Ai-Ris’s business model will involve business to business (B2B) sales with our customers being Primary Care Provider (PCP) clinics and Insurance Companies. The margins on our business will be analogous to a software as a service (SaaS) model.  We generate revenue through two streams – headset device sales and pay-per-use/subscription fee for the use of our ML based diagnosis for each eye exam. These two streams of revenue generation will accompany a typical sale for each device. We will charge $3K - $5K for device setup and $30 per eye exam or starting price of $13K annual subscription. The $30 fee for one eye exam is a tiny portion (a sixth) of the revenue providers and insurance companies make - using CPT code 92229, 92225, HEDIS care gap bonus or Risk adjustment capitation payments. These price values have been identified through the NSF National I CORPS program as well the Phase-1 SBIR Beat the Odds Bootcamp and we are currently testing them. 

This market space to offer eye exams in primary care practices is crowded. However, we are holding an edge through a three-prong approach that involves product innovation, IP, and strategic relations. Regarding product innovation, our technology is being powered by automation tools that will simplify the clinical flow integration, something that remains unachieved by competition and accounts for poor adoption rates. When it comes to our intellectual property strategy, we are strategically building an IP portfolio around key retinal imaging techniques that can help protect our segment of the market. We have a patent issued in the US and a PCT filed in Canada. Regarding strategic relationships, we are acquiring key leaders in the industry such as our partners at UT San Antonio and Harvard School of Ophthalmology who can vouch for the credibility of our technology in the market.

We will acquire customers through two channels of sales - a) using an in-house sales team and b) through a distribution partner such as Semler Scientific or General Electric Healthcare. This two prong sales approach increases our odds for success reducing our dependence on one channel. 

For distribution partner, we will partner with companies that are going to lose their coding. CMS has recently announced changes to their coding resulting in several companies with existing channels to lose their revenue streams. We believe partnership with such companies will create a strategic distribution channel. 

For our in-house sales team, customer acquisition strategy involves 3 stages: 

Lead generation - This process will be done in two ways. First we will use our roster of KOLs to generate interest in their network and get warm introductions. We will also publish the results of our study in scientific journals to showcase the merit of our technology for physician buy-in. In parallel to this we will generate leads by presenting clinical study findings at conferences such AAO, AAFP, American College of Physicians etc. Healthcare providers put a lot of emphasis on clinical evidence when making decisions, which is why this effort is critical.  

Pitch meetings - Following up on the leads generated, our in-house sales personnel will conduct in person lunch meetings where they will pitch a panel of individuals. In small practices this panel of decision makers are physicians while in big hospital systems such a panel is composed of physicians, members of the quality team and hospital management. 

Closing deals -  Upon successful pitch meetings, details regarding billable CPT codes and coding procedure along with device guidance material will be sent to the accounting team. This would mark the close of the sale.