Amnon Gavish, TytoCare’s https://www.tytocare.com Chief Commercial Officer & General Manager for North America, was hosted at a small group investor meeting in New York City as part of Credit Suisse’s https://www.credit.suisse.com “Healthcare Disruptive Technologies & Innovations” series. Amnon has worked for over 20 years as an entrepreneur and executive at health IT and communication companies.
He explained how the business model for TytoCare is an all-in-one modular device and telehealth platform used for on-demand remote medical exams in contrast to the majority of telehealth companies. TycoCare doesn’t employ their own clinicians, instead positions themselves as a pure technology player enabling better telehealth experiences to drive higher utilization of the service.
TytoCare has multiple fully integrated APIs which allows the company to connect telehealth visits and simulate an in-person visit that is more effective than a traditional telehealth visit. The company believes that users feel more comfortable with telehealth visits when using the product because it allows for a more tangible experience with doctor quality imaging,
The company is the maker of an FDA-cleared telehealth device capable of carrying out a long list of medical tests in the home setting. The telehealth device comes with various attachments such as a stethoscope, otoscope, and tongue depressor to enable patients to perform self-exams. TytoCare offers three main products such as TytoHome for consumers, TytoPro for professionals, and TytoClinic for remote point-of-care locations.
TytoHome has an artificial intelligence engine that helps recognize when the image is properly captured and guides users through the process using audio and sensors. When the device has determined that the right image has been captured, it will show users a check box and say “completed”. This allows uneducated users to receive doctor quality imaging without going to a physical office.
The other two products TytoPro, and TytoClinic are able to seamlessly connect patients to clinicians to provide exam and diagnostic solutions. TytoCare’s solutions include a smart mobile tool to examine the heart, lungs, stomach, skin, throat, ears, and body temperature along with a complete telehealth platform for sharing exam data plus conduct live video exams.
The devices are mainly sold via health systems and health plans but is also available online at Best Buy and 30 select stores. The company expects to expand into more Best Buy stores by the end of October.
TytoCare’s market strategy via “Business to Business to Consumers” (B2B2C) reaches consumers via Health Systems, Employers, and Payers as well as with Strategic and Retail Partners. The business model is a hybrid of SaaS based platform where usage fee is paid by providers and payers with an exam tool paid by the end user (in many cases partially subsidized by the payers).
Future TytoCare products and other focus areas include looking to add additional features to enhance the functionality and user experience of the products. The company is testing diagnostic capabilities such as strep throat tests, dermatology features, wound care, and other areas of care to make products more comprehensive.
TytoCare also sees further opportunities to expand into more chronic care conditions such as Congestive Heart Failure where the patient already has an implant. When an alert goes off for a preexisting device, the patient can use the TytoCare device as the first level of intervention. The company is also looking to add features in three different areas, with the focus on additional exams, user engagement, and integrating devices into the healthcare ecosystem.
The main barrier that the company faces in getting devices into the hands of consumers is price. However, TytoCare believes that the price barrier may eventually go away because of the cost savings it offers to health insurers. Many health insurers already subsidize the product at a heavily discounted rate, a trend which management expects to move in the right direction. The company’s goal is to have people engage with the product before it is actually needed and then users will become comfortable with the device.
For more information or to add feedback email, Jailendra Singh, jailendra.singh@credit-suisse.com or call 212-325-8121.