Tim Fitzpatrick Presents Ikona at LSI USA ‘23

Transcription

Tim Fitzpatrick  0:05  

My name is Tim Fitzpatrick. I'm a co founder and the CEO at Ikona. I'm excited to talk to you this morning and tell you how we are helping patients understand the transition to new treatment options. Starting with dialysis with our VR based learning platform this morning, I want to cover how we're addressing a critical shift in the ongoing shift at home care with three questions. The first, why focus on patients the second, why kidney care. And third, why use virtual reality to do it. First, we'll start with why patients eight years ago, I was discharged from the US Navy, my last two years we've spent in and out of the hospital 18 months of surgeries, pain, wound care, isolation, it was terrible, frankly, and understanding my available care and treatment options was definitely a hurdle I had to overcome. So I realized that patients go through this all the time and various care settings. And it leads to poor health outcomes, reduced quality of life, and higher health care spent. So we're excited to be solving this challenge here. And starting with kidney care. So let's talk about why kidney care. I know it's been discussed quite a bit here and will be discussed after I'm done. It's 1/5 of Medicare spin within kidney care, dialysis is notoriously complex. And it's changing quickly, lots of innovation. You'll hear from great companies before and a few later on this stage in the next session. It's amazing to me that over 90% of kidney doctors say they would prefer to do home dialysis if they had the choice. Yet just one in eight patients is at home today. At the same time, we know it's less expensive. So even though it's cost less, and oftentimes it's better for patients, we still see a challenge for providers. When it comes to helping patients understand their options, and overcome those hurdles to pursuing therapies like home dialysis, it goes far beyond dialysis and kidney care. We know that these challenges for patients when it comes to understanding the care in front of them and pursuing those treatment options is too much to overcome. In many cases, a recent report shows as much as a quarter of current spend in clinics is expected to shift into the home in the next two years Ikona is going to make this possible. And that brings me to the third point, why use virtual reality to do this. We spent years in r&d with NSF with commercial partners to understand and develop a framework that allows us to identify the right delivery mechanism be in virtual reality, augmented reality, or two dimensional learning and match that with a learning challenge or task. So what is it that a patient has to learn? Is it understanding a treatment option familiarization? Allowing them to reduce anxiety and stress so that they can learn? Or is it how to actually use a machine? We've seen success with VR and training? Why can't we use that same concept to develop competence in patients and allow them to be successful in those transitions. We've developed a VR learning platform that helps patients overcome these barriers, reduces their anxiety allows them to actually understand what is being presented to them, and has been shown to increase the rate of patients choosing to pursue therapies like home adoption. Our first VR product has been shown to increase the rate of patients choosing home therapies three to four times compared to the standard of care with dialysis providers. We've seen 41% reductions in patient anxiety. Today, we've served more than 250 dialysis clinics in our first two commercial partners on more than 80% of the market. Since launching, we spent our time with NSF going through the wickets of research to understand the power of VR compared to traditional education, compared to two dimensional videos, one on one conversations, we went live and commercial last spring and immediately started generating revenue as an enterprise sale offering into dialysis providers. Since then we've launched in four new US states, we have seven top health care organizations, including some outside of kidney care in our pipeline. And we're excited about our next target segment, which includes practices in our first two partners in that segment have 90 physical locations more than 10,000 patients. And that's just in our first two states. We're really excited about a recent partnership we announced with Fresenius to global kidney care leader, we are expanding access to these tools in rural Mississippi and communities that need access to tools that allow patients to understand that home is an option for them. That accounts for about 140 clinics just in that state alone and that is within the 2600 that Versenius us operates here in the United States. We couldn't be more excited about that partnership. We are constantly looking for ways to develop new tools and solutions to work together to deploy to patients And frontline staff, in their clinics, in hospitals, and increasingly thinking about the hall. Taking a look quickly at some of the folks internally who have helped make this happen, who are excited about the scale, and starting to think about multi state deployments. We have Dean who runs the National Patient Education kidney advocates team, we're having these conversations in the clinics in the home. And in the hospital, Jenna, who's on his team, she reached out to us when she saw the news. We haven't worked with her yet, but she's asking for access to the tools in Georgia, and then Clint and help us get it off the ground one of our earliest champions in the organization and brought it to the rest of the clinics in South Carolina. We're just scratching the surface with the dialysis market. We know that this platform can adapt to other complex care settings, and we're already seeing demand in those adjacent areas. We have demand and earlier stage kidney disease as I described, transplantation, still within ESRD diabetes infusions Increasingly, our team has built similar products in this space before myself, a patient then worked in finance at emerging equities trader covering AR VR AI to physician co founders and top academic learning scientists who are developing the learning framework for how to apply certain tools and develop them commercially. With our partners, we have already hit our first r&d set of milestones, we've started generating early revenue with top customers. And now the plan is to hit that next phase of growth, the next step change and to accelerate that progress within dialysis and to start to move beyond. To do that, we're currently raising our first institutional round. We're very excited. We have great partners from strategic medtech organization, top investors, top founders and operators in the space. We believe that there's a future where patients have access to high quality tools that allow them to understand their care and treatment options to overcome those barriers. We believe care partners should be equipped with high powerful tools that allow them to feel confident in those patient education conversations. We believe everyone should have access to tools that open up objective, actionable insights that open up all kinds of opportunities from patient activation to risk assessment. If you're interested in Immersive Learning Solutions, patient facing patient activation tools, and chronic care in general, I'd love to meet you this week. Appreciate your time. Thank you very much.