Video Transcription
Eric Dy 00:00
Eric. All right,
Eric Dy 00:03
good morning everyone. It's a pleasure to be here with you. My name is Eric Dy. I'm co-founder and CEO of Bloomlife, and I'm excited to talk to you today about our work if we get it going here. All right, Bloomlife, we sit at the intersection of two very large trends. One is the shift of health care to the home, and the second is the increasing demand and critical need for new ways of delivering maternal care. So why focus on maternal care in the first place? Well, we are in the midst of a global maternal health crisis, and especially in the United States. On one hand, there's been a significant increase in the rates of high-risk pregnancies due to more rates of chronic disease and women having babies later in life, but there's just a lot more women that need care during pregnancy. At the same time, there's a critical shortage of maternal health care providers. The latest data from March of Dimes indicates it's actually getting worse in the US, about 50% of the US is considered maternity care deserts or areas with low access to obstetric care. And the net result of all of this is that in the US, a pregnant woman today has a 50% higher likelihood of dying during childbirth than her mother did, and this is like the tip of the iceberg, because every mom that dies, there are tens of thousands that suffer from some sort of complication during pregnancy that impacts the rest of their life. So we need better ways to deliver care, and that's where Bloomlife comes in. Bloomlife has been developing a full-stack remote care platform to improve access to care through a combination of connected devices, data analytics, and clinical services. And the whole idea is to enable health care providers to improve screening and management of maternal-fetal health. We have a proprietary device ourselves, but we also integrate with third-party connected devices. We have the ability to deliver clinical surveys to screen for things such as maternal mental health; everything is prescribed by the doctor, and data is sent back to them. The whole idea behind using these connected technologies is essentially to eliminate barriers to accessing high-quality, evidence-based care at scale. And so for moms, it's about simplifying the management of pregnancy complications. For doctors, it's about improving access and adherence to guidelines. We provide peace of mind to moms by providing real-time feedback in between our appointments, and we provide doctors real-time data to help them early identify complications. At the center of our solution is a clinical-grade prenatal wearable that shifts antepartum and fetal surveillance from high-cost clinical settings to the home. So all high-risk moms, regardless of what makes them high risk, are recommended to get antepartum and fetal monitoring. And the reason is that those babies have an elevated risk of stillbirth or fetal injury, usually due to fetal hypoxia. And so today, the standard of care requires that patients come in twice a week to the doctor's office to get monitored, starting in the third trimester on a weekly basis. It's incredibly inconvenient for them. It takes a lot of time. It also takes up a huge amount of clinical resources. And so we developed the ability to shift that to the home using a prenatal wearable device. It's a patch-based device. We secured our first FDA clearance around that device last year for maternal and fetal health monitoring in home and hospital use, and we already have 15 patents for that filed, 11 granted, and four have been pending. So in advance of commercializing our fetal monitoring solution, we have already been seeding the market with our hypertension and diabetes management. So for hypertension and diabetes, these are two of the most prevalent pregnancy complications; they drive well over $12 to $13 billion of annual health care spending, and in both of these instances, there is a need for doing regular screening at home by patients. Today, this is largely done by pen and paper, where the patients have to then remember when to take it and then just mail those things back to the provider or bring them back in the prenatal care check-ups. Inevitably, everyone forgets to do that. The doctors don't have the information they need to best manage the health of those pregnancies. And so there's a huge problem there. And so we digitize everything and also allow the doctors to get paid for this in a way that they're not currently able to. So while there clearly is a need for all pregnant women to monitor during their pregnancy, the immediate focus for us is high-risk pregnancies. Those are right now about one in four pregnancies that are high risk, and they drive well over 70% of payer spending. And so looking at that initial market, tapping into existing reimbursement codes is about a $4.6 billion annual renewing market. That being said, we're in the process right now of building up the evidence to demonstrate that these connected care solutions can improve birth outcomes and lower costs, allowing us to shift to more value-based contracting for these high-risk pregnancies. At that point, we look to open up about a $14 billion per year, annually renewing market in the US alone. So from a competitive landscape, it's great to see more and more companies working in the maternal health space, but we stand unique by providing by far the most comprehensive care delivery platform, enabling health care providers to increase revenue for delivering higher quality care. Pulling together just kind of general RPM devices is pretty trivial at this point; building advanced fetal monitoring technology is incredibly challenging. We're looking to measure very small electrophysiological signals that are buried in noise. It's our team's background. And so we're one of the few companies out there that have the technical wherewithal to develop these advanced fetal monitoring solutions. Beyond that, we have very much emphasized the need to directly integrate into clinical workflow since we need to integrate into EMRs, and all of our remote care services are fully reimbursable today, also making us unique from a business model. We contract with health care providers to help them rapidly implement and deploy remote care services. Doctors order our services for the patient. We take care of fulfilling everything that they need to the patient's home, and then our partners bill insurance companies using the existing set of codes. Bloomlife is paid from that reimbursement, which amounts to about 46%, depending upon the services we're talking about. From a go-to-market perspective, we segment the market into really two main buckets: health systems and private practices. On the health system side, we've closed a strategic distribution partnership with a market leader in data visualization analysis called Paragen. They provide a software tool in the hospitals and health systems that allows them to stream data from the labor and delivery room to a central nursing station. They have a national sales team. They already have partnerships with over 500 hospital health systems, and as of this year, they started selling our remote care services into their partners. From a private practice standpoint, Bloomlife is taking care of selling into those, largely focusing on the large MSOs, with the idea of contracting with one practice within the larger organization, proving our clinical value, operational scalability, and financial ROI before scaling across the rest of the organization. Last year, we first launched with one practice to validate the workflow integration strategy and reimbursement. We went from one doctor in one practice to all 10 doctors in their practice and all nine doctors in their practice across four practices. Now, we have signed the largest MSO in Arizona that we're going live with this month. We have a second client that's going live, and so this year, revenues are still ramping up. We have about $1.6 million in revenue already booked for next year, with a very strong pipeline behind that. Our team has decades of experience developing these advanced medical wearables. We have a lot of large background in data science and signal processing, as well as commercialization. My co-founder Julien Penders and I previously worked together at IMEC, and Jessica Libra, our head of product, has extensive medical device background, most recently working at Cala Health. As a team, we've developed similar patch-based medical devices previously. While at IMEC, we developed for a company called BioTelemetry, a cardiac monitoring patch, which was later acquired by Philips for about $2.8 billion, and under a separate company called OB Medical, we developed similar fetal monitoring solutions focusing on intrapartum monitoring that was also acquired by Philips. So we are finishing off a $10 million round right now. We've actually done a first close on the first $7 million of that $7.3 million. And the use of proceeds right now are really to scale commercial reach. We know that the patients love the product, we know that doctors love the product, and we know that there's reimbursement around it. So now it's about scaling up our commercial reach. We're going to continue to expand the breadth of our connected care and clinical services. So one of the key things that we see that is a critical component that has yet to be built out is a clinical service layer that allows us to take on more of the care on behalf of our clinical partners, and then commercializing the remote NST. So if anyone's interested in working in maternal health and starting to improve birth outcomes for women globally, please come see me. Thank you. Applause.
