{"id":2671,"date":"2015-11-22T20:55:32","date_gmt":"2015-11-23T01:55:32","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-digit\/submission\/artemis-saving-healthcare-dollars-for-self-insured-employers\/"},"modified":"2015-11-22T21:00:36","modified_gmt":"2015-11-23T02:00:36","slug":"artemis-saving-healthcare-dollars-for-self-insured-employers","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-digit\/submission\/artemis-saving-healthcare-dollars-for-self-insured-employers\/","title":{"rendered":"Artemis: Saving Healthcare Dollars for Self-Insured Employers"},"content":{"rendered":"

810 Bn dollars.<\/strong> \u00a0A lot of money, and the estimated spend by self-insured employers on company healthcare benefits in 2012. \u00a0Healthcare is now one of the top three costs for these companies (1).<\/p>\n

Artemis is a start-up in NYC that has created a software product for\u00a0self-insured employers<\/strong> that aggregates, analyzes, and visualizes their health claims data and\u00a0identifies areas for savings. \u00a0Data from all of the different vendors are aggregated in one location: medical claims, pharmaceutical claims, health risk assessments, etc. \u00a0Artemis’s goal is for the\u00a0tool to present each company’s population level data in an easy to understand dashboard, with real-time updates. \u00a0The dashboard\u00a0appears to be available on multiple devices, including tablets and mobile.<\/p>\n

\"Artemis<\/a>(1)<\/p>\n

\"Artemis<\/a>(1)<\/p>\n

 <\/p>\n

 <\/p>\n

With this data, employers can ensure that\u00a0the benefit vendors that they use can offer the right types of services and programs their employees need (e.g. chronic disease maintenance programs). \u00a0Artemis’s platform also provides suggestions for how the company can save money. \u00a0The company asserts that using the tool can save self-insured employers\u00a0~10% of their healthcare costs.<\/strong><\/p>\n

\"Artemis<\/a>(1)<\/p>\n

Artemis is planning to capture value by charging a $50-150k yearly subscription fee<\/strong>\u00a0for access to their service. \u00a0The fee ranges based on the size of the company and the number of employees they have. \u00a0Artemis estimates that there are 65,000 self-insured employers in the US, and with only 2% of the market they expect to have revenues of $90 Mn. \u00a0Artemis should have a relatively asset light operating model<\/strong>, with main costs likely including\u00a0only data storage, engineering, sales and marketing, HR, and leadership overhead. \u00a0The negative cash flow coming from the subscription pricing also makes the business model attractive<\/strong>.<\/p>\n

Investors appear\u00a0to see potential in Artemis’s product offering and strategy. \u00a0Artemis was selected for the NYC healthcare technology\u00a0accelerator, Blueprint Health in 2013, and the company\u00a0has raised $1.2 Mn in seed and $795K in venture money<\/strong> according to CrunchBase (2). \u00a0The company’s initial team also appears to have had previous successful start-up experience, and their advisers include leaders at Walgreens and New York Presbyterian Hospital.<\/p>\n

While Artemis has accomplished a good deal since it was founded in 2013, I think there are\u00a0also significant challenges ahead of the company.<\/p>\n

    \n
  1. I have not found any official revenue numbers, and I’m curious how many subscriptions they have been able to sell so far<\/strong>. \u00a0They were targeting 1.8 Mn in revenue in 2014, but I don’t know if they hit that target. \u00a0B2B sales cycles can be long, and Artemis is one of many start-ups\u00a0trying to get companies to add another software tool (the other tools may be in other spaces, e.g. controlling procurement spend).<\/li>\n
  2. I’m also not impressed by the Top Savings Insights that the Artemis team\u00a0showed the tool generating in their\u00a0Blueprint Health Demo Day presentation<\/strong>, shown above. \u00a0All of them seem fairly obvious, and the key is whether they can really make the suggestions very detailed, tailored, and actionable (e.g. go to these new insurers).<\/li>\n
  3. Lastly, I think Artemis has to continue refining their segmentation of the target customer<\/strong>. \u00a0Yes, there are\u00a065,000 self-insured employers in the US, but\u00a0I wonder if there is a small number that\u00a0would disproportionately benefit from Artemis’s offering. \u00a0Clarifying the target customer should\u00a0reduce inefficiency and cost in sales and marketing.<\/li>\n<\/ol>\n

     <\/p>\n

    (1) Artemis Blueprint Health Demo Day presentation, accessed through vimeo<\/p>\n

    (2) Does not include an original undisclosed seed round<\/p>\n","protected":false},"excerpt":{"rendered":"

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