Full disclosure, don’t blindly follow what I or any youtuber tells you about opportunities to put your own money into. Please do your own research. To the best of my knowledge my review is entirely factual and unbiased, and I hope some value is gleamed from it, but don’t blindly follow the advice or some dude on the internet ok. I am no expert.
Pros 1
Introduction 1
Problem 1
Solution 1
MVP 2
Team 2
Crowdsale 3
Why Blockchain 4
Verification 4
Storage and Security 4
Fragmentation 4
Fraud 4
Reputation 5
Cons 6
Partners 6
Competitors 6
Conclusion 7
Pros
Introduction
WELL is building the AirBnB of healthcare.
Airbnb took a sector which had difficult to access parts with high payment friction into a single marketplace, being the world’s largest accommodation provider while owning no real estate. Similarly, WELL is globalizing healthcare to directly connect healthcare specialists to patients worldwide, with ranking, scheduling, payment and a network of providers.
WELL started in April 2015, is Medicare certified and already works with multiple healthcare related clients as well as dozens of hospitals and over 200 home healthcare agencies.
Problem
Medical services can be expensive, inaccessible and complicated due to a number of factors such as patient traveling distance, inefficient medical systems and insurance companies, and unnecessary bureaucracy.
Difficult to get access to higher quality of care and medical opinions. Patients might only get a few minutes with a specialist, making diagnosis and treatment accuracy hard.
Cross-border payments for healthcare service maybe be restrictive, often taking days or stopped.
Solution
WELL’s platform will allow access to healthcare service 24 hours a day, 365 days a year, wherever you are. Potentially avoiding the disease risks of hospitals and the waiting lists. Its low-cost business model can reduce prices up to 30%.
WELL removes barriers by connecting patients in any country to healthcare specialists in any country via global telemedicine and local concierge services, providing medical support in their Patients native language.
WELL tokens allows users to send and receive payment in minutes, eliminating risk of non-payment and smaller fees.
MVP
In 2017, WELL introduced а demo version of its telemedicine platform, servicing multiple healthcare organizations in the U.S., and provided over 20,000 telemedicine sessions.
The key features and capabilities of the platform include remote monitoring, connectivity with patient devices, video and conference capabilities, and integrations with various electronic health records systems.
Team
The team currently consists in 7 members and 11 advisors. Combines healthcare and fintech experience with blockchain and software expertise.
Crowdsale
Primary care is shifting to telehealth at an unprecedented pace. The global telehealth market may reach $113 billion by 2025 (18.3% CAGR).
WELL crowsale is currently on until May 15 or until reaches the hard cap of $28 million.
Total supply of 1.5 billion WELL tokens where 40% (600 million) are for the crowdsale.
1 WELL token = $0.1 dollar (10 US cents). This puts WELL with a marketcap of $60 million.
There’s currently a 18% bonus so $1000 investment would equal 11,800 WELL tokens, 1800 extra WELL tokens, puting the price per token at around 0.085 US cents.
Dentacoin is the current top performer in the Healthcare blockchain sector with $235 million market cap, sitting on top 100. This gives WELL gains opportunity of at least 4x times.
WELL is under negotiations with many exchanges and will announce them before the end of the crowdsale.
There’s a minimum investment requirement of $1000 and restrictions for U.S., China and Singapore citizens.
· Connect patients and providers with smart contracts
· Handles cross-border payments and tax-issues
· Ties in pharmaceuticals and tracks availability
· Delivers advise and gets patients the right drugs
· Already have integration with interpreters/translators
· There are talks that the ICO sale will be on cobinhood
· Helps with medical tourism and telehealth (video healh services)
Why Blockchain
Blockchain will speed pre-authorization and enable patient timely treatment as well as accurate payment to the provider, and improve cash flow speed at lower costs.
Blockchain breaks healthcare out of the prisoner’s dilemma! Currently a provider can make money by providing low-quality service or committing fraud and a payer always makes more money rejecting claims.
Verification
Complicated Insurance billing requirements which often deny and delay claim payment.
WELL blockchain will facilitate immediate fund transfer into escrow accounts and provide real-time eligibility functionality, ascertaining patient coverage.
Storage and Security
All healthcare has significant recordkeeping requirements; often kept on paper, frequently become lost thus resulting in incorrect billing or non-payment.
WELL will allow simplified electronic record creation and data storage on a decentralized anonymized network that is harder to hack and leak.
Fragmentation
Due to the extreme fragmentation of healthcare, its value chain is complicated and full of friction and excess costs, from insurance company to clinician to patient.
WELL system will eliminate points of potential breakdown. WELL smart contracts will ensure that transitions occur smoothly and keep immutable records of all actions taken.
Fraud
Fraud is an ever-increasing problem in healthcare. The U.S. Justice Department discovered $900 million in false billing in 2016 alone.
WELL requires proof-of-work, time / location stamping of actual care, and undisputed hash records of all steps of a given patient’s service, from referral to billing.
Reputation
Global healthcare suffers from lack of verifiable reputation. It’s easier to cheat.
WELL network will record all transactions so positive actions improve users reputation. The risk of a negative review motivates all parties to remain honest. A clinician’s reputation will largely consist of immutable blockchain data of factual timestamped compliance and performance.
Cons
Partners
WELL has no relevant partnerships (yet) but does have already several clients like myMatrixx, Optum and Century Pacific Medical Inc.
Optum generated $83 billion revenue in 2016 alone, serving 124,000 people.
WELL plans in 2019 to partner with government medical agencies (e.g. Estonia’s healthcare system) and form partnerships with Japan, Korea, and China.
Competitors
There are several other healthcare related crypto projects. Although they lack viable existing business models, unlike WELL.
WELL focuses in a direct connectivity tool between patients and providers globally which eventually will combine solutions for many of the problems that other projects intend to resolve.
Conclusion
Presentation: 5/5
- Great website and strong media presence. Detailed whitepaper.
Project: 4/5
- Trademark. Several clients. Working MVP. Github commit.
- Lot of competitors. Business model mainly focused on telemedicine (hard adoption).
Team: 3.5/5
- Experienced team in Healthcare and Fintech industry.
- Most technical members are advisors only.
Rating: 4/5