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PatientImpact LLC
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Internet: |
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Address: |
1560 Sherman Avenue, Ste 305
Evanston, IL 60201 |
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Contact: |
Patricia Riskind, President & CEO |
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Phone: |
847/556-2398 |
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Fax: |
877/845-6845 |
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e-Mail: |
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Seeking investment of $1,000,000 to be used for expanded
sales and ongoing product development.
Company Overview: PatientImpact® LLC helps healthcare organizations better
understand and foster loyalty with their customers. The
company captures customer feedback cost effectively, in
real time, using its proprietary web-based survey and
analytic system. PatientImpact currently focuses on the
healthcare industry because of market conditions and
management’s combined 50 years of experience working
with healthcare providers and suppliers. The PatientImpact
application, however, is well suited to serve other industries.
Within 12-18 months, PatientImpact will expand as
“LoyaltyImpact” into new sectors, providing a streamlined
way to quickly measure customer satisfaction and increase
retention.
Products & Services: Today, PatientImpact offers a comprehensive set of services
to help healthcare providers better understand their patient
and referral physician customers. PatientImpact’s online
patient satisfaction benchmarking system captures feedback
from patients visiting a clinician through email, kiosk, or paper
surveys. Reports are compiled online, in real time. Electronic
survey response rates are typically over 45%. The application
and corresponding analytic tools will easily translate to other
markets, providing flexible survey and reporting methods to
accommodate the needs of each sector.
The Market: The $1 billion patient satisfaction measurement market has
been impacted by Medicare, health plans, and large self insured
employers launching pay-for-performance initiatives. There is
an imperative for the U.S.’s 6,000 hospitals, 600,000 physicians,
50,000 ambulatory centers to capture patient feedback – one of
the most critical components for delivering patient-centric care.
Medicare has crafted a standard patient satisfaction survey for
hospitals and physicians. PatientImpact has been approved by
the government’s Agency for Healthcare Quality and Research
(AHRQ) to pilot the physician survey electronically. Within the
next two years, providers who do not submit results from the
standard patient survey will receive 2% lower reimbursement
from Medicare. PatientImpact provides the best solution for
satisfying impending regulatory requirements, while also
crafting business solutions from collected patient feedback,
empowering change and ultimately delivering better care.
Management: The PatientImpact management team has
extensive experience in healthcare business development,
product development, sales, and using information for strategic
planning and marketing. As the company expands into new
markets, key managers will be recruited for their industry
expertise and insight to ensure the success of LoyaltyImpact.
Customers: PatientImpact has over 1,400 providers using our
system. Key clients include: MinuteClinic (CVS), Concentra,
Illinois Bone & Joint, Midwest Orthopaedics at Rush, OrthoCarolina,
Methodist Health Sytem, Sentara Health System.
Business Model: PatientImpact provides a multi-year subscription
to its online application and supplements the online reports through
quarterly comparative statistical analyses and consulting services.
We have a 95% retention rate over the past 3 years.
Competitors: In healthcare, Press Ganey, NRC/Picker, and
Gallup focus on serving the inpatient market and collect
surveys via mail or telephone. HealthGrades and Dr. Score
solicit feedback from customers with no physician-patient
authentication. We also face competition from Survey
Monkey-type customers as well as “home grown” methods.
PatientImpact provides the only online, real time, validated
approach for capturing patient experience information.
Sales/Marketing Strategy: PatientImpact sales reps market
through online demonstrations, telemarketing, email blitzes
and attendance at trade shows. PatientImpact is also pursuing
distribution relationships with practice management software
companies and complementary solutions such as employee
satisfaction research companies. With LoyaltyImpact, the
company will hire experts in the targeted sector to sell and
create business development relationships. | |
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