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Message Family Caregiving Mobile AppMelissa MurrayCareSoul
03Table of ContentsExecutive Summary Major Industry Trends 07Barriers to Entry 15Market Opportunity, Plan & Competition 08Organizational Design & Governance 16Service Development 17Financials & Funding 18Risks & Contingencies 22Harvest/Exit Strategy 23Lessons Learned 25Company Vision & Service 05References272
Executive Summary● CareSoul app relieves stress, improves communication and frees caregiver’s time, improving their health literacy, organization, mental health & quality of life.● Market Opportunity: More than 30% of US are Caretakers. 49% of caregivers* report spending the majority of their time on Caregiving duties. ● Differentiated from apps that solely serve Cancer-Care, Aging, Autism and Palliative Care populations. Geared toward the general population, appeal to multicultural markets, and early diagnosis/youthful caregivers who are overlooked in current interventions. Currently 53 million caregivers in this segment*. ● The only app to offer communication prompts at the Caregivers fingertips to help manage conversations during high-stress, high cognitive overwhelm moments. Current focus for National Institute of Health (NIH) and Health Industry researchers.3
Executive Summary Cont.● Research-backed: the only app to include Comfort Care Curriculum1 and The 6 Dimensions of Family Caregiver Health Literacy protocols2 ● Barriers to Entry are minimal and include IT encryption and Legal Regulations such as HIPAA, but models for management are widely available. ● Various Distribution channels: app store to the public, and partnerships with hospitals, physicians, colleges and care homes.● User experience and technical support essential for success.● Management team is highly experienced in marketing and health communication.● Avg. sub for one year is $45.99 for individuals. Discount for enterprise, 25% for 25+. ● Seeking 425K for 10% Ownership.4
VisionIncrease communication and health literacy for early-stage caregivers with an accessible self-managed app developed with research-backed health communication guidelinesMissionSupport caregiver health, family relationships and provider communications via guided health prompts and organizational tools that are easily accessible.Company Vision: 5
● All caregiver’s tools and mental health supports are conveniently stored in one place in the app.● The app is responsive to caregivers via prompts based on data entered. Ensures personal agency which is proven to prevent PTSD and other negative mental health outcomes in crisis.● Resource articles are bulleted, written at 6th grade-level or shown in short-form video, in accordance with the best practices of health communication.● Tiered subscription service plans, low-cost for income-eligible through government and/or insurance contracts, enterprise options for employer benefits and hospital systems, individual subscriptions to the public and physician offices. ● Anyone can create individual account. Enterprise account access provided through health provider, employer, college, insurance plan or mental health provider.Service Description 6
Major Characteristics of Mobile Application Development for WellnessAccessibility Apps can not only help address the volume of need for mental health support, but also make that support more accessible.Personalization Data & Analytics Many self-care meditation apps offer personalized content such as self-guided meditation practices and specific exercises that target certain parts of the body. This feature helps cater to the specific needs of the customer. Many self- care apps collect and analyze data about the users behaviors, stress levels, and certain preferences. This feature can be used to improve the app’s content and features and inform new business decisions.North American Industry Classification: Mobile Application Development for Publishing https://www.census.gov/naics/?input=mobile+application&year=2022&details=5132107
The Overlap8Global Health App MarketCaregiver Market AppsBoth focus on healthcare and potential serve as tools for caregivers● Includes a wide range of applications that aim to improve overall health outcomes● Help manage medications● Track fitness goals● Monitor health ● Provide access to healthcare resources● Design specifically for caregivers ● Help caregivers manage their patients’ medication● Track appointments● Medical history● Communication with other members of care team
The Customer’s Need: Characteristics of Healthcare Solutions in Demand* LIFE SPAN INTERVENTIONS Caregivers Experience More Anxiety and Depression over Lifespan, particularly when Caregiving started younger. Poor Family Outcomes if no Interventions.PROMOTESHEALTH EQUITYIMPROVESCOMMUNICATIONAuthority and Trust are Major Barriers to Provider Conversations. Multiple Studies show Difference in Support Services Offered to White Families When Compared to BIPOC Communities. Health Equity is a Priority in HealthCare Industry and National Grant Funding.Current Loud Call for Communication Interventions in Healthcare Industry. 75% of Caregivers are Women Who Report a Lack of Agency and Perceived Equity When Managing Provider Interactions. *Amanda J. Young, Elizabeth Stephens & Joy V. Goldsmith (2017) Family Caregiver Communication in the ICU: Toward a Relational View of Health Literacy, Journal of Family Communication, 17:2, 137-152, DOI: 10.1080/15267431.2016.12478459
Market Opportunity● Global 2020 Health and Wellness App market size: $5.2B● Is expected to grow by 15.9% from 2023-2030● Funding opportunities for apps such as Calm, which is a meditation app, increased from $28 million in 2018 to $218 million in 2020● In 2019, they increased funding by 52% from 2019-2020● Caregiver Segment: 53 Million, 1.9 million YOY increase since 2015**National Caregiver Alliance: https://www.caregiving.org/research/caregiving-in-the-us/caregiving-in-the-us-2020/10
Market Positioning & Launch PlanMarket Positioning● Welcoming to all communities and culturally sensitive, and markets historically overlooked in Health Services such as LGBTQ+ and Spanish-Speakers● Marketing educational and user engagement tools, to entice public to become familiar with the apps features before a crisis.● Fresh and Modern, a new form of health guidance. Less Authoritative. More caregiver control.● Use of Influencers, and strategic partners in hyper-local communities, areas where health information-seeking is historically high due to regional health delivery data.11
Market Positioning & Launch PlanLaunch Plan● Testing in major hospitals in urban areas, physician offices in rural areas (“Hospital Desserts”). Develop and test spanish version.● Testing college population and special communities such as LGBTQ+ communities through local health centers.● Y1 Goal: Partnerships with 3 large health systems in major markets, 2 large health insurers, secure 1-2 state and/or municipal contracts in rural communities, launch individual subs nationally through social media and physician offices (goal 35).● Y2-Y3: Grow individual subs through provider partnerships, expand health systems, focus on international expansion Ireland (Tax discounts for Tech Business), then UK12
Competitor AnalysisKey Benefits● Intended for Providers not Caregivers● Backed by Industry Standard Research & Health Literacy Standards● Public use● Cognitive & Dialectical Behavioral Therapy● Reduces Anxiety & Depression● Web-portal not app● Improves Comm by keeping info in one place so several family members can access at onceNegatives/Cons● For Physician Only● Offers communication but no tracking● No responsive prompts● UX Design is old● Glitchy● Not medical● No Comm Prompts● Not for improved Communication● Overwhelming● No Comm Prompts● No Health Tracking● Articles are long-winded requires searching● Intended for Long-Term CareAverage PriceFree Free FreeAdditional Services● Conversation Prompts for Physicians for touch conversations w/ caregivers● Self-Guided (Shown to reduce PTSD by giving sense of control)● Offers advice articles13Brands Currently in Development
Barriers to Entry There are several barriers to entry for health and wellness apps, including ● Regulation and compliance○ May be subject to compliance rules from regulatory bodies ● Privacy and security○ For collecting sensitive personal data from users, our app needs to comply with the data privacy regulations to ensure maximum privacy and safety● Competition○ 5 main competitors that offer identical services■ Calm/Headspace hold a large portion of the market share ● User adoption and engagement○ Convincing users to adopt our app and utilize its services with new differentiating features ● Re-Educating Public About What A Caregiver is○ how does this relate to younger populations14
Management TeamMelissa MurrayCEO CMO/CPO CFO/COOGeneral CounselCIO/CTOVP of SalesHR/ADMINStrategic Partners(Hospitals) Data/AnalyticsChief Risk OfficerOrganizational Design: Horizontal/Flat Structure for speed agility15
Service Development2022-2023 Research & FundingJune 2023 Q3 App DevelopmentOct 2023 Q4 UX and Focus Group TestingJanuary 2024 Q1 Soft Launch & TestingApril 2024 Q2 Sales Expansion, National LaunchJune 2024 Q3 Expansion & Capital Funding PlanningOct 2024 Q4 Y2 Sales Expansion2025-2027 Growth, Expansion & Exit Strategy Implementation16
Competitor Pricing● Prices● $14.99 per month● $69.99 per year● $99.99 per year for family plan● $399.99 for a lifetime membership● $12.99 per month● $69.99 per year● $99.99 per year for a family plan● $9.99 per year Student plan● Basic access free● $45.99 per year● Medical center/ hospital 899.99 per 25 patientsKey Features● Daily Calm● Calm Masterclass● Sleep Stories● Sleep and focus music● Themed Meditations ● Mindfulness workouts● Focus music, ● Sleep stories● Focus music● Breathing exercise● Health tipsAverage Usage3-25 Minutes 3-20 Minutes 10-45 MinutesType of Service● Guided or unGuided● Guided & ● Semi-guides● Guided 17CareSoul
Balance Sheet18
Income Statements19
Statement of Cash Flow20
Risks & Contingencies● Data Privacy Hacking and Identity Theft○ Mitigation Actions: ■ Prioritize data security and implement a strong security team that counter attacks on the app● Include heavy encryption, secure data storage and regular security audits● Regulatory Issues○ Mitigation Actions: ■ Contingency plans for worst case legal scenarios provided by general council ● Avoid lawsuits by learning from previous mHealth app mistakes21
Harvest/Exit StrategyExit Strategy #1:● Acquisition by current wellness app with synergistic capabilities such as Noom, Calm, Weight Watchers or Apple Wellness.● CareSoul fills a gap in services offered, has higher customer retention and a growing market segment.● CareSoul benefits from leveraging technology and user experience offered by Noom and Weight Watchers, and customer base overlaps (high women, culturally diverse, largest segment is middle-age).22
Harvest/Exit StrategyExit Strategy #2:● Acquisition by Major Insurance or Health Technology provider.● CareSoul fills a gap in services offered by insurers via engaging customer base by mobile application with mental health support.● CareSoul benefits from leveraging the HIPAA and encryption portals insurers are able to manage, and customer base benefits from pre-populated data the insurer can provide each member.Exit Strategy #3 (Less likely given market size):● IPO● Hold for all 8 years to maximize market saturation and achieve high enough market valuation - Diversification into exercise app and other wellness services necessary to achieve valuation needed.23
Lessons Learned1) The lesson I learned from this presentation was to be persistent if you want an idea to come to fruition. Having a plan in case things go awry and never giving up- that is the true spirit of an entrepreneur.2) I learned a lot on on this business plan, sometime you have an idea and you think it a small one. Once you start put the plan along and starting to research on the idea you start you see how much need to go into this idea. Toward the end of the plan you start see this idea take shape into something that is attainable.3) The lesson I learned from this plan is working with my teammates gave me different perspectives on an idea that I thought was already well fleshed-out. There were many ways to look at this product differently and decide what services should be scaled up or back. I also learned that the plan helps flesh-out ideas that were not fully thought out, and helped me feel empowered to move forward. Pathways make every challenge look manageable.24
Thank You!25
References● https://www.apa.org/pi/about/publications/caregivers/practice-settings/intervention/young-caregivers● https://www.healthaffairs.org/do/10.1377/forefront.20170807.061390/full/● https://generations.asaging.org/youth-caregivers-and-pandemic● https://generations.asaging.org/youth-caregivers-and-pandemic● https://www.forbes.com/sites/nextavenue/2020/08/20/the-youngest-family-caregivers-tweens-and-teens/?sh=467997bd3024● https://www.apa.org/pi/about/publications/caregivers/faq/statistics● https://www2.deloitte.com/xe/en/insights/industry/technology/technology-media-and-telecom-predictions/2022/mental-health-app-market.html● https://www.apa.org/pi/about/publications/caregivers/faq/statistics● https://www.statista.com/statistics/695697/top-android-health-apps-in-google-play-by-revenue/● https://www.businessofapps.com/data/fitness-app-market/● https://www.businessofapps.com/data/calm-statistics/● https://www.grandviewresearch.com/industry-analysis/mental-health-apps-market-report● https://www.businessofapps.com/data/fitness-app-market/26
References1Wittenberg, E., Goldsmith, J., Ferrell, B., & Ragan, S. L. (2017). Promoting improved family caregiver health literacy: evaluation of caregiver communication resources. Psycho-Oncology, 26(7), 935–942. https://doi-org.libdb.fairfield.edu:8443/10.1002/pon.41172Wittenberg, E., Xu, J., Goldsmith, J., & Mendoza, Y. (2019). Caregiver Communication About Cancer: Development of a mhealth resource to support family caregiver communication burden. Psycho-Oncology, 28(2), 365–371. https://doi-org.libdb.fairfield.edu:8443/10.1002/pon.495027