by Paula Jagemann‑Bane
Summary
Someone With Group provides hospitals with a compassionate way to reduce bad debt by offering patients a platform to contact friends and family for financial support.
Problem
Hospitals have $40B in unpaid bills annually. The collections process is long, costly and quite often unsuccessful. Medical liability is the cause of 62% of personal bankruptcies in the U.S. Even if patients have health insurance the high out of pocket deductibles cause severe financial distress.
Solution
Someone With Group’s white label crowdfunding platform is a cost effective alternative for hospitals. It provides patients a new source of funds to pay their medical bills all while creating good will and giving friends and family the opportunity to “do something” besides sending flowers.
Target Market
Target patients will be those with the inability to pay for their medical treatment at the 5,500 hospitals in the U.S. Total money raised in 2017 through crowdfunding is projected to be $57 Billion. We will also redirect some of the $6 Billion spent on get well and sympathy flowers toward reducing bad debt.
Competitors
Main competitors: collection agencies, GiveForward.com, GoFundMe.com
Competitive Advantage
Our patent-‐‑pending solution is fraud resistant in the following ways: Patients must be sponsored by a hospital system and are identity verified. Funds are loaded onto a general purpose reloadable Master Card debit card. Purchases with the card are restricted to health related Merchant Category Codes. Funds are FDIC-insured and HIPAA and banking compliant.
Marketing Strategy
We have 11,000 contacts at U.S. hospitals acquired by our VP of Sales during his 20 plus years selling in healthcare. We will also use hospital buying groups (GPOs) as a method of engaging with multiple hospitals at once.
Mobile Strategy
A mobile solution is being developed by our technology team.
Revenue Model
Revenue streams include: 1) hospital license fees, 2) contribution fees, 3) training fees, 4) data mining sales.
Funding
Initial $3 million from founder with another $500,000 from friends and family.
Exit Strategy
Acquisition in 3-5 years by healthcare payer, financial institution, large hospital system, or revenue cycle solution provider.
