referralMD Interview

Jonathan Govette from referralMD has a product that's helping the medical referral process catch up with technology.

Transcript

Marcus
So tell us about, what’s ReferralMD?
Jonathan
ReferralMD is a care coordination platform that allows a special provider to coordinate with their network of care providers. So, I’ll give you an example. Here locally UCSF has a network of thousands of their care providers that send referrals back to the hospital for further treatment.
Marcus
Okay.
Jonathan
That correspondence is 100% done, either via fax or triplicate form today.
Marcus
Okay.
Jonathan
So we’re talking every major institution, clinic, hospital, dentist, doctor, chiropractor, even veterinarians send their referrals via paper. We’re building the first institutional network so they can do it online instead. And, they have analytics to back it up. Let me give you an example. St. Bartamus, in New York, in the Bronx, they lose 10% of their referrals a month. If it’s a procedure that’s $200 or $300 thousand dollars and they lose 10% of those, then they are losing $3 to $5 million dollars or more a month and our system minimizes it down to a very minimal level versus $3 million.
Marcus
And what are you hoping to accomplish here at Launch Conference this week?
Jonathan
Meet some great people, have some fun, have some good food hopefully.
Marcus
Nice.
Jonathan
And potentially meet some angel investors. We just moved here from Fresno California about a month ago.
Marcus
And how large is ReferralMD?
Jonathan
We’re a team of 7 people right now.
Marcus
Okay. And do you have hospitals and folks using your product?
Jonathan
We’re in pilot mode now.
Marcus
Okay.
Jonathan
We’re working with UCSF currently here locally, Johns Hopkins, Indiana, Sloan Kettering, you name it. We have about 500 hospitals we are working with currently, 42 of which we are piloting with.
Marcus
What inspired you to build this?
Jonathan
We built an application about 5 years ago, I had a think tank, I had—I owned a software company before and how we got our leads was from other CEO’s of other types of companies such as insurance companies, legal, attorneys, et cetera. We all got together every two weeks for a meeting and one of the criteria to join the group was you had to send referrals to each other, to be a part of this team. There were 55 of us. So it was all high end, high caliber CEO’s. The issue was we managed our process with paper and we had a couple of doctors in the group as well and we –I built a prototype and we used it for about a year and they all said—the doctors said, we would buy this at our hospital if you built it for healthcare. And a little light bulb went off and I said, okay, let me do that. And that’s when we formed ReferralMD instead.
Marcus
Okay. So what’s your background then?
Jonathan
I’m an Engineer. I do marketing and I also do Finance.
Marcus
Oh, wow!
Jonathan
So, I actually do a little bit of everything.
Marcus
Kind of a triple threat then, huh?
Jonathan
Try to be.
Marcus
And if ReferralMD was a Super Hero, what would be its super power?
Jonathan
Coordination.
Marcus
Is that right?
Jonathan
Putting everybody in one place. We’d be able to travel at light speed and get everything done quickly.
Marcus
Now does this impact the patients as well as the health care providers?
Jonathan
No. Well, the patient gets faster treatment, at the end of the day, but they’re not involved with the process.
Marcus
Okay. So this isn’t something that they’re installing or using?
Jonathan
No. The end result is that the patient does get treatment instantly, or as soon as possible. Right now, when they lose a fax, the patient doesn’t get treatment, which is a net revenue loss to the hospital or the clinic and the patient doesn’t get treated either, so potential liability issues, which happens every year, and we fix both of those.
Marcus
Cool. Cool. And so how big’s your team?
Jonathan
Seven.
Marcus
Seven? And what’s your tech stack?
Jonathan
Dot net (.net).
Marcus
Dot net (.net), really?
Jonathan
Dot net house raven DB, so no SQL solutions.
Marcus
Nice. Nice. So have you been happy with that?
Jonathan
Very much. Yeah, we get free services from Microsoft through the Bespar Program.
Marcus
Yes, absolutely, we were a part of that.
Jonathan
And there are between Bespar and a few others we get about a hundred and twenty thousand dollars worth of free servers for the probably next four years.
Marcus
Good deal. Good deal.
Jonathan
We’ll use it.
Marcus
Do you have any other competitors in this space?
Jonathan
There’s a few of them. They’re all beta so there’s no lead in the industry yet. We’re hoping to take that lead pretty soon.
Marcus
Nice. Is there anything else we should know to consider thinking about how to promote ReferralMD?
Jonathan
Definitely. We’re looking for amazing Engineers. We just hired three more actually not too long ago, and so dot net (.net) is a relatively underserved market for engineering, but luckily a friend of ours runs bay dot net (bay.net) so he helps us with vetting through all the people. Secondarily, we’re looking for amazing partnerships.
Marcus
Cool.
Jonathan
So both on the fundraising side and for actual hospitals. Looking at Kaiser, for example, one of our advisors currently, helping us to get out there.
Marcus
Great, and then just for the record—what’s your name and your title?
Jonathan
Sure. Jonathan Govette, the CEO.
Marcus
Great. And what’s your e-mail?
Jonathan
My e-mail is jonathan@getreferralMD.com (Office 650-241-0720)
Marcus
Awesome. All right. Well thank you Jonathan for your time.
Jonathan
It was great to meet you guys.