Etheal: Connecting One Billion Patients With The Best Possible Care
How is Etheal using blockchain to reform a healthcare market validated by $270 million in VC investment? Read about the Etheal Business Model and User Acquisition Strategy.
ONLINE MEDICAL COMPARISON SITES ARE DRIVING HEALTHCARE FORWARD
Have you ever injured yourself while abroad and found yourself in the sticky situation of having to find affordable, reliable, healthcare in a pinch? Or how about when you’re at home and you’d like to see a specialist, but can’t seem to get connected to someone who you can trust, no matter where you look or who you ask? What if your need is so niche, or so private, that you can’t really ask anyone at all? Online medical treatment comparison sites have assuaged the pain of accessing care, evading long waiting lines and avoiding overpriced care for general health issues, but there is a lot of progress yet to make in healing a bloated and unreliable system for treatments across the board. VC and patient validated online health start-ups have started to put down the work needed to create a pain-free future, and now blockchain-based Etheal is ready to take it further, harnessing the power of community and incentivization to empower the healthcare system to grow itself.
A WORLD-CLASS TEAM AND ADVISORY BOARD
Etheal is the brain-child of Artisan Marketing, a Budapest-based digital marketing agency that has already successfully built Doklist.com, a medical comparison site working in Hungary and Brazil that sees 2.5 million visits per year. The core Etheal team is joined by an experienced and connected advisory board including David Orban, founder of CoinAgenda and Network Society Ventures, Tibor Bartha, a Harvard alumnus physiology professor, Barnabas Debreczeni and Gyorgy Cseh, Ethereum genesis block miners and 4-year cryptocurrency entrepreneurs among others, who are committed to our vision and roadmap.
Starting in December 2017, the team launched a world tour of cryptocurrency and blockchain technology focused conferences. Their efforts have been rewarded with the Audience Award at d10e in Ljubljana, Slovenia, as well as 2nd place at the CES Digital Money Forum in Las Vegas.
VC VALIDATED BUSINESS POTENTIAL
ZocDoc, Docplanner and Etheal’s predecessor Doklist.com, have made significant strides indexing thousands of treatments, and Doklist.com’s 2.5M yearly traffic rate is sound consumer validation that an urgent need is being
addressed. Simultaneously, the business potential of these initiatives has been validated, with ZocDoc seeing $223M real fiat dollars in venture capital investment and Doklist.com receiving two acquisition offers from competitors.
What’s more, in a study conducted by the IBM Institute for Business Value, results showed that 16% of healthcare companies are ready to implement blockchain in 2017 for commercial purposes.
While these events tell us that we are on the right path, the Etheal team plans to push further, with an aim to design a future proof model that could allow for infinite scaling through decentralized growth. After a period of testing and searching for different business models by Etheal’s mother company, digital agency Artisan Marketing, we have created a unique value proposition and business model to map out our vision.
OPPORTUNITIES AND BUSINESS MODELS IN THE HEALTHCARE INDUSTRY
The rise of medical tourism We first encountered medical tourism, while working with a client in the healthcare industry. We were immediately intrigued. According to Oxford Economics and Visa, the market is predicted to grow to $540 billion by 2025, with medical tourism agents charging 20–35% commission for doing the same work as traditional offline travel agencies do, without any additional innovation.
A VALIDATED HEALTHCARE APP BUSINESS MODEL
Another start-up that we encountered throughout our work led us to our business model. Irish start-up whatclinic.com, incorporates a genius business model using a clever Pareto sales tactic, that works by allowing patients to search for care providers abroad and make inquiries to clinics, through a system that automatically offers to forward the same inquiry to four more clinics. Meanwhile, clinics are charged based on leads, with one lead costing $10. We call it a Pareto sales technique, because if we assume that there are 1,000 clinics in their system, and only 5 clinics pay for leads, the agency will make an average of $40.05 / lead. By analysing the business models, strengths and weaknesses of offline medical tourism agents and whatclinic.com, Etheal was able to identify the potential for disruption. We then crafted a business model using emerging technologies that captured this potential and simultaneously addressed the shortcomings of existing solutions.
ENTER BLOCKCHAIN: THE MISSING INGREDIENT TO A KILLER STRATEGY
Blockchain and smart contracts solve three very important issues of existing solutions:
1. Accepting payments and paying users for their contribution globally: in traditional settings we would need a massive legal and accounting team to make it possible for anyone, anywhere on the globe to buy services, not to mention the funds needed to pay hefty credit card processing fees. This would make it incredibly difficult and unsustainable to pay or reward users who develop the ecosystem across state borders. With smart contracts and blockchain, this problem becomes almost trivial.
2. Incentivization of signing-up medical professionals and creating easy-to-digest medical content: normally when medical professionals write, their goal is to impress their fellow medical professionals, and there is little to no incentive to make the content easy to consume for the general public. With smart contracts, it’s easy to reward content creators in proportion to how everyday visitors perceive their content (based on how many “upvotes” or “claps“an article receives, for example). Moreover, rewards are an additional push for medical professionals to sign up to have a free mobile-friendly online profile.
3. Incentivization of review writing: if you undergo a paid medical treatment, you won’t feel inclined to spend an additional 15 minutes writing a review. With a smart contract-based incentive system, providing monetary rewards for writing a quality review is easy.
THE DISRUPTION AND USER ACQUISITION
Combining blockchain and its own dedicated token, the Etheal ecosystem provides a motivational structure behind content creation, and a currency to foster participation and payment rewards in future applications. This provides the social feedback missing from whatclinic. com and enables us to move into other healthcare-related spaces in the future, including medical tourism, fundraising and pharmaceutical research and communication among others.
TOKEN FLOWS WITHIN THE ETHEAL ECOSYSTEM HEAL
tokens are used exclusively for settlement; to attract a core community of users to expand upon, Etheal will focus on simplifying the complex process of crypto token purchase by planning their own fiat-H exchange.
Furthermore, buying tokens or services with current exchange partners will be a no-brainer for new users, and as the core community grows within Etheal, so too will projected demand.
Finally, expansion to other countries and the development of apps on top of the ecosystem are future milestones that will increase demand and participation within the Etheal ecosystem.
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