Location: Conshohocken, PA
Course: FastTrac NewVenture - Graduated 2009
Affiliate: YWCA, Greenville, SC
Build the concept. In response to myriad challenges plaguing the health-care landscape — more chronic patients, fewer providers, lack of patient engagement, escalating costs, confusion about the Affordable Care Act and more — the CareCam Health Systems platform-as-a-service solution empowers patients to manage their own care while simplifying care delivery, decreasing costs and providing video documentation that helps medical teams improve overall care quality.
Plan the strategy. Health-care plans, employers and governments buy and make the CareCam platform available, but the CareCam team created it for everyday people who pay for health care — people who often feel powerless in the face of a confusing, costly medical maze. The system empowers health-care users with easy-to-understand analytics, and connects them to support via their smartphones or tablets. As a result, they become educated, skilled and confident about managing their own care, and they don’t have to spend as much on treatments.
Grow the revenue. CareCam began producing revenue and became profitable during 2015. Thanks in part to a $2.4 million investment from Independence Blue Cross Center (IBCC) for Health Care Innovation, CareCam’s smartphone-based system now helps patients with diabetes and other chronic diseases follow their care plans. The idea is that if patients follow the care plan, they will get better. And if they get better, they will save money ... and the health plan will, too. The IBCC investment followed substantial funding from other private investors and numerous business-building milestones.
Pierce’s innovative achievements also have been recognized by Interim Healthcare, which honored her with the 2008 Unsung Hero Award, and Innovision, which named her the 2011 innovator of the Year. In addition, Pierce was invited to present during the 2011 TEDxGreenville, which is among prestigious TED Talk events.
Those honors gave the business a boost, but Pierce says CareCam’s success to date stems from a laser focus on excellence, accepting nothing less than each team member’s best, and intense attention to detail. She adds that the best rewards come from interactions with grateful patients.
Expand the market. CareCam’s next-generation solution promises to be even more attractive to patients, providers and plans because it will:
- Provide a more seamless user experience that promotes engagement.
- Push dynamic, relevant content to users at the right time to meet their needs and goals.
- Consume and synthesize data to recommend personalized health goals and activities.
- Integrate with third-party devices, mobile-health applications, claims data and more.
The team also is developing a robust health-management integrator platform for individuals across the health-care spectrum. It’s under wraps for competitive reasons, but will be released in the near future.
Insight/Hindsight. “CareCam is a passion that was prompted by pain — namely, the health struggles of my three younger brothers, who all died from a rare genetic kidney ailment. FastTrac taught me that, while passion creates energy, knowledge of and attention to business fundamentals are the keys to success.
“In a business world full of noise, complex infrastructures and ‘sophisticated’ financing, FastTrac gave me — a full-time nurse and working mom/wife — the building blocks required to pursue my passion and my vision. I give FastTrac credit for helping me move from crayon drawing to commercialization — one step at a time.”