History

• Wellsheet is a private company that was founded on December 28, 2015. Its headquarters is in Newark and has offices in Manhattan and Palo Alto.
• The founders of the company are Craig Limoli, Justin Larkin and Mike Lytle.
• The company's vision is to help providers make decisions with a comprehensive view of relevant information, structured precisely for their needs.
• Its milestones are being accepted to Newark Venture Partners accelerator program on the spring of 2017, being the first company to be accepted as partner with Athenahealth without an existing mutual client, and launching live at a clinic in Hackensack for production use, all done through another EHR partnership.
• Building off the momentum, WellSheet raised a seed round of financing and launched pilots at major health systems.​ Their key vendors are REDO Ventures, BioAdvance, Real-Life Innovations and Newark Venture Partners.

Revenue

• Wellsheet's total funding amounts to $3million.
• The firm was valued at $8million to $12million.

• In November 2017, it closed a $800,000 seed round Funding that came from Real-Life Innovations, Newark Venture Partners, and BioAdvance.

Customers

• Wellsheet is primarily partners with healthcare providers that struggle with the current EHR.
• There was no data found on Wellsheet's key customers.

Employees

• Wellsheet has 13 known employees on LinkedIn.
•  Employee names are; Craig Limoli Founder and CEO of Wellsheet, Justin Larkin, Satu Barnhill, John Paul Patrizio, Ofer Shapiro, Connor Finnerty, Han Ke, Ali Alobaidi, Johnny Rose, Chuck P and Uri Zilberman.

Research Strategy

Craig Limoli

• Mr. Limoli has a relatively abbreviated leadership career, with the Wellsheet CEO serving in that capacity since September of 2015.

• Prior to this executive role, Mr. Limoli was promoted at IBM to the role of Senior Strategy Consultant in the Watson Health & Corporate Strategy group (June of 2014 through May of 2015), after serving as a Strategy Consultant in IBM Global Business Services (August 2012 through May of 2014) as well as an Intern at ConvaTec (June through August of 2011).
• During his time at IBM, he also served as a Board Member and Future Founders Relationship Manager for IBM Lead (June of 2013 through June of 2014), during which Mr. Limoli facilitated a partnership between the Future Founder Foundation and IBM's Corporate Citizenship Manager of Illinois.
• His time between these brief professional experiences was punctuated by the graduation from several prestigious academic intuitions, with Mr. Limoli receiving an MBA from the Wharton School with concentrations in health care and entrepreneurial management (2015), a Bachelors in Economics from Princeton University (2012) and a high school diploma from the Pingry School (2008).
• Mr. Limoli's time in high school and college also highlighted his diverse interests, with the Wellsheet CEO receiving the distinction of Captain of his high school fencing team, a place on varsity fencing at Princeton, and serving in a variety of club-level leadership roles including with his high school robotics club, a college corporate finance group and a college formal services or training agency.
• Meanwhile, Mr. Limoli has been the subject of a wide variety of interviews and biography discussions, including a recent discussion with publishing trade Medium (December 2018) and fairly recent interviews with healthcare outlets New Jersey Innovation Institute (June of 2017) and MedCity News (October of 2017).
• Notably, within his most recent published interview with Medium, Mr. Limoli highlighted his interest in entrepreneurship from a young age, as well as how his time at IBM and then Wharton crystallized his focus in the space of healthcare.
• Additionally, Mr. Limoli actively maintains his professional biography on LinkedIn.

Justin Larkin

• Similar to Mr. Limoli, Mr. Larkin has a relatively abbreviated leadership career, with the Wellsheet Co-Founder and CMO (November 2015 through July of 2018) graduating from that experience to serve as a Wellsheet Product Adviser in June of 2018, alongside a more recent role in Strategy and Operations at Verily Live Sciences since July of 2018.
• Prior to these executive experiences, Mr. Larkin also served as a team member at the Hasso Plattner Institute of Design at Stamford (August of 2017 through December of 2017), a team member at Stamford Byers Center for Biodesign (December 2016 through June of 2017) and as an innovation intern at Penn Medicine for several months in 2014.
• Moreover, Mr. Larking held the role of Research Assistant at Systems Complexity Forum (July 2011 through August 2013), Student Clinical Director at Volunteer Care Clinic (October of 2010 through August of 2013) as well as a Lead Research Assistant (July of 2010 through August of 2013), Head Histology Teaching Assistant (January of 2010 through July of 2013) and Project and Design Specialist (October of 2007 through July of 2013) at Brigham Young University.
• Meanwhile, these shorter professional experiences and internships were often completed in parallel with distinguished academic achievement, including his most recent receipt of an MBA from Stamford, a Doctor of Medicine from the University of Pennsylvania and Bachelors degrees in physiology and developmental biology as well as Portuguese from Brigham Young University.
• Notably, while at Brigham Young University, Mr. Larkin also received the recognition of Magna Cum Laude.
• Additionally, Mr. Larkin has a variety of personal interests, including a strong volunteer track record in the areas of public service and religion, as well as leadership and participation in several healthcare and technology clubs.
• In terms of interviews or public biographies, Mr. Larkin gave a widely publicized January of 2018 podcast interview with the Penn HealthX Podcast, during which he thoroughly discussed his biography from college to early 2018.
• Additionally, Mr. Larkin actively maintains his professional biography on LinkedIn.

Mike Lytle

• Of the three Wellsheet founders, Mr. Lytle has the least leadership experience, with the Wellsheet Chief Product Officer and Co-Founder serving in that capacity between September of 2015 and June of 2017.
• More recently, Mr. Lytle has served as Product Manager at Fitbit (June of 2018 through present) and Product Manager Intern at Nike (May of 2017 through August of 2017).
• Prior to co-founding Wellsheet, Mr. Lytle also gained a wide variety of business and healthcare experience as a Strategy and Operations Consultant at Deloitte (August of 2011 through April of 2015), a Business Productivity Analyst at EEWS (June of 2006 through August of 2008) as well as through several internships and short-term engagements at Smart Design (2016), Sense Health (2015), Capital One (2010) and Drop.io (2009).
• Similar to his co-founders, Mr. Lytle also has a strong academic track record, including an MBA from the Wharton School (2017), a Masters in Integrated Product Design from the University of Pennsylvania (2018), a Bachelors in Economics from Rice University (2011) a full year study abroad experience with the London School of Economics and Political Science (2011) and a high school diploma from Emmaus High School (2007).
• During his education, Mr. Lytle also demonstrated his personal interest in innovation and design as the Co-President of Penn's Innovation and Design Club, his focus on the environment while serving as Chair of the Martel College Environmental Committee at Rice and his talent as volleyball player in both high school and college.

• Meanwhile, Mr. Lytle's publicly available interviews or biographies are largely limited to his LinkedIn and AngelList profiles, and highlight other interests such as marathon running.

Research Strategy

IBM

• The website for IBM Watson Health can be found here.
• IBM Watson Health is a platform that gives the ability to evaluate and improve the effectiveness of clinical operation, increase efficiency while lowering operational costs, and streamline patient care processes by reducing physician variation. IBM Watson Health does so by analyzing large data sets quickly to allow for data-informed decision-making. It also integrates different types of data to provide a more holistic view of the patient.

Juxly Timeline

•  The company website can be found here.
• Juxly Timeline's value proposition boasts an easily-customizable and interactive interface that displays a patient's EHR in a chronological view. The technology offers the ability to see the big-picture of a patient's diagnostic history while also organizing important details so they are easily accessible.

EvidenceCare

• The platform website can be found here.
• EvidenceCare is a direct competitor to Wellsheet because it sells the same type of product, has a similar revenue size, and also services the US.
• Like Wellsheet, EvidenceCare sells a clinical decision support tool that is linked to EHR data and improves clinical workflow through assistive technology. Because Wellsheet self-describes as both a clinical decision and workflow support tool through its customizable interface, this distinction means Wellsheet provides a deeper level of support within the same kind of product, rather than offering a completely distinct product from EvidenceCare, resulting in a competitive edge.
• With a revenue of $4.8 million, EvidenceCare competes in the same size range as Wellsheet. Estimates for Wellsheet's revenue range from $250,000 to $2.4 million.

• EvidenceCare offers a clinical decision tool that is evidence-based, patient-focused, and boasts enhancements to workflow. It references a variety of data from partner institutions including American College of Emergency Physicians and EB Medicine.

Caden Clinical Decision

• The website for Stanson Health's Caden CDS Cloud Engine can be found here.
• Based in New Jersey, Caden CDS Cloud Engine (Caden) is a direct competitor to Wellsheet because they both sell the same type of product, fall within the same revenue range, and serve a US market. Like Wellsheet, Caden sells Clinical Decision Support (CDS), though it does not offer the same level of workflow support that Wellsheet offers its customers. Caden and Wellsheet fall in the same revenue range with revenues of $2.5 million and $250,000 to $2.4 million respectively.
• Caden boasts a cloud engine that integrates EMR and provides CDS embedded right into the workflow through predictive technology and advanced algorithms.

HealthDecision

• HealthDecision's website can be found here. 
• Because it sells the same type of product, falls within the same size range, and serves a US market, HealthDecision is a direct competitor to Wellsheet. HealthDecision also sells CDS tools that are personalized and user-friendly. It generates a revenue of $1.5 million which is close to Wellsheet's estimated range of $250,000 to $2.4 million.
• HealthDecision offers a suite of CDS tools that personalize decision-making based on patient's EMRs and provides user-friendly interactive tools for more collaborative decision-making. Not only does it provide clinical care support, but the platform also provides data that can aid in billing, quality optimization, and insurance documentation.

HealthReveal

• The website for HealthReveal can be found here.
•  Based in New York, HealthReveal is a direct competitor to Wellsheet because they both sell CDS technology, fall within the same size range, and serve a US clientele. Close to Wellsheet's estimated $250,000 to $2.4 million in revenue, HealthReveal generates $3 million in estimated revenue.
• HealthReveal offers a CDS platform that is unique from its competitors in that it generates actionable interventions tailored to specific patients. The company's technology is AI-powered, evidence-based, precise, predictive, applies machine learning, and is also configurable to allow for clinician expertise.

Research Strategy

Watson's Competitive Advantages

• Watson has some of the most important patents worldwide.

• IBM is an historically recognizable brand.
• The company has a strong position in cyber security, AI, quantum chips, hybrid cloud, and IOT.

• IBM has a long history of superior management.

• For years IBM has been willing to collaborate with "would have been" competitors.

• The company has invested billions in R&D and has created groundbreaking transformative technology.

Watson's Top Customers

• Abbott Northwestern is a hospital provider in the US with revenues of $200 million to $1 billion. 

• St. David's is a US healthcare provider with 5,000 employees. 

• Banner Health is an American hospital provider who employs an estimated 10,000 workers.

• SSM Health is a US healthcare provider with over $1 billion in revenue and 10,000 employees.

Watson's Price

• According to IBM Master inventor and senior consultant Tony Pearson, a Power 750 server cost around $34,500.

• The 90 Power 750 servers that make up Watson cost about $3 million. That's just a little more expensive than a CT scan machine.

• According to Finances Online, IBM Watson Analytics has a Plus pricing plan that starts at $30 a month, which allows you to analyze and visualize your data.

• IBM Watson also has a Professional pricing plan with more features that starts at $80 a month. 

Watson's Services

• Watson's cognitive services are being used in an array of products and services, ranging from navigation apps to personalized World Cup highlights.

• In the UK, Watson is being used to answer queries from patients and staff at the Moorfield Eye Hospital. 

• Watson is not only used in the healthcare industry, but also at international sporting venues such as Wimbledon to expediate video editing.

Juxly Timeline's Competitive Advantages

• According to Cerner Code, Juxly Timeline improves patient outcomes by quickly referencing the entirety of a patient's medical records. 
• Juxly has the ability to expand details, and filter results faster and easier.

Juxly Timeline's Customers

•  Dr. Louis Krenn, Chief Medical Information Officer at Cox Health says, "I use timeline to quickly and easily review patients records."

• Juxly is used by healthcare providers such as physicians, PAs, NPs, and nurses.

Juxly Timeline's Services

• Juxly integrates with the EHR to show a patient's entire medical record in a chronological view.

• Timeline allows the user to scroll back in time to view valuable patient information.

• The service allows providers to view x-ray reports, procedure notes, and office visits.

• The Juxly Timeline service also makes access to patients allergies, social, and medical history available.

Research Strategy

Competitors: Part Two

EvidenceCare

• Competitive advantage: EvidenceCare has a product differentiation competitive advantage. They provide a fluid and interactive platform wherein clinicians can access patient-specific and evidence-based treatment recommendations at the point of care in "as little as 30 seconds". Further, the provider version can operate independently without integration into a hospital's electronic health record workflow. According to GlobeNewswire, there are no other tools that can assist clinicians to make bedside decisions in this manner.

• Top and targeted customers: Although the company is based in Nashville, Tennessee, the company targets hospitals and other healthcare providers in the U.S. They currently have over 5,000 users, including hospitals.

• Publicly available pricing plans: Their Professional Plus solution for healthcare providers is $399 per year. Additionally, their core solution for healthcare providers is free. For hospitals, their solutions are tailor-made and prices are available after consultation.

•  Services offered: In addition to their real-time clinician decision support system, they offer patient education, integrated risk management, and Electronic Hospital Records (EHR) documentation.

Stanson Health

• Competitive advantage: Stanson Health's Closed Loop Clinical Decision Support (CDS) platform also has a product differentiation competitive advantage. It is drawn from their unique combination of content management, their cloud CDS engine and their analytics, which enable them to provide real-time, patient-specific best practices at the point of care.

• Top and targeted customers: Stanson Health's CDS platforms are used by 300 hospitals, and approximately 100,000 healthcare providers.

• Publicly available pricing plans: Because this platform is particularly designed to work with organizational systems only, there are no price plans publicly available.

• Services offered: In addition to the CDS platform, Stanson Health also offers different types of CDS analytics, including Alert Performance analytics for project teams, Provider Performance analytics for medical directors, and Impact analytics for senior leadership.

Research Strategy

HealthDecision

• HealthDecision is a software platform that helps clinicians and patients assess the patient's risk for certain conditions and options for treatment, and then engage in shared decision-making.
• HealthDecision offers tools for Atrial Fibrillation, Cardiovascular Risk, Osteoporosis, Breast Cancer Screening, Lung Cancer Screening, and Hypertension.
• The competitive advantage of HealthDecision is that it was developed by clinicians, it integrates directly with the Electronic Health Record, it has patient-specific tools, and allows for visual documentation of the shared (patient & doctor) decision-making process.
• Only one customer of HealthDecision, UW Health, was identified. However, upon further research it appears as if UW Health has ended their relationship with HealthDecision and moved to working with Healthwise.
• In a press release by EBSCO Health announcing the acquisition of HealthDecision, it was stated that HealthDecision reaches "more than 26,000 patients a year".
• The target customer of HealthDecision is most likely a large healthcare organization (hospital or group of clinicians) working in the areas of cardiovascular health, osteoporosis, hypertension and cancer screenings and utilizing electronic health records. Especially targeted will most likely be existing customers of EBSCO Health, as HealthDecision will be integrated into EBSCO Health's product line.
• No information on pricing for HealthDecision or EBSCO Health products was found.
• The lack of information on current customers or pricing plans may be due to the recent acquisition (Jan 2019) of HealthDecision by EBSCO Health, and that it is most likely still being integrated into EBSCO Health's product offerings.

HealthReveal

• HealthReveal uses AI to create a "digital twin of each patient" based on all medical data available (including health records, self-reported information and data from wearables). The system then suggests "Reveals", which are simply diagnostic and treatment suggestions specific to each patient. The Reveals are integrated into Electronic Health Records to work within clinicians already-established workflows.
• By doing so, HealthReveal is able to "change the trajectory" of high-risk patients, thus providing them with earlier diagnosis, better treatment, and less expensive healthcare.
• HealthReveal's competitive advantage is that it utilizes AI in order to generate actionable interventions tailored to specific patients.

• Currently, HealthReveal is only working with EmblemHealth, a large insurance company, and AdvantageCare Physicians, a group of doctors in NYC, to pilot the HealthReveal tool.
• HealthReveal targets health systems (doctor groups and hospitals), payers (insurance companies), and self-funded employers.
• No information on pricing for HealthReveal was found.

Research Strategy

1. RWJBarnabas Health Funding

• Wellsheet was funded by RWJBarnabas Health as Joseph Scott, executive vice president of health care transformation, mentioned in this news article.
• The company (RWJBarnabas Health) funded and housed Wellsheet in their facility. This was a collaboration between Wellsheet, Cerner, and RWJBarnabas Health.
• RWJBarnabas Health worked specifically with cardiology although Wellsheet also works with other specialties. They used this opportunity to enable cardiologists to save time and get directly to the information they need.

2. Health IT Finalist

• Wellsheet was listed as one of the finalists in the health IT division at the MedCity INVEST conference.
• The conference "brings together investors and executives from healthcare organizations with promising startups in the biopharma, diagnostics, medical device, health IT, and health services sectors."
• The competition was called Pitch Perfect startup competition, which is one of the highlights of the conference.
• The event was held at the Ritz Carlton hotel in Chicago on April 23rd and 24th this year.
• The competition was judged by "Adam Koopersmith, a Partner with Pritzker Group Venture Capital; Jessica Zeaske, a partner with Echo Health Ventures; and Dr. John Mattison, CMIO and Assistant Medical Director, Kaiser Permanente."
• The company was highlighted as a finalist in the "medical device track" category. Multiple health IT startups were listed as finalists including "technologies around physical therapy, improving access to care, predictive analytics and improving clinical workflows."

3. Craig Limoli

• Craig Limoli is the CEO and co-founder of Wellsheet.
• He was mentioned in the news article from Princeton University when he participated as a panelist at "TigerTalks in the City", which is a series developed to market Princeton research in New York.
• Craig Limoli is also among the alumni of Princeton University.
• The topic of the series was "entrepreneurship in life sciences".

4. Innovations in Healthcare Technology Conference

• Wellsheet was represented at the Innovations in Healthcare Technology Conference when some of their executives attended the conference as speakers and/or panelists.
• The conference is held annually and this was the 8th episode.
• The evolution of 3D technology was one of the topics of the conference apart from artificial intelligence and cybersecurity applications in healthcare.

5. BioAdvance Funding

• Wellsheet received a $150,000 funding from BioAdvance as part of a $720,000 seed financing.
• BioAdvance committed a total of $3.2 million to life sciences companies in 2018.

6. Disrupt SF 2018

• Wellsheet was listed as one of the 30 semi-finalists Virtual Hackathon teams, who were selected to present their products at Disrupt San Francisco 2018.
• The event was held from September 5-7 last year.
•  30 high-scoring teams were selected as the semi-finalists from approximately 1,000 tech makers, developers, hackers, and programmers.
• The event was to select only one team as the champion, which was to be awarded a cash prize of $10,000.

7. Seed Round

• Wellsheet closed a seed round and added software engineering recruits to the team.
• The company rolled out pilots at practices through Cerner and Athena Health.
• These details were shared with the news agency by Craig Limoli, the CEO and co-founder of Wellsheet.
• The seed round was valued at $800,000, which will be jointly funded by Real-Life Innovations, Newark Venture Partners, and BioAdvance.

8. Training and Funding with NVP

• Newark Venture Partners selected 11 firms including Wellsheet for a training and funding program.
• The firms were selected based on their market potential and their success.
• The firms were offered a training program spanning 3 months. The program included seminars on business and technical subjects.
• Newark Venture Partners "provides the young companies a minimum of $100,000 in cash, mentoring and at least a year of free communal work space, complete with gourmet kitchen, foosball and ping pong tables, and treadmill workstations, on the 7th floor of 1 Washington Park".

9. Demo Day

• Wellsheet was one of the 11 companies that were listed as participating in the Demo Day offered by Newark Venture Partners.
• The Demo Day was for NVP's Accelerator program. These companies showcased themselves at the Prudential Center for the day.

10. FHIR Health Data Aggregation App Contest

• Wellsheet joined the winners of the provider experience challenge in the FHIR Health Data Aggregation App Contest offered by the Office of the National Coordinator.
• The contest was an API-based app challenge offered by ONC in March 2016.

Research Strategy