The CliniCard

The Company

The CliniCard’s patented Smart Health Card focused on the healthcare industry, makes payments and does reconciliation in the same automated process thereby reducing administrative expenses to both insurance companies and extended health service providers, while providing policy holders with an improved user experience.

Business Summary

The CliniCard will provide white-label Smart Health Cards (SHCs) to insurance companies with extended health benefits policy holders. For every individual associated with the card, The CliniCard will charge a $100 annual license fee to the insurance company. (PLUS TICKS ON TRANSACTIONS)

Management

Doug Broeska is a veteran of the smart card industry and has designed customized smart card solutions for large multinational retailers.

Rick Workman has a track record in the health IT (HIT) space. Rick recently left a young HIT company where he served as COO and grew the company from $1 MM in annual revenue to $9 MM.

Customer Problem

Our current target customer experiences expenses of +$30 MM annually in dispute resolution for extended health benefit (EHB) claims. For example; where the benefits claims form is filled in incorrectly and needs amendment or if the policy holder has claimed benefits for which they are not covered. Our SHC system eliminates these inefficiencies and saves time, money and paperwork burden for all stakeholders including health service providers and policy holders.

Product / Services

The CliniCard’s SHC was designed through consultation with physicians and healthcare organizations, pharmacists and pharmacy groups, top insurance organizations and the card industry. The result is a patented smart card-based payment method whereby automated adjudication, payments, and reconciliation occur at the point-of-service in real time. The card enables payments through point-of-sale systems or through e-commerce application. The card tracks valuable health data but also complies with Canadian privacy requirements.

Target Market and Customers

Insurance providers offering extended health benefits plans. The CliniCard has secured a marquee customer. The company is a large Canadian insurance provider offering extended health benefits plans experiencing high EHP dispute resolution costs.

Sales/Marketing Strategy

Implement a pilot project with a mid-sized, EHB insurance company. Confirm SHC performance and cost savings to insurance company. Sell direct to other large insurance firms with confirmed performance metrics. The CliniCard has already secured its first marquee customer for the pilot project. The full launch succeeding the pilot project with this company will generate $4mil in revenue and $2mil in profit.

Business Model

Sales of cards through subscription, plus points per transaction, and monthly card maintenance fee

Competitors

Status quo. Personal identification cards that do not have the ability to auto adjudicate.

Competitive Advantage

The CliniCard SHC system is patented technology
First mover advantage
Integration into data storage and transmission platforms
Strategic partnership with Posatel that restricts potential competitors from entering the market place

For more information, please visit www.theclinicard.com