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BIOFEST INVEST APPLICANT
Humanate Digital LLC dba Cassandra
- 3219 Walnut Creek Ct, Bryan, Texas 77807, US
- www.humanatedigital.com
Company Contact:
Legal Entity Type: LLC
Company Type: Digital Health
Company Stage: Development
No. of Employees: 3 + 1099 Contractors / Consultants
Desired Financial Amount: $600,000
Background
Company Background
Humanate Digital LLC is a digital health company based in College Station, Texas. The company was founded by Texas A&M University Aggies and faculty with expertise in healthcare operations, informatics and ergonomics. The company has developed a Clinical Concierge Avatar (Cassandra) using the technology of Artificial Intelligence (AI).
Management
Carlos A. Rodriguez, MBA
CEO and Co-Founder
20 years of progressive healthcare management experience. Carlos started his first business in 2012 in the Health Information Management space and grew the start up to $40 million dollars in annual revenue before selling it to Venture Capital Firm. Demonstrated ability to integrate technology and process improvement to reduce cost and increase patient satisfaction. Carlos obtained a Master’s in Business Administration from the Braniff School of Management at the University of Dallas, as well as a Bachelor of Science in Engineering from Texas A&M University – College Station, Texas.
Mark Benden PhD
Chief Technology Officer and Co-Founder
Dr. Benden received his Bachelor of Science Degree in Biomedical Engineering, Master of Science Degree in Industrial Engineering and PhD in interdisciplinary Engineering at Texas A&M University. He is the founder of multiple university-based start ups – PositiveMotion LLC, Stand2Learn LLC and has licensed a multiple of products including 24 US Patents. Sales of those items carrying his patent numbers have totaled over $750 M, and the expected lifetime economic impact of those designs exceeds $2B.
Les Jebson MHA, MBA, FACHE, FACMPE
Chief Business Development Officer and Co-Founder
Les is a seasoned healthcare executive having worked in a broad array of roles in both private and healthcare academic settings throughout the country. He has graduate level education in business and healthcare administration. He is a national presenter and consultant on healthcare process improvement with over 100 prior speaking engagements and publications. Les also serves as an adjunct faculty member for several universities including Texas A&M University School of Public Health
Board of directors
At this time Humanate Digital LLC does not have any board members.
Product / Service
disease area / application
Outpatient Physician Clinics, of which there are approximately 142,720 in the US
product / Service
Clinical Workforce Optimization
Improve the patient experience while reducing operational costs of a healthcare system at times as a result of a lack of qualified employee shortages.
The Benefits of Cassandra to Healthcare Providers:
She will not call in sick or need a vacation.
A better economical cost option with greater patient satisfaction scores.
Reduces clinic’s time and cost of recruitment due to high turnover. ($400 – $600 Dlls per onboarding process).
She can speak up to 12 languages.
She can interface with other clinical systems (Application Interface) such as: Medical Records, Accounts Payable and Compliance systems or data bases.
Helps clinics create a best-in-class patient check in process (standard operating procedure), without the variability of a human based process.
Revenue goes up due to consistency of collecting co-pays upfront.
Embezzlement / Cash Management Integrity.
technology / ip
Technology was incubeted at Texas A&M Unversity and uses Watson IBM’s Artificial Intelligence (AI) and Humanate Digital LLC has created an emphatetic Human Digital Avatar by the name of Cassandra or Cassi that speaks 12 languages, interfaces with patient’s using human language and can interface through (API’s) with other clinical systems such as: Electronic Medical Records, Healthcare’s Account Payable, Compliance programs such as HIPAA authorization forms for medical consent, etc. Cassandra is a Clinical Care Concerge (C3) that receives better patient satisfaction scores than a live interaction with a Medical Practice Receptionist.
distribution channels
My previous company, Next Medical Records LLC grew to over 2,000 Academic Medical Centers, Hospitals and Physician Clinics that used our SaaS based software and services to transmit Medical Records, Biling Records, and Diagnostic Studies to Patients, Providers, Lawers, Disability Determination Services (DDS) and Insurance Companies. Humanate Digital LLC will use a similar direct selling distribution channel plus high visibility in healthcare trade assocation such as: HIMS, AHIOS, MGA, etc. We intend to be active in submitting white papers to industry groups, as well as participate as subject matter speakers in healthcare technology conventions.
market size
Using the TAM as defined as stand alone Physician Clinics in the US. If we are able to install one Cassandra Patient Check In Kiosk in only 20% of those clinics the annual revenues are $1.2 billion dollars. It is a suscription model where providers pay $3,000 per month vs. employee costs of $4,000 per month.
competition
At this point there are no known competitors within healthcare that we know of. Recently Dallas Fort Worth (DFW) airport has introduced an Avatar for way finding within the airport. This directly replaced hundreds of orange coat volunteers.
Financials
Desired financial amount
$600,000
previous funding
We have received an $180,000 grant through Texas A&M Unversity for the development of Cassandra and two working patient check in kiosks. All other funds have come from me personally (bootstapping) from sale of Next Medical Records LLC to private equity firm at 15X EBITDA.
current financials
Humanate Digital LLC holds $ 0 Debt. It’s current run rate is $250,000 of expenses a year, we expect to have our first revenues 4Q2023.
financial use
Humanate Digital LLC needs to raise $600,000 in cash to develop and deploy 10 – 12 Kiosks over the next six months.
Use of Moneys / Capital
$80 K for Salaries and Travel Costs
$150 K for the purchase and deployment of Kiosks
$250 K for external API interface programming
$ 20 K of Legal costs.
revenue
Will Cassandra Make Money for Investors
A Medical Receptionist earns between $18.00 – $22.00 an hour plus benefits of 18.5% to 21% (Indeed.com)
Annual employee cost of $44,000 to $46,000 for a Medical Receptionist or approximately $3,800 per month.
Humanate Digitals Cassandra’s costs are approximately $1,000 for software and service per month, cost of kiosk will be a passthrough to customer. Amortized over the life of the contract.
This translates to 50% to 60% gross operating margins.
The proposed model would charge a monthly fee of $3,000, plus amortized monthly
rent for kiosk.
exit strategy
Exit strategy is to sell the company to multibillion Fortune 100 Digital Health Companies such as EPIC, Cerner (now owned by Oracle) or eClinical works. Especially since legislation will require interface of Patient Data to avoid information blocking and Interoperability use (please read Cures Act at CMS.gov).
