Medicom Health Interactive CEO Will Sigsbee
Medicom Health Interactive was originally formed in 2000 as a solutions provider, making custom software for 10+ years before starting the SaaS shift in 2011.
In June 2014, the company put CEO Will Sigsbee in charge shortly after he sold healthcare interoperability firm ApeniMED to IOD for an undisclosed amount. His mandate was to complete the technology transition and scale the company.
Sigsbee set out to raise outside investment for the first time and take things to the next level. “25 in 5,” is the mantra he instilled, clarifying his goals of generating $25 million dollars in top line annual revenue within five years of his start. Let’s hear more:
What attracted you to Medicom in the first place?
I’ve been in the healthcare industry for 20+ years and what I saw here were great tools to get patients connected to the right healthcare at the right time.
At a time when hospitals are struggling to cross the chasm from fee for service to value based care delivery, the solution fit really well.
As it was largely run by a technical team, I saw the opportunity to bring in a strong sales side to compliment the operation.
What exactly is the product?
We have a unique set of software tools that address specific diseases. Everything from cancer to asthma, orthopedics, etc. Hospitals promote these tools through their channels and we collect data through our portal. We stratify this information based on their conditions and responses, which then creates a unique call to action for engagement or next steps about making an appointment. It’s connected to a call center and a scheduling engine.
Overall, we help hospitals achieve better insights within their patient populations and the means of engaging and converting.
Who buys these tools?
We have over 400 hospital systems on board.
What do you see as the overall market opportunity?
It’s massive. Patient engagement is a $4b market today, predicted to grow into $14b by 2019. Our solutions could easily be a $1b market play.
Why did you raise $3m?
We have been self funded since day one, cash flow positive, profitable and all that stuff. What that means is you build a little, you grow a little, you build a little, you grow a little. In this market, we see so much activity today…the need to get out in front and run faster required more resources.
What were your sources?
It was all locally funded, we worked with Cedar Point Capital as the broker.
How many employees do you have?
27 and more than half of that is associated with the technology side. Mostly here in Minnesota with a semi distributed sales team.
Who is on the board of directors?
Patricia Dennis – Senior Vice President, Health and Care Engagement at HealthPartners.
John Seaberg – Former Neochord CEO
Barbara Goergen – Founder
Tony Huth – Founder
Jim Reynolds, M.D – Chief Medical Officer
What does the future look like in 2016?
We’re looking to grow implementations by an order of magnitude of 300% in 2016, double our revenue, and expand our footprint within specialist offices. Our plan is to grow headcount to about 45.
We’ll probably be having conversations about recapitalization and/or strategic fit. It will be hard to resist an event in the next 18 months…the market is moving fast and there’s a lot of interest around what we’re doing.
How does your company contribute to the bottom line of improving healthcare in America?
Our tools are designed to help consumers understand the risks, complications, and symptoms affiliated with a particular condition. By delivering bite sized content and actionable information, we can guide and direct based on best in class evidence based medicine. Ultimately we form connections to the most approproate point of care at the right time.
Is there anything that I didnt’ ask or that you’d like to add?
No, good questions!