CryptoCurrencies as a whole are down today, but there are a few winners out there this morning. The startup Patientory is up almost 10% in early trading after a successful ICO three days ago. Because of that, I wanted to take a speculative stance on the business model and the company itself. Here are my opinions on why or why not Patientory will be a success.
Why it will be successful:
First of all, anytime I take a look at an ICO I want to clearly understand how the tokens will be implemented into the business model. The coins themselves need to increase in value for the investor to make money and to do that long term the demand for the token needs to be there. Patientory checks that box off. Future customers will buy goods/services with the PTOY coin. Theoretically, if the organization's offerings are in demand, the price of PTOY will go up.
Second, this is a great space to be in. The healthcare market is growing at a staggering pace. In fact, by 2020 the industry is supposed to be worth $349.8 billion.
Finally, Patientory's technology will address (supposedly) a problem that is keeping CMIO's up a night. How do we ensure that our patients medical record numbers and their associated information are safe from hackers?
Why they won't be successful:
Please take a look at the companies leadership. Neither the CEO or the CTO has ever held a similar or comparable position. Chrissa McFarlane's, who is the CEO according to LinkedIn, last three positions have held the following titles: Mentor, Healthcare Transformer, Health Insurance Navigator Manger. Jesse Brown, the CTO, was a CTO once before at a company called Nodory, but I can't even find the organization on the web. I want to be clear. I'm not saying that you have to have a track record of success to be successful. However, I am saying that you better have a track record of success when I'm investing my money with your organization.
The healthcare industry is ultra sensitive when it comes to any type of cloud computing environment whether it be public, private or hybrid. That said, you mean to tell me that a healthcare organization is not only going to be comfortable with taking that leap with Patientory's SaaS model, but also be comfortable with the payment model through PTOY? You must be out of your mind!
Finally, this team doesn't have a clear picture on what they are going to sell. Their website mentions that healthcare organizations can rent out their unused infrastructure. In another area they say that they are a bridge to the major EMR players. In one statement they say the technology can be used for threat identification.
Conclusion: Stay Away!
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