I’m sorry, consider me a Skeptic, but I just don’t see the business model. I’ve run EMR companies, I know the costs of maintaining a good product, but more importantly, good customer service. Customer service is perhaps the last mile that distinguishes one company from another.
Reading between the lines, I see that the company plans to make money from:
1. 2.85% for billing services? You have to do it offshore. Cannot be done in USA. Also, you will probably sign up solos and more of family practice type of clinics where the total claims volume is high but per claim revenue is low. Which means more work per claim. I do not see high value specialists like cardiologists, orthopedic surgeons going to ‘freeware’, where billing requires specialty knowledge.
2. Perhaps they are banking on ‘In-office Dispensing Solutions’. This has been around for years. I have seriously evaluated not just the business model (which by the way, looks fantastic on paper), but execution is tough and the cost of marketing and sales is prohibitive. Companies that specialize in this have not done well.
3. Maybe there are some Add-on services that they are banking on. But I don’t see it. Practices are going to the FREE stuff because they can’t or don’t want to pay in the first place. Why would they pay for any addon service?
If you think about it from a global perspective, $400-$500 per month is not a big deal for any practice. The biggest barrier and resistance is the concern about workflow slow down, and loss of productivity for the Physician.
Free or Paid does NOT solve that problem.
Paid vendors are in a better position to serve Providers to help them get over the hump and use technology to their advantage.
Sorry guys, this is just a cycle, another wave – bubble?