Innovation & Business Idea
Wellabe combines onsite diagnostics with telemedicine (fully reimbursable in Germany since 10/2019). Our first cases are health screenings in companies with a follow-up teleconsultation. A win-win-win case for employees, employers and employees. Our diagnostic labs (operated by freelancers) attract 50% of the workforce. Employees love it (NPS > 75) and we discover plenty of unknown chronic diseases. For employers we can show a positive ROI (we saved 98 lives), health insurances receive government payments for each of our diagnostic cases. After outbound-onboarding of major German corporates, we switch our sales model to up-sell and insurance reselling and can already show a contribution margin in year 1. With the first 8.000 employees on our platform we will now deliver further digital services via our app to unlock new monetization options. As we have hardly employer churn, employees return every year (1000 retention check-up yet). We receive a unique longitudinal datasets. Linking multiple longitudinal datasets with health outcome is a major breakthrough and create enormous value for patients, insurers and the company.
Customers / Target Market
We address corporates around Europe. The market potential is substantial: In Germany alone, the annual spent on workplace health management amounts to €5bn and the obtainable market includes 14,400 companies that have over 250 employees. Furthermore, recent regulatory changes open up new funding and revenue streams.
Babylon, omada, Humanoo, macht fit.
Wellabe is the only player in Europe to support the full end-to-end management of health – from diagnostics to digital interventions. Currently, the market players cover a certain focus area, we integrate. We will rather integrate the process and focus on longitudinal datasets. The other players might be able to join our platform subsequently. Traditional providers are already interested to be integrated.
Intellectual Property Status
No IP yet, however we started to develop predictive markers for the prevention space and have a cooperation with Helmholtz.
Development Status & Future Steps
We successfully tested two market entry strategies with the Allianz Group and the AXA Insurance. We got a 50/50% Employer payment and Health Insurance subsidy at Allianz. We directly acquired the corporate account and expanded from 15K to 200K. AXA (Case two) will pay all of the onsite Diagnostics cost for their corporate client’s employees and resell the service to their clients. With this approach also smaller companies have positive units as they are acquired by AXA with hardly Zero CAC.
We will be a digital health and data business. Likely a traditional healthcare provider will take over the digital services or a pharmaceutical company will buy into the collected data.
Our mission is to enable access to medical data and life-long management of health. Our Management team combines tech (Sebastian), health insurance (Michael) and operations excellence (Lucia). We built up team with tech, marketing, sales and medical focus. The check-ups in the field are operated by freelancers around Germany.
€ 2 million