Andrew McDaid Presents OPUM Technologies at LSI USA '23

Transcription

Andrew McDaid  0:04  

Good afternoon, folks. My name is Andrew McDaid, founder of OPUM Technologies. Opum, we have built the first and only full service orthopaedic remote patient monitoring business. So we're commercial stage, and we're growing clinic by clinic. And we're doing that through strategic partnerships and our sales and distribution agreements with them. In terms of data, what we're really doing is we're collecting real world evidence on orthopedic interventions, and then also the outcomes. So this is previously unattainable information. And so the future of OPUM really is this idea that we can harness that data in order to better personalize those interventions to optimize outcomes. So the technology itself is really built around this wearable sensor. And that sensor clips onto existing wearables. And the approach there is that those knee braces are already therapeutic and need to be worn by the patient. So what we're doing is actually disrupting that industry in itself, by bringing evidence based bracing. The sensor also clips onto a goniometer. So for those folks that don't need a knee brace, like a turtle joint replacement. So we're really excited where the business is, at the moment, we're continuing to get more and more clinical evidence on patient outcomes, as well as providing a profitable reimbursement model for for clinics to adopt. So the real clinical problem that we're solving is fundamentally based around the traditional orthopedic model. So we're patients have to come from the home into clinic. And they're seeing that periodic points in time. So the patient could be having a good day, they could be having a bad day. And it's actually really challenging for me to recall what's actually been going on. So this leads to sub optimal interventions leads to over servicing, and on the patient side as well. For those patients that find it challenging to come into clinic, or maybe nervous to come into clinic, they get really poor outcomes and high costs. And more generally, across the population, patients have really low compliance to orthopedic and musculoskeletal interventions around 30%. So what we've built as a complete turnkey remote monitoring solution. So on the patient's side, they get a mobile app that might digital in the app, they also get the sensors, and the clinic, we have a clinic hub, which includes the provider dashboards, they can view the data, as well as we provide remote monitoring, reimbursement and billing services. And we also do the first line clinical monitoring in order to make sure that clinics are actually meeting those reimbursement requirements and getting paid. And because this is a turnkey solution, it's really quick for us to get clinics up and going, which is which is important. So I'm not going to talk too much about the technology today. But just to say that the sensor is completely modular, so it's vendor neutral. So we go across all different types of knee bracing products. And also we range from ACL surgery, through OAE, and then it's a total knee replacement. The list of measurements, again, range from very simple steps all the way through to automated assessments of gold standard clinical orthopedic assessments. So what we've also found in working with surgeons as that and other clinicians in the field is that they're not used to having this data, this is a new concept for them. So what we've done is we've actually build a data architecture to make it more accessible and easier for them to pick up. So we've developed this concept of a digital twin, which essentially has four different areas of four different categories to assess in the health. So anatomy, we have a range of motion assessment, symptoms are picked up by patient reported outcomes. Function is an automated sit to stand assessment. And an activity is determined by a gait analysis of return me to walk. And so what we've seen as the feedback is that this is now making surgeons more willing to adopt the technology because they're comfortable with those gold standard metrics. And they're also more comfortable that it's not going to take a huge amount of their time to start to engage with remote monitoring. So from the IP side, we have multiple patterns around different areas of the platform and and the technology. We have trademarks, we have obviously built the full service platform, including the reimbursement tools as well required to ensure clinics get paid. And then we have a range of algorithms as well. So everything from machine learning AI on the sensor itself through to what we're building on the back end. We've also obviously validated the sensors, the accuracy of those sensors in our motion capture lab and we continue to collect clinical efficacy data. Today I just wanted to jump a little bit in detail into the latest Study we've done at the ability lab in Chicago. So there we had cohort or it's randomized controlled trials. So a cohort of open OA patients with a traditional knee brace intervention, and then one with a knee brace plus open. And we've taken that data and essentially build this into a package this up as a sales for our for our reps to go out and pitch to clinics. So essentially, it goes like to the to the physicians, you're already prescribing this knee brace by bolting on this remote monitoring sensor, your patients are getting 20% increased retention, so we're going about 90% retention rate to a 12 week intervention. So what does that fold out to mean for the clinic? Well, better patient outcomes and satisfaction, both patient reported and functional, objective measures, they're retaining their patients for longer throughout. So being able to earn more revenue from those patients. As a first line monitoring staff, we're taking workload off their front of office staff. And we're also adding ancillary revenue to the clinic as well. So depending on the clinic size, we've modeled out, you know, 10 patients per month to 30 patients per month for for a larger physician volume, and also three months of monitoring to 12 months for depending on the condition. And what that means is we add between 66,000 and almost $800,000 of top line revenue for a physician or physician group. Our pricing model is based on a SaaS model, which matches the reimbursement and gives the clinic about 50% margin, which we're finding is really attractive and driving adoption. So we've got a range of different KOLs that have adopted the technology to help us build that from sports physicians, through to pm and our Doc's pain management, and also total joint and the feedbacks all the same about, you know, really comfortable the clinical outcomes as well as the financial model. So in terms of market opportunity, we're focused initially on the US market and on knee health. So across the three conditions, taking 10% of the surgical market for ACL and total knees, and just 1% of the arthritis market looks to be able to build $420 million of revenue per annum for open. And then of course, expansion into other joints and then globally, as well. And I think it's important to note that this is just the remote monitoring revenue, we're in the future, we're also looking at how we can monetize the platform and the data as well as we build those assets. So our journey has through product market fit really started with the sensor itself, we've built the software platform, we've now got a full service solution. And so what we're doing is we're partnering, we have two strategic partners with brace companies already. And we're scaling that out, we're getting ourselves into workflow so that it becomes adopted as the standard of care. And that's really our focus over the next 12 to 24 months is scaling out. And so with these partners, we've already got line of sight to cash flow breakeven in the next 12 to 18 months. And part of that's really due to the lean team we've got and the scalable capital efficient model with partner sales reps who are already in the market. So on the team as well, like every company here, a lot of experience around our management team, through board and clinical advisors, as well. So we're really confident in our ability to execute on this opportunity. Yeah, and then just to finish off to recap, so we are the first and only full service orthopedic remote mission patient monitoring platform. With our strategic partnerships, we're now set to be able to capture the significant market share over the next 12 to 24 months. Very interested to have discussions with any strategic partners, both on the commercialization part as well as capital raising as well. So feel free to reach out if you have interest. Thank you