Here we interview the CEO of MyMedLab, David Clymer. Their value-prop cracks like a whip:
The service allows consumers to directly order laboratory tests online, pay with a credit card, and then share results with their trusted health advisors in a secure environment.
1. What was the impetus for MyMedLab?ANSWER: MyMedLab owes its origin to two major factors: nearly 24 years of lab experience and my personal obsession to make health care more efficient and more personal. The process of going nationwide started almost as soon as the technology was available to do it. Many of the services we are able to provide today were not available even 12 months ago.
We have also been very fortunate to attract some very talented people who have been instrumental in getting us to where we are today. Our Chief Medical Advisor, Dr. Scott Shreeve, has been a driving force in the transition from regional provider to the national market. His expertise in the EHR/PHR field has provided solid foundation from which to take our model to the next level.
Our development team has also proven to be quite innovative in many of the features and functions of the order interface, the results review, and bringing it all together in a personal health record. We have so much more we look forward to adding with time. It’s been a great example of what can be accomplished when you approach health care solutions from the problem solving view instead of how things have always worked.
2. How is MyMedLab a participant in the burgeoning Health 2.0 space?
ANSWER: Our mission is simple; be the best lab provider in the market. To make that happen we created a model that is the first Direct-to-Consumer lab to receive test results as live data and the first to include them in a Personal Health Record (PHR). It gives us the direct connection to the consumer that corporate labs aren’t built for and a result platform with rich health information built right in.
We currently offer 100 of the most common tests and more than 20 custom Wellness Profiles that are based on the individual’s age, sex and family history. Knowing your family history and tracking changes over time are how you learn about your health. Our test descriptions and results include both a simple explanation on the surface along with embedded links to the National Library of Medicine when the consumer needs more.
Our PHR includes interactive features that tracks changes over time, automatically graphs routine results together, and makes it easy to share information with trusted providers while keeping safe and secure from others. Our intention was never to compete with Microsoft or Google but to create a PHR that makes it simple to store private medical history and medications along side a running history of lab results. Instead of competing with other PHRs, we created the plug in lab component that will make them all stronger and have more meaning.
We want the consumer to decide whose PHR best meets their needs. We allow them to push their results out to the PHR of their choice in pdf or we can complete an electronic link to our partners as well. This makes our model a seamless component of the best PHRs the market has to offer and it allows us to concentrate on our laboratory ordering, reviewing, and resulting expertise.
Baseline lab testing is an integral part of any first step towards 21st Century health care. Step 1 is to create a PHR and assess your current health. Not from just a subjective health questionnaire but an unbiased one based on science. Our tests create the starting point that all future results are compared to. That includes both gathering this information in good health for future comparison as we age and the chance to identify areas that need improvement. We’re excited to be part of this fascinating time in health care.
3. You launched your newly redesigned direct-to-consumer portal in November 2007. What have you learned in the last several months?
ANSWER: I would have to say the hard lesson we’ve learned is that the old infrastructure of health care, that our model is built around, works at it own pace. It can lead to huge frustrations when your model evolves quickly but you have to drag them along to completion. It stems from the fact that customer service is a forgotten concept with most status quo providers. Our motto is “we take the headache out of health care”. We are leveraging enabling technology to make it much more efficient and effective to obtain your personal health information.
The health care industry is a lot like the U.S. Post Office. Every other industry has to constantly refine their process to be more efficient to stay competitive, health care and the Post Office have decided to just charge you more tomorrow for the same service they are giving you today. How they get away with it is that the demand for their service never stops. People get sick whether they can afford it or not.
The positive lesson we have learned is that consumers are ready for something different and must get involved if they want it to get better. MyMedLab, like other Health 2.0 providers, must educate the consumer about their choices but as soon as the light goes on we know we have created another messenger. Engaged consumers never go back to being passive patients – they demand and expect so much more. Our goal is to give them the tools to make more informed decisions about their health.
4. Do you have/will you pursue a partner strategy too, perhaps even a white-label approach?
ANSWER: We already have the capabilities to “white label” our portals but most of our strategic partnerships are centered around co-branding our model. It has proved to be the best relationship for most of our partners because it’s simple to customize our service to their needs. These partnerships include new solutions to old problems and new ways to engage the consumer in their health both in the traditional space and alternative care.
In addition to creating the plug in lab component for PHR providers, we continue to find new markets across the entire health care industry. Our latest release will make it possible for your family doctor to be directly involved in your testing. Under the direct to consumer model, the consumer chooses the test and our physician in your state approves it. With our new Physician Portal the process will be reversed.
Your doctor, once you have given them access to your PHR, can now create a MyMedLab test order for you through his/her own custom portal. They use the digital form to choose the tests you need and add them to the system. You receive an email with a link that takes you directly into the cart and you approve and pay. Now your results will be available both in your PHR and in the Physician’s portal automatically.
One of the most exciting areas of growth potential is in using our technology in places that it has not been seen before. We are forming partnerships with the brightest minds in health and wellness that run the entire spectrum of personal care. The result will be a 21st Century version of a Corporate Wellness Program that fundamentally changes the way employees get involved and stay motivated in improving their health.
5. We know that MyMedLab has operated a regional direct-to-consumer laboratory service since 1997 and has provided a national lab testing service since 2005. Can you bootstrap at this point, or do you have/are you seeking venture capital?
ANSWER: That is the $64,000 question; should we grow slowly with the inherent risks of not moving fast enough, or should we seek additional capital with its associated risks? We are trying a hybrid approach – leveraging our market successes to engage the investment community. We have been financed by private funding to date, but are currently evaluating several new sources of capital, including everything from angel, strategic, and venture financing. People are attracted to our no-nonsense model, robust technology, excellent service experience, and excellent partner network to create a compelling value proposition for our consumers.
We cover the key Online Health/PHR/EMR companies in our wiki; the entire list is here. Should we be covering your company? Email us at mattc [@] marketintellnow.com.
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