16 Jan Startup Spotlight: CompassMD
Have you ever had problems finding the right doctor? Or feel that your current physician isn’t the perfect fit? Many of us struggle with bouncing around without much direction or guide. CompassMD can match you with your ideal physician using applicable satisfaction data and their proprietary Healthcare Personality Assessment.
We believe that all problems social, economic and environmental can be solved by great entrepreneurs, especially in the healthcare space. We were fortunate to catch-up with one of these new entrepreneurs, Anthony Stedillie, Founder and CEO of CompanssMD, to see how he’s changing patient-doctor interactions and relationships.
What is CompassMD?
CompassMD matches patients to the doctors that are right for them using personality assessments. We believe that a true patient-doctor match is based on two things: trust and compatibility. Existing “Find a doctor” tools do not take this into account when suggesting a new doctor, which leads to dissatisfied patients and turnover.
How does it work?
We created our own algorithm to score the quality of potential relationships between patients and their doctors. Our system is based on a large body of behavioral psychology and preference research that is already applied to romantic matching (eHarmony and Match.com) and human resources.
The assessment itself takes less than 10 minutes from sign-up to completion. Physicians only have to do the assessment once, whether their patients find them through an insurance provider or hospital.
Who should use CompassMD?
We offer CompassMD as SaaS to healthcare organizations, like hospital systems, health insurers, and large employers, all of which can have enormous physician directories. CompassMD greatly enhances the experience for the end customer/patient who must navigate those systems.
And that patient experience translates into real economics for the organization. Across the US, the average physician loses 50% of their patients over a 5-year period, which is very high churn rate from year to year. And the average monetary value of a patient to a primary care doctor is $2,166 per year, which is significant money. The patients who are satisfied with their doctor are the least likely to leave, obviously. CompassMD ensures that the patient-doctor relationship has the highest probability of being a successful, which means lasting and satisfied.
What is a challenge that you have faced in the past few months?
Three come to mind. First, we face a very long sales cycle in the B2B healthcare space. Second, we’re creating an online marketplace, which requires us build both sides in order for it to be useful and attractive to new users.
And third is fundraising. TrepScore has been very valuable for me to organize our legal documentation, and to put it in a place where I can give access to someone. This is especially important when it comes to due diligence, make it easy to grab the documentation and see the flow of it. Disorganized documents are a redflag to investors.
Why did you create CompassMD?
Within a year of finishing grad school and moving to Chicago for a job, I had a brush with skin cancer. My health plan required me to go through a primary care doctor before seeing a specialist, but I didn’t have a doctor yet so I used the “find a doctor” tool on my health plan’s website. It returned a list of over 200 primary care physicians in my area and I had no idea how to pick one over the other. I tried looking elsewhere for reviews and information but only got more confused. After trying doctors of the health plan directory and twice striking out, it was blind luck, and not through the health plan’s system, that I found a doctor that I really fit with and felt comfortable and trusted.
I realized that I was not the only one who was frustrated with the process of finding a doctor. That’s the problem we set out to solve with CompassMD. We initially
went to market as a 3rd party app marked directly to physicians. Over time we realized physicians are strapped for time and not interested in paying for another service, so we pivoted to providing a SaaS product to large healthcare organizations.
What are your goals over for the next six months?
We are currently in the process of signing up 3 hospital systems and we’re in discussions with 2 health plans. Our primary goal is to work with our initial customers to refine our product and increase the value delivered.
Another goal is to grow our team, especially in engineering, marketing, and design, so we expect to increase our headcount by 50% in the second half of the year.
Are you currently raising capital?
Yes, our goal is to raise $1.5MM, but we absolutely need $1MM. To obtain this goal, we are targeting early stage VC firms. To further promote growth we’re also trying to move out west, and establish our network in the LA and San Francisco areas.
What are the top 3 wants of the company?
- Hear from people who have experienced the same problem that we’re trying to fix, which is people who want to find a good patient-doctor match.
- Get access to people who are passionate about solving this problem. We’re always looking to grow our team.
- Introductions to anybody who would benefit from this type of product. This includes hospitals, health plans, and even large employers.
What is the cost to the hospital for this service?
$15-40 per physician per month. We feel that this price is extremely reasonable for the amount of value it brings to the physician.