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EyeCodex : Medical Imaging in the Cloud

EyeCodex : Medical Imaging in the Cloud

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EyeCodex : Medical Imaging in the Cloud

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  1. EyeCodex:Medical Imaging in the Cloud Our plan to become the Flickr of medical imaging

  2. Imaging in Eye Care Digital retinal imaging is the standard for diagnosis of conditions such as: • Diabetic Retinopathy • Macular Degeneration Images must be • HIPAA-compliant • Comparable from different exams • Managed efficiently (reduce wasted time and redundant imaging) Very rapid growth: from 1997-2007 Medicare covered image-based tests increased 180% in eye care

  3. Flawed solution to image management: local servers Roll your own solution: • PC + DVD burner + extra hard drive + locked cabinet Difficult to be HIPAA-compliant Better: • PACS (Picture Archiving and Communication System) has been successful in radiology • Install a miniPACS hosted on local servers in the practice • Requires datacenter and IT professional • Backup via DVD or enterprise storage appliance • These images are: • Expensive to host and manage • Hard to share with specialists not on site • Disproportionally expensive for small practices

  4. Our Solution HIPAA-compliant infrastructure, PACS to store standard images, and eye care centric workflow -> Provide them via the cloud EyeCodex • Benefits over current approaches: • Less total costs to practices • No HIPAA headaches (Security modeled on online banking) • Transparent storage and backup • Images accessible to patients and care providers • Sharing eliminates redundant diagnostic tests See a demo on YouTube Prototype written by Paul Chang’s UC Radiology Informatics group currently used to remotely diagnose patients EyeCodex is working with UC to commercialize this system

  5. Target Market Potential market • Initial Target Market • Small eye care practices in the US • Practices with at least one camera • IT infrastructure costs significant • Internet savvy • Desire to share images with specialists • Signed Beta customers in target market - UIC + 2 other practices • Market Rate • Merge Healthcare charges ~$400/month/physician for local PACS • EyeCodex comparable features + cloud (no IT specialist!) estimated at $300/month/physician • Long run plans • Dermatology has imaging needs similar to eye care • Dr. Chang has identified 8 other medical fields 30,000 eye care doctors X >$300 / per month $ ~ $100,000,000 per year

  6. Sales Strategy • Eye care practices converting to cloud-based software • revolutionEHR (eye care focused Electronic Health Record vendor (EHR)) has validated selling subscriptions to practices • Cloud migration successful in other industries • EHR and camera companies potential partners • Use traditional salesforce channel to reach larger practices • Digital marketing strategy (SEO/SEM) focused on smaller practices • Viral marketing channel via free image sharing account Validated Model Viral Marketing

  7. What about the competition? • •Require local infrastructure • •Large up-front installation costs • miniPACS makers • Axis Image Management • Topcon EyeRoute • Topcon primarily camera maker • Merge Eye Care PACS • Sells software + systems including cameras

  8. Team: Technical and Medical Expertise • Computing & Business: • Richard Cross, PhD, Booth MBA student • Bank of America security architect and operations manager (10 years) • Preston Urka, GSB graduate • LaSalle Bank enterprise architect plus 15 years as java developer • William Murray, PhD • Experienced system administrator, DBA, and Ajax developer • Earl Gero, PhD • Experienced UI developer • Medical: • Michael Grassi, MD Director, Retina Chemical Genomics Lab at Lion’s Institute, UIC Diabetic Retinopathy specialist with experience in the UC pilot • Paul Chang, MD (Advisor) • Founder of Stentor, PACS provider Phillips bought for $280M • 8 patents related to medical imaging

  9. Milestones • University of Chicago Medical Center live pilot • Tech transfer office on board • Lined up 3 beta clinics • Software architecture designed and documented • UI under development -> • See our YouTube demo • Applied for STTR grant

  10. Exit & Summary • Possible buyers include: • Camera maker • Example: Topcon purchased Anka Systems (June 2006) • Imaging software provider • Example: Merge Healthcare purchased OIS (August 2011) • EHR company • Strategic Advantages • UC pilot already developed using $800k grants • Strong lock-in via cloud subscription model • Attractive business model • Deliver value to customers through IT cost savings • ~100M opportunity in a growing field