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Why Invest in ALRT?
A Growing Opportunity
The National Diabetes Statistics Report, 2014 shows that in 2012, 29.1 million Americans, or 9.3% of the population had diabetes (21.0 million diagnosed, 8.1 million undiagnosed). That’s up from 25.8 million, or 8.3% of the population. Most of these patients rely on episodic care rather than constant monitoring and intense disease management. ALRT provides a cost-effective way to manage chronic disease and focus care when and where it is needed most. As the population of patients with diabetes grows, ALRT can help avoid the enormous cost of complications that result from substandard care.
High Cost of Diabetes
Research from the American Diabetes Association released in March 2013 estimated the total cost of diabetes to have climbed to $245 billion, including $176 billion in direct medical costs, in 2012 from $174 billion in 2007. Research shows that remote monitoring solutions, such as ALRT’s Health-e-Connect System, could provide a solution to help lower the costs associated with diabetes by increasing patient compliance, which helps reduce A1c, the gold standard in assessing diabetes control.
A Unique Platform
Health-e-Connect is the only remote monitoring chronic care platform that offers data analysis from trained Diabetes Care Facilitators. Rather than simply dump data on a busy primary care physician as an app would, the Health-e-Connect system enables physicians to manage whole populations of patients, stay current with treatment adherence, and make informed decisions to intervene when necessary.
A Proven Methodology
In clinical trials, Internet-based Glucose Monitoring Systems such as Health-e-Connect were associated with a reduction in average A1c levels from 8.8% to 7.6%. According to the Centers for Disease Control, “Every percentage drop in A1c blood test results can reduce the risk of microvascular complications (associated with diabetes) by 40%.”
A Fully Compliant Approach
Health-e-Connect is not an app or a gimmick: it is a remote chronic care management platform for diabetes patients that is cleared by the U.S. Food and Drug Administration. In addition, our proprietary secure communications channel meets all HIPAA mandates for patient data confidentiality.
A Reimbursable Service
The Centers for Medicare and Medicaid Services has proposed a new payment schedule that would reimburse physicians for 20 minutes of remote chronic care management each month. Health-e-Connect is the only off-the-shelf remote chronic care solution that allows physicians, medical groups, and accountable care organizations to take full and immediate advantage of this new reimbursement without adding entirely new technological and administrative infrastructure, while at the same time, helping physicians meet their quality goals for diabetes care.
Meet some of the team
Sidney S. Chan
Chief Executive Officer and Chairman
Mr. Chan has been involved in managing and developing ALR Technologies since August 1997 and was instrumental in taking the company public. Prior to ALR, Mr. Chan had an extensive background in structured finance as President and CEO of the Knight's Group of Companies. Prior to the founding of the Knight's Group of Companies Mr. Chan worked for the predecessor companies of RBC Dominion Securities as well as Cominco, the mining subsidiary of Canadian Pacific.
William S. Smith
President and Director
Mr. Smith has worked at senior levels in the private sector and in government for over decade. He served as Managing Director at NSI, a Washington-based government affairs firm, whose clients include major pharmaceutical and biotechnology companies. He spent ten years at Pfizer, Inc., where he was Vice President for U.S. Public Affairs and Policy. In that role, Smith was the lead advisor on U.S. policy issues to Pfizer's major commercial businesses in the United States. Smith also ran Pfizer's state government affairs group, one of the largest such groups in corporate America. Mr. Smith previously worked in government where he was on the staff of two Governors in Massachusetts, was a leadership aide to the Republican Leadership in the U.S. House of Representatives, and was a senior aide in the White House Office of National Drug Control Policy under President George H.W. Bush.
Dr. Kent Stoneking, Pharm.D., CDE
Director, Diabetes Care Facilitation
Dr. Stoneking is a Certified Diabetes Educator (CDE) who has gained extensive, hands-on experience working with a network of internal medicine and family practice physicians to assist patients with diabetes education and self-management training. He received his Doctor of Pharmacy from the University of Tennessee and is an affiliate member of the American Diabetes Association and the American Pharmacists Association. Dr. Stoneking is Chair of Pharmacy Practice at Union University School of Pharmacy, Jackson, Tennessee.
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Question & Answer
Interview conducted with Sidney S. Chan, Chief Executive Officer and Chairman
Is the Health-e-Connect System only for diabetes?
The software platform is built to accept data from other digital devices such as blood pressure cuffs or weight scales. However, we first made the system compatible with specific blood glucose meters because diabetes is the largest public health threat and the largest market. Blood glucose tests are also very unlikely to be faked, as patients would not find ready substitutes to prick their fingers 3 or 4 time per day.
When does ALRT believe it will enter the revenue stage?
The Centers for Medicare and Medicaid have recently proposed changes to CMS payment policies that would reimburse physicians for remote care beginning Jan. 1. If medical groups begin signing contracts for our services starting January 1, 2015, our first revenue would likely come at the end of Q1 2015 or the beginning of Q2 2015. The lag is due to the fact that medical groups would first need to bill Medicare for Chronic Care Management services, receive payment, and then pay our invoice for services provided in January.
How is the ALRT currently financed?
Showing his commitment to the company, Chief Executive Officer and Chairman Sidney Chan has funded the company almost exclusively to date. The company is exploring other financing as we ramp up to enter the market.
How many people have diabetes?
The International Diabetes Federation estimated that 366 million people globally had diabetes in 2011 and that figure will rise to 552 million by 2030 if “no urgent action is taken,” equating to about 3 new cases being diagnosed every 10 seconds. IDF reported that diabetes cost the global economy $376 billion in 2010, or 11.6% of total world healthcare expenditures. If the trend holds its current pace, the U.S. Centers for Disease Control and Prevention projects that 1 in 3 Americans will have diabetes by 2050.
Who are ALRT’s competitors and what sets the Company apart from them?
ALRT has too many competitors to discuss in any detail but they range from the makers of sophisticated and expensive Continuous Glucose Monitoring Systems such as Medtronic, to companies like Glooko who make a simpler remote monitoring platform similar to Health-e-Connect. There are also many non-FDA cleared apps that claim to do what ALRT does. The bottom line is that ALRT has a unique, FDA-cleared product that utilizes Certified Diabetes Educators (CDEs) to monitor the data on behalf of physicians rather than blitzing physicians with data as many of our competitors do. We do not think sending busy physicians a lot of data is the answer; it needs to be screened for them to pick out the patients needing attention. That is our model.
Who is ALRT marketing Health-e-Connect to?
Because of the possible CMS reimbursement, our best market will be physician groups or ACOs treating large numbers of Medicare patients. Commercial insurers and employers also have a keen interest in managing their patients more effectively and we are likely to see penetration of that market if we have success with physician groups.
Where do you see the ALRT one year from now?
In the Medicare market alone, the universe of patients appropriate for our offering is approximately 10 million patients. If we were able to enroll only 1% of that market -- 100,000 patients -- by the end of next year, our guess is that, by December of 2015, our revenues would be running close to $2.5 million per month. At this level, we would be significantly in the black.