Buy-O-Metrix is a provider of real-time biometric feedback devises and services to seniors and their caregivers to help manage a senior health. Buy-O-Metrix uses data gathered from branded devices to identify, track, and analyze health metrics, such as blood pressure, sleeping patterns and extreme weight fluctuations.
The technology to digitally capture and track personal health metrics currently exists, but only Buy-O-Metrix uses existing technology to convert data collected it into a valuable healthcare service for seniors. By partnering with a pharmaceutical retailer, Buy-O-Metrix provides seniors with a resource to help make sense of the health data captured. Specifically, the pharmaceutical retailer serves as a point of contact with their senior customers to capture data, while Buy-O-Metrix devices and systems analyzing the health data. The data collected and analyzed is then used to alert customers, and their doctors, of health risks identified. Additionally, the retailer recommends products and services to address risks.
Pharmaceutical retailers hold a unique place in the senior health care market and are well positioned to provide Buy-O-Metrix services to seniors. Unlike hospitals, pharmacies are conveniently located brick and mortar locations that are frequently visited by seniors. However, like hospitals and doctors’ offices, pharmacies have the HIPPA compliant systems in place to handle customer medical information.
In an increasing competitive marketplace, pharmaceutical retailers are looking for ways to increase their customer base and retain existing customers. Significant benefits exist for the pharmaceutical retailer that partners with Buy-O-Metrix.
- Buy-O-Metrix builds a personalized relationship with customers.
- Customer information collected and analyzed can be used to promote HBC (Health and Beauty Care) sales, not just drug sales.
- Buy-O-Metirx is a unique service that helps to differentiate a retailer from their competition.
Customer Segment, Value Propositions and Revenue Streams
The senior health care market continues to grow. Specifically the health care market:
- Has a growing elderly population
- Faces growing costs
- Is seeing poor results from physician-driven outcomes
- Is seeing improvements in ways to track our own biometric data, but lacks ways to interpret data
Increased spending on devices used to track and monitor heath metrics for seniors exhibits the large market for devices and services Buy-O-Metrix offers.
To address this need technologies and systems are being developed the country as a way to reduce hospital readmissions. Companies like SpectraMD have shown great success with automated data gathering and health coaching to reduce hospital readmission rates. (https://www.spectramd.com/index/) While this technology is currently being used by hospitals, it is not yet available as a retail tool.
Other companies have seen the need to connect patients directly to their data, but no one is focusing on seniors who tend to struggle with hi-tech apps and analytics and have the greatest need for simple automation. (http://www.zest.com.au/)
Buy-O-Metrix is focused on meeting this needs by delivering convenience and risk reduction value to the senior population by:
- Collecting and tracking health and well-being data from the convenience of their own home. From measures as simple as weight and temperature, to measures as complex a sleep and diet patterns.
- Providing detailed risk profiles to customers based on aggregated and analyzed data.
- Further communicating risk profiles with customers’ doctors, increasing odds of early detection of illness.
- Providing free, or reduced price, medical technology and DME for customers who agree to exclusively use the pharmacy providing Buy-O-Metrix devices and services.
Buy-O-Metrix delivers increased sales to selected pharmaceutical retailer by:
- Selling devices used to collect an track health and wellbeing data
- Building customer relationships that promote repeat visits and increased basket size
- Building relationships with health providers and doctors, resulting in increased customer referrals
- Customer data that allows improved promotion targeting
There are many “smart” devices that automatically communicate simple metrics like blood pressure and weight to a centralized database. Why do these simple things matter? Let’s take a look at weight loss.
An unexplained drop in weight could be caused by various conditions — including overactive thyroid (hyperthyroidism), diabetes, depression, liver disease, cancer or disorders that interfere with how your body absorbs nutrients (malabsorption disorders).
-Mayo Clinic Website (http://www.mayoclinic.com/health/symptoms/GA00054)
An elderly patient may not notice a sudden drop in weight loss on their own, but a system that aggregates this data could alert them and their caregiver to these changes in weight and could prevent more costly care by identifying the warning signs sooner.
With heart disease being the leading cause of death for adults over age 65, wearable heart rate monitors like the Pulse made by Withings (http://www.withings.com/en/pulse) can automatically aggregate and submit heart health data in real time. These are already being modified to be used by patients to communicate with hospitals.
How Buy-O-Metrix Works
- Consumers purchase branded devices from retail provider. This provider may be a pharmacy or other retailer.
- Devices aggregate data on HIPAA compliant server and provide feedback through smartphones and UIs to patients and their caregivers
- Feedback can provide “current state” health and recommend specific products that are sold by the retailer.
- If the customer agrees with the recommendation, they have the option to purchase immediately through the retailer with a delivery system comparable to Amazon Prime (2 days, no shipping cost)
- Real-time consumer control over health
- Recurring revenue and increasing customer loyalty for retailers
- Preventive/maintenance care much less costly than reactive/intensive care
Further key activities necessary for a successful implementation of Buy-O-Metrix:
- Licensing the use of existing technology used to measure and track vital health statistics
- Securing an established pharmaceutical retailer as a partner
- Retail Partner:
- Stocking licensed Buy-O-Metrix equipment
- Updates to pharmacy databases and point of sale (POS) systems to enable tracking
- Staff training and customer promotion of program
Key Partners, Channel and Customer Relationships
Seniors usually do not know the current state of their health until they go see a doctor. However, we are increasingly seeing patients take back control and access to their own data to make informed decisions about their health.
Buy-O-Metrix is positioned to assist seniors in the drive to take control over their own health care via:
- Consumer-driven preventive care
- Increasingly mobile access to data
- Reduction in physician responsibility
- Increasingly automated society
The key partnership and distribution channel for a successful launch of Buy-O-Metrix is between the company and an established pharmaceutical retailer. Buy-O-Metrix brings the technology and devices necessary to capture customer medical data. While, an established pharmaceutical retailer brings a HIPPA complaint system to capture and store data as well as a customer base of seniors seeking the services Buy-O-Metrix offers.
The “critical” customer relationship making Buy-O-Metrix a success is the customer relationship between seniors and the selected pharmaceutical retailer. Buy-O-Metirx services and devices build stronger relationships between pharmacy customers and the pharmacy retailer. Over time as data captured in customer profiles builds the risk profiles provided become more useful to the customers. Maximum value, for both the retailer and the customers, is achieved when Buy-O-Metrix is linked to the customer loyalty card profiles, as this allows for targeted promotions based on customer needs.
- The most important costs associated with Buy-O-Metrix is the cost to secure medial technology and stock devices in stores.
- One-time costs associated with technology upgrades and implementation. Some of these costs can be mitigate through the reliance and implementation of exiting technology.
- Additional costs are needed to train retail staff and promote the program.
- Note: Technology costs realize benefits of economies of scale. Cost per customer decreases as more seniors enroll in the program.
- Cost to purchase or lease medical data tracking devices. i.e. “smart” wristbands, scales, etc…
- Costs offset by increased revenues.
- Decrease number of routine checkup visits to healthcare providers / doctors
- Decrease costs to treat advanced illness that are prevented though early detection.
Emily is a product manager for Danaher Corporation’s dental and medical platform. She started her career at GE Healthcare in their Commercial Leadership Program, moving on to progressive sales, account management, and marketing roles. She joined Danaher in 2010 to gain more marketing, product and brand management focus. Emily graduated with a BS in Marketing Management from Virginia Tech in 2005, and is now enrolled in Wake Forest University’s MBA program (graduation August 2014).
Trent graduated from Duke University in 2005 with a degree in Electrical Engineering and minors in mathematics and economics. He began his career in the investment banking world at Wachovia Securities and went on to work for merger and acquisition firm Brookwood Associates with a focus on the healthcare and medical supply industry. In 2008, Trent founded Providence Property Management in Charlotte, North Carolina, as a way to help homeowners manage through the housing crisis. He has since sold that business and is now enrolled in the Wake Forest MBA program in Charlotte as he continues to pursue an entrepreneurial path working with start-ups throughout the Southeast.
Jeff Fearn, CPA
Jeff Fearn is currently Director of Financial Reporting for a $4.5 billion regional grocery store chain. His background includes work in the following industries: public accounting, senior assisted living, and grocery retail. He earned his BS in Accounting from the University of Illinois at Chicago and is a licensed CPA in North Carolina. He is currently studying to obtain a MBA from Wake Forest University.
In 2005, Mark earned a Bachelor’s Degree in Business Administration with a concentration in Marketing from Towson University. He began his career as the Director of Marketing of Fiore Winery where he developed new products from concept to launch, established statewide distribution and developed a focused brand in a localized market. This led him to business consulting in the fine wine industry from Maryland to North Carolina as a Wine Consultant with The Vintner Group for the past eight years. He enjoys the complexity of the fine wine industry and the challenge of developing niche markets for a variety of offerings. He hopes to use his expertise and newly developed skills in the Wake Forest MBA program to break into the pharmaceutical marketing industry with a focus on eldercare of baby boomers.
Peter Saad, Pharm.D.
Dr. Peter Saad is a pharmacy manager for a major pharmacy chain, where he specializes in strategic planning, market penetration, and cost reduction. He earned his BS in Health Policy and Administration from The Pennsylvania State University and his Pharm.D. from The State University of New York at Buffalo. He is currently studying to obtain a MBA from Wake Forest University. His pharmacy experience includes practice in community and hospital settings.