小蝌蚪视频

Credit

Planning Committee Disclosure - No relevant relationships

All members of the 小蝌蚪视频. planning committee have provided disclosures of financial relationships with ineligible organizations and any relevant non-financial relationships prior to planning content for this activity. None of the committee members had relevant financial relationships with ineligible companies or other potentially biasing relationships to disclose to learners.  For speaker disclosures, please see the faculty biography.

This program was developed through the joint providership of 小蝌蚪视频. and Going Digital: Behavioral Health Tech.

Handouts/Brochure

Speaker

Clare Purvis, PsyD Related seminars and products

Additional Info

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Objectives

1. After the session, participants will be able to define the “Iron Triangle” concept and apply it to digital mental health business ventures.
2. After the session, participants will be able to define key elements of startup business viability including customer segment, value proposition, customer acquisition cost, and lifetime value.
3. After the session, participants will be able to employ a step-by-step evaluation framework to evaluate the viability of a digital mental health startup.
4. After the session, clinicians will be able to analyze and assess risks and opportunities in mental health entrepreneurship.
5. After the session, clinicians will be able to determine how a given mental health startup can best align with status quo incentives among key stakeholders to maximize likelihood of success.

Outline

• Every digital health startup exists because it believes it can solve a problem in healthcare. When it comes to healthcare, there are three big problems to solve: cost, access, and quality
  • Define “Cost” problems
  • Define “Access” problems
  • Define “Quality: problems
• Understanding Key Stakeholders and their incentives
  • Patients
  • Providers
  • Payers
• Apply a framework to understand the “best fit” between stakeholders and problems to be solved
• Introduce and evaluate the “Iron Triangle” concept – cost, access, and quality are always in tension

• Introduce the WELL framework and how to apply it across many contexts: working at a startup, hearing about startup companies, considering a partnership with a digital health vendor, etc.
• We will use a case example to illustrate each of the four factors in the WELL evaluation framework:

• The “W” in W.E.L.L. stands for “what” and “who”. To complete this stage of the evaluation process, learn how to answer the following questions: What problem is the company solving? Who are they solving the problem for? Who pays for it?
  • Key business terms covered: Define the problem statement, customer segment, and value proposition

• ”E” in W.E.L.L. evaluation framework stands for the “Environment” a company finds itself in. Considering the environment involves a close look at the company’s relationship to incumbents and key stakeholders to evaluate its alignment with status quo incentives. At this stage we learn how to answer the following questions: Who are the company’s “friends”? In other words, who will benefit from the company’s existence? Who are the company’s “foes”? Are there any powerful stakeholders that stand to lose from the company’s success?
  • Key business terms covered: market fit, incentives, desirability, willingness-to-pay

• ”L” in the WELL evaluation framework stands for “Lifetime Value”. If you are trying to determine whether a health startup business model is viable, you’ll need to make sure that the model works on a financial level and is profitable. This involves calculating unit economics: what it costs to acquire a customer (CAC) and the total lifetime value (LTV) of that customer to the business. The leading cost of startup death is realizing too late that LTV is too small, and CAC is too big.
• At this stage we learn how to assess a startup company’s unit economics and evaluate its likelihood of reaching profitability.
• Key business terms covered:
  • Annual recurring revenue
  • Business model
  • Business-to-business-to-consumer (B2B2C)
  • Business-to-consumer (B2C)
  • Capital intensive
  • Cost structure
  • Customer Acquisition Cost (CAC)
  • Direct-to-consumer (D2C)
  • Lifetime Value (LTV)
  • Per member per month/year (PMPM/PMPY)
  • Revenue model
  • Revenue opportunity
  • Total Addressable Market (TAM)
  • Unit economics

• The second “L” in the W.E.L.L. framework stands for Legitimacy. This part of the evaluation requires the least explanation for clinicians. To be successful, a health company needs to be able to show that its solution works as they claim it does. It needs to be accountable for outcomes of some kind, regardless of the type of solution the company offers. What clinicians may need some practice in is right-sizing the evidence standards they apply with the needs and goals of the company. Just as you need to pick your way of measuring something carefully and correctly with a research study, you need to use appropriate evidence standards to prove a product’s legitimacy.
• Differentiate between evidence standards including a) clinical evidence, outcomes, or pilot data, b) user research and qualitative data, c) theoretical soundness of an intervention (if no direct data) and learn how to “match” evidence standards to company claims.

• The group will walk through the WELL Evaluation Framework using Clare Cast Study 1

• the group will break into smaller groups to practice applying the WELL Evaluation Framework with Case Studies 2 & 3

Target Audience

• Counselors
• Marriage and Family Therapists
• Social Workers
• Physicians 
• Psychologists