It happens all the time and it's it's much more expensive than people think. Yeah, build a product and you know, I've seen something else to so if you've never gone out and done direct sales or I mean I've done stuff in big box retails, specialty retailer, club retailer as. We've done distributor ships. I've been on QVC myself and marketed products and QVC through direct response. And then there's, you know, all of the e commerce and online components, but they're all very expensive to get from, you know, products belot to this point. One of the things I've seen over the years over and over again is, you know, the idea person who's not been through all the nuances and and costs and what needs to be in place to make this successful. It's very, very big problem with engineers. I have this idea I think is going to help people or make a difference or a lot of people are going to love this and buy it. So they make stuff they think is cool and it's the wrong approach. You've really got to dig deep into WHO's...

...going to use this product, who's your ultimate customer? You've got to know everything about that customer. You have to throw a lot of concepts and alternatives in front of that customer and figure out what they actually want, what meets their needs, what they find desirable, what they find useful. You've got to make sure that you can measure. How does this work, and this is really big. How does this work from a price point, like can you get this built at a price point that they'll respond to? Adopted right. But sometimes people don't realize the process of compensating the people that will help bring you that customer carry your product to that customer also have to be in the revenue chain. So sometimes you think you've got your margin set up and then you realize I don't have enough, like the economics don't work. I see a lot of people, and we've actually been a little accused of this, to be honest with you, on this particular product, Addison Care overbuilding. It's some point when you've worked back from the customer and you then you've moved through your channel relationships and looked at how to structure the economics and out of deliver your product and then support it, because there's costs and supporting things, especially if they're touched any kind of service, and sometimes they're not touched to a service but they are subject to ongoing scrutiny or review or fees for certifications to be regulatory compliance. So there's always ongoing cost, warranty replacement. Then you work yourself, you know, all the way back to the start and you at some point, once you've answered those questions, you got to make a decision on minimum viable product and not add every single bell and whistle. It's better to get a first product that's, you know, well designed and provides, you know, great services, are benefits to your customer. Let them give you the feedback, yeah, what they'd like to hear. And in that inexperience can get you in trouble, because I also see somebody to get a thousand customers and to distributors and one customer, two distributors out of a thousand one, two, three customers, and they're very noisy. They're just demanding that they have this thing or one member of the press and all of a sudden, without any indepth study, without taking that to other people, without asking yourself, is this a priority as compared to the other priorities we had previously designated? Where should this be in the stack of priorities? They don't do that. They make kneejerk reactions and suddenly there's redesigns and new marketing literature and new spends on things and you you know it's know what you're in a whole buses that you weren't even really intending to be in, and and now your whole product development has been taken over by your customers and you know, yet works for them. I mean that is a that is a very common pitfall in the in the in the innovation process, is that you know, you've got those those customers that buy first, those innovators. There was early adopts, their visionaries. They want the competitive edge. They're the ones that buy first. That's why they buy right. And so then once they buy the you know, their vision doesn't stop, their competitive advantage doesn't stop. They want to do this next and do this next and they're so excited and you it's so easy to kind of get caught up in that momentum, but especially depending on where you are in your financial situation right. I mean I might I might have feel like I have some responsibility or requirement to continue 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 I said, in a completely different business and you're like, wait a minute, how in the world did we get here and that whole radical differentiation strategy that you started off with is just completely diluted. Yeah, Hey, it's Dr Roxy here with a quick break from the conversation. Do you want your innovation to succeed, to change lives, to shape the future of healthcare? I want that for every health innovator, which is why I invented Coyq and evidence based framework to take your innovation from an idea to start up to full market adoption. If you're not sure where you are in the commercialization process, take the free assessment now at Dr Roxycom backslash score. Don't miss out on impacting more lives just because you have a low co IQ score. The Free Assessment is at Dr Roxycom backslash or that's Dr Roxiecom backslash score.

And now let's jump back into the conversation. There's such a balance between not letting the distractions and understanding with good experience and discernment. And it didn't have a process in place to interpret what you should respond to what you shouldn't. You got to hold your focus to get to a viable product. But you bring up another great point, which is, you know, evolving the product up adaptation, the ability to pivot, to get something out there successful. People will find other ways to apply this product in other places. Right. And sometimes we get people that are so riveted. Now, you know, here's a big thing, a big cause of this. It comes back to capital again. They get so focused they won't adapt. There's a lot of unders won't adapt business models. Yep, hard to walk the line of pushing through and holding your focus and not letting disruptions come in and take you off track and knowing that there are times to diversify, times to develop, you know, times to pivot. We've had to do a lot of pivoting because of CBID. Nineteen right, covid night, big pivots in the business. We've had all kinds of business, you know, structure set up for going to market. Weik is crazy. Every that we have is like whatever strategy we had in place put the brakes. Now we need a covid strategy, and in rightfully so, because it's you know what we the assumptions and the strategies and tactics that we believe we're going to be most effective last week aren't necessarily going to be our best path this week. Well, and I really feel for I mean I there are going to be the layoffs and job losses are in the millions. Ye, and you know, for some people, you know, this is going to be a breaking point, for other people to be a making point. There might be some people out there that have had dreams on the shelf and different ideas and maybe this will be the thing that urges them to finally pursue that thing that they've always wanted to do for a living every day. You know that there was a point where it at point in time many years ago that that happened for me. It was through unexpected circumstances. I have. That's, you know, entrepreneurial quest right. You know, I said there was that one key skill set. I think the ability, and this really spreads through the whole organization, the ability to develop capital, because it's really about developing belief and support and compelling the people around you to get behind your mission, your purpose and what you're going to deliver and how you're going to transform the human experience in your unique way. Yeah, it is the master skill because, like I said earlier, most Equity Funds, DC's angel groups will they'll reject, you know, all but one in a thousand deals and they're in and dated. It's hard to even get into the line up, to even have that one shot, and they can be very difficult to deal with. All right, so you see a lot of you see a lot of deals where, and you just go on and search the Internet, people sold away their their companies. I see people that come and want to pitch for a job here and they've been involved in a senior leadership position and three different venture back deals and I say, you know, if you had done this right, have been smart enough, you would have become the SEC after your first deal or your second deal. You wouldn't be on your third or fourth FEC deal getting involved with founders that are selling away everything. Right and and it's tough because people won't see that coming. There's initial scene round and then suddenly you need another development round and then all of a sudden you need some go to market money and then you need growth money to these different stages through development and different needs and they typically are increasing over time. So you go out and you leverage your home and you drain your bank account or pull money from a K or your college, Your Kids College Fund, College money, and now that's now you got, you know, get connected with some lawyer helps you put a little offering together, but it doesn't have any experience with structuring a business. It's not how you're going to capitalize your startup. It's how you're going to capitalize it all...

...the way through to some form of, you know, where it can continuously sustain itself and become very profitable, where you get to an exit where you're acquired or, you know, you go to an IPO, and so, you know, you have to think long terms. So they'll they'll drain their own resources beyond the brink of disaster and collapse. Finally figure out how to get some friends and family money in, but didn't structure the deal to give the room or set the expectation in advance for the larger capital come in later. Now they get out to adventure firm and maybe the venture firm likes it. Happens over and over again. There is the group of the deals they like. Yep, by the time that deals done, and you know, people ever see this come they'll say how much money got in the bank? I get you know, I have x. So that's roughly based on your pain rate. Three months. Yeah, okay, we'll talking for in the strength. You know, you as the here, but they'll be on the brink of disaster and they need this money and it's a very difficult place to be in because when that deal gets structured with that VC, should it go forward, you're going to see founders and founding stockholders get watered down, diluted, lose any form of say. So and you know, you see over and over again. Yeah, got funded and it went out, became very successful and I got my principal back and I you know, I got a I got a nice modest return back. The big money that came in later, you know, made thousands of percent on the dollar. Right, threezero percent of the money, fivezero percent of the money, some of them even bigger than that. All the work, very little return, little work and it's so terrible for those that did all the heavy lifting. Yeah, and you know I but I always say, you know, the entrepreneur was a great adventure. If you had told me all the things that could go wrong, all the setbacks, unforeseen challenges, if you told me what it was going to cost. Right, especially in my earlier deals I did when I was younger, and the complexity, I never would have started. Sometimes it's better. You know you need to know, but sometimes it feels it's better because if you didn't know, you wouldn't even beget right. Yep, one hundred pays. You need to get on the hook. So so one one other question that I have before we start to wrap up here. You know, we're all we talked about covid nineteen and we're all shifting years here. You know what are in everybody's talking about the the layoffs and the unemployment and you know, just all of the negative components of it. As an entrepreneur, what is most exciting to you? HMM, you know, and I'm thinking about this as Oh, I'm an opportuniteyst opportunist and I'm going to start, you know, selling some sleazy snake oil. You know, like we're talking about ethical things and moral things that entrepreneurs can do, because you mentioned early earlier, and I think that's very true, that every single business out there is that this cross road it's going to be the time that they either go belly up or it is going to be a catapult for growth, unimaginable growth that they never even could have predicted. So as you kind of start to pivot in your own company, and I know this is, you know, evolving daily and it's so it's very, very dynamic. You you may not have even thought through all of this. Oh, yes, I have. Okay. So what is most exciting to you as you think about how you're going to leverage the opportunities that are in the silver lining and all of this chaos that we're facing? Well, there are so first, once you learn your capital, I think the next most important thing, beyond team building, is contingency plants. You ought to think about them in advance. I don't care how good you think you are. Your factory partner is builds. Some point you're going to update some firmware or software somewhere and it's going to introduce a bug and they'll be some product recall or need to pivot. Right, I've been through complete catastrophic collapses of all national distribution changes, the worst market correction in history. That two thousand and eight, two thousand and nine. It was was very difficult, but a lot of people out of business. And so now when we look at things, we say, what is everything that could go wrong and how are we going to respond to it? This particular current event with this particular pandemic, and we've seen bird flu, swine flu, SARS, and this is a form of stars right. I mean it's technical name is, you know, it's ours, Coov, you...

...know I too, and it just attacks the respiratory system. Here's what's here's what's great about this. For US personally, we were in a position where we immediately could start helping people in the areas they needed help, and it became very apparent when the first case is showed up here the same day, we were literally starting to sign up our own staff so that we could monitor them for temperature and symptoms at home. We do it in morning and at night to make sure that they don't enter the workplace if they're infected and expose the faculty. Well, that immediately translated to home care company senior living providers. People started realizing I've got a monitor my own staff, there's huge liability to my resident population or to my other healthcare workers or Mycaian cynosurgical center. So suddenly people start coming us and it's not just about the patients, it's about the people serving the patients. Now we're monitoring and protecting them. But you know this, this is going to happen again. Last year we had one of the most resilient, most destructive strains of influenza. And what's happened through this event is the focus on connected care we've been hearing for decades. Can't do it with outdated infrastructure and we can't do it with the minimum number of beds when we have a hundred thirty million people with chronic illnesses and we've got a forty eight million, you know, population of chronically heal older adults that's doubling in size in three decades. Right. How do you fix that of that Short period of time? So for years of an are and we have to extend support for care outside the doctor's four walls and into the home. And with this event has created worldwide is now connected care is is getting its spotlight. Now we're going to be able to show you know, we've started Medicare as a reimbursement for monitoring patients at home. So we have a lot of older adults that are chronic leal and we're monitoring them and it's a reimburse service for the doctor and for the service. And we started working with diabetics and we looked at a three so the first thousand patients that went on that were the Medicare patients. We looked at three hundred diabetics and there ah a one sea. Levels were literally dropping across the board as they continue to use our service because the support we were providing in the home was helping them more effectively manage their disease. We had a practice put on a first, you know, group of patients and Mississippi and they doctor just made a blood pressure change and because of the monitoring at home and everything happening in real time, this patient took a reading had a blood pressure of seventy over thirty. Immediately a nurse triage team through our smart hub, was connected to the patient, concurrently notifying the family and then carried the message instantly to the physician, who said we just made a change. How I wouldn't have known, you know, until potentially some catastrophic things could have happened right next thing you know, she gets dizzy, she falls, she's got broken hip and ahead trauma right. So these things really make a difference. So the opportunists out there are figuring out how can I transform my approl quick and go out and tell people that they can work through their you know, mobile device and kind of self treas and so that's that isn't going to do it. People aren't going to continue to through APPS and Menus and decision trees and it. They need something that's more capable and also more user friendly and it's got to be connected into the ecosphere in a much more dynamic way. And we'll see. And now is people are talking about digital health connected care. It's time to start looking at technology in the home to improve outcomes, to reduce pain and suffering, to stop people from having those head traumas and broken hips through early identification and expediting intervention. And because now at they're finally opening up their opening up greater access, greater reimbursement resources, and what they're going to see virtually overnight is just how effective this really is and it's the birth of an entire new global industry and it's literally the moment we're going to truly transform mail scare industry, isn't that? That's side. I completely agree with you. I mean I think that you know, when you look at the technology adoption curve and you're coming out to market with something and you see this small little market that's going to buy an adopt first, right, and you've got this gigantic piece...

...of the market that's like the lagguards, right in their late and early majority, and they want to hear like they want, they are they're not buying for many years, right, and in that's part of the challenge that we've had in the system is that, you know, keep brilliant minds like yourself have innovated these really exciting ways for us to really transform the healthcare system and there's been regulatory and legislative barriers and hurdles that's been challenged to overcome. And then you just had all these laggards and late majority adopters that are just like, I'm not ready yet, and that's changing right. And so we're going to see this trajectory of adoption just like you described. And I think once people, you know physicians, that were like I'm not doing tell a health patients that were like I want to be my with my doctor in person. You know that's going to be changing and once they get a taste of up, this is really not so bad, this is actually more convenient, this is actually more effective, they're not going to want to go. Oh, huge chunk of those people are not going to go in to what to go back to the way it was before covid nineteen. Yeah, I agree with you a hundred percent. I've seen, you know, it's been interesting that here's this huge at risk population, the chronic leal, their older adults, right, and the benefits been in place now for over a year and I'm surprised at the physicians that have not picked it up. Now they have to use good discernment because everybody, like I said, is throwing an APP and just give them one device and download this APP and you can put this out and get reimbursed for, you know, doing remote patient moniting. Yeah, that doesn't work. You've got to make sure that you have redundancy and secure if you lose power, if you lose Internet, there should be emergency responsor should be medication management. Everything should be happening in real time. It shouldn't just be I decide to look up some of the charts in a week. Right, right, we're taking readings. We're seeing there out of threshold or we're seeing there were prompted to take a reading and they didn't take the reading and we're engaging in real time. So they have to make good decisions. But you know, one of the other great things about this moment in time is that we're going to get struck again, like I started to say before, as soon as we get through this, we're going to have another rampant influenza season every single year and it hits the same members of the population, except it takes the younger as well. Right, so we're not saying many kids, it takes more children and it's still taken down the in the numbers are epics, still taking down the older adults. So now that we've made this transition, I think that the world's going to be really surprised to see with some of the new skill sets in some of the new practices and some of the new sanitation routines. So, in saying, now be able to use this technology to suppress the spread of influenza every year and the damaging consequences and reduce the mortalities and long term complications through that early identification, that ament of the process, getting in there early and starting to immediately put in practices. Right, you look at we've got a whole adult living, assisted living, nursing homes, independent living facilities for older adults. Yeah, monitoring now their staff and monitoring all of their page you know their residents, who many your patients, and saying we're never going to stop doing this right, right now, right, and the influences break now, we're going to be able to make sure that an effective work or doesn't come in and wipe out our resonant population and we're going to be able to know who we need to corn down and get treatment to, who might have otherwise infected a hundred, twenty or a hundred eighty other residents. It's going to change everything for the bet. Yep, Yep, I completely agree. Well, I'm glad we were able to end on a positive note in all of the opportunities that are hidden and maybe even not so hidden, in what we're facing today. So, Anthony, thank you so much for your time and sharing you with them, with their listeners. It's been great and I appreciate your candor and transparency. How can folks get ahold of you if some of our listeners have some questions, either about your solution or just about Your Business in sight? So we have a pretty simple number to remember. We've got eight three, three, and it's electronic caregiver, right. So it's eight three three ECG life eight three three ECG like and the easiest way online is to just look for electronic caregiver. You'll find our website. It's electronic caregivercom and they can learn about Addison and see this new, you know, lifelike, talking, incredible interactive friend and care partner and caregiver and nurse and you know. So they see...

...it's a really amazing stuff that we're developing, as well as some of the incredible solutions that we're deploying right now for government and facilities and patients for US country well. I look forward to staying in contact with you to see how you grow and the next few months and the years to come based upon what happening. Thank you. Hey, all right, thank you. Thank you so much for listening. I know you're busy working to bring your life changing innovation to market and I value your time and your attention. To save time and get the latest episodes on your mobile device, automatically subscribe to the show on your favorite podcast APP like apple podcast, spotify and stitcher. Thank you for listening and I appreciate everyone who's been sharing the show with friends and colleagues. See you on the next episode. Of coiq.

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