The story of Lifemesh – an innovative healthcare tech startup
Starting out a new business in the competitive tech market, targeting a politically and legally complex sector and seeking funding to launch is a big job for any ambitious entrepreneur. Being able to create costed business scenarios has made a world of difference to achieving those goals for founder and CEO Joshua Fischburg, who is now on the brink of signing his first big client.
What is Lifemesh?
Lifemesh is a health and wellness start-up in Miami, Florida, offering a range of services to medical care companies and directly to consumers. Joshua Fischburg is the founder and CEO with over 25 years of experience in retail and analytics management. Shifting his career focus from analytical software to the needs of a healthy ageing population, Joshua and his fellow business partners launched the company in August 2018. The team are in the very early days of business.
“We are still pre-revenue but we have a big contract – which is more than twice the size we anticipated needing – on the horizon,” says Joshua.
Getting finance for a healthcare start-up is notoriously difficult. Lifemesh relied on Brixx for their financial planning scenarios, “It has been invaluable,” says Joshua. “We used it for market discovery, research, viability, feasibility, operational costs, changing insurance costs, having employees and changing phases within the business, for example when we move into a new phase in 2020. It is phenomenal. We can break it down into lots of ‘What if?’ scenarios which we can then export into reports for investor packs.”
“Brixx offered a trial package, low costs, no implementation and proved to be an easy learning curve. We used it daily and it showed what we needed perfectly.”
Brixx + Lifemesh
Joshua uses Brixx to create critical plans for clarity, profitability, sales and investor decks and also for financial perspectives.
“Coming from a forecasting and planning background I don’t consider myself a financial person, but as an entrepreneur I need to do financial planning well,” adds Joshua. “We’ve been using Brixx to prepare the financial projections for our investment rounds. We can select individual components of sales and isolate the relevant information for our potential investors to scrutinize. I spend a lot of time in the forecasting and planning module – it’s fun, easy and quick and I look forward to working out projections in it.”
It was a lucky search on Google that led Joshua to Brixx. He was looking for tools for financial planning and many of the packages on offer had significant subscription or licencing costs and long implementation plans which didn’t suit their entrepreneurial start-up. Brixx offered a trial package, low costs, no implementation and proved to be an easy learning curve.
“We used it daily and it showed what we needed perfectly. The integration was phenomenal. It was also easy to populate the actual figures as we progressed the business.”
“Planning and analysis is something I’ve done all of my working life. I’ve talked to CFOs about Brixx and they’re impressed.
How is Lifemesh different?
The Lifemesh business model is B2B2C and targets large private health care companies and long-term care providers.
“We are cautious and careful with regard to patient information and the resulting impact on patient’s lives. Our approach is different on many fronts. We are an aggregator of information, we’re device agnostic – any devices can be used with our product – and the same service goes to all of our customers. We are leading the field in our approach to healthcare software. Our software can be used across many healthcare sectors and in some more competitive fields we partner with existing providers to extend the service they can offer,” explains Joshua.
Another key difference is that Lifemesh is a software-based company with customer-centric bias.
“Our background is in data analysis, software and retail. We are interested in the patient experience and customer engagement. Our healthcare customers love the fact that we have retail experience and understand the customer experience from start to finish. We can provide sleek-looking software and we understand the end user needs.
One of our driving forces is thinking ahead about the care gap and what happens when our generation of carers retire. Each day in the US, 10,000 members of the population turn 65. We need to be leveraging the technology that’s out there already and adapt it for our ageing population. Our cars use a multitude of sensors to give an overall reading – why shouldn’t health technology offer the same opportunity?”
The company broadly provides three different types of services in a business to business to consumer model (B2B2C).
The first is remote healthcare using devices and hubs in homes and gathering general data from weight scales, glucometers and the like. They aggregate information and share it with health care planners to provide a better overall picture of patient health.
HELP integrates wearable health monitors like fitbits to provide greater understanding of the ageing population for medical practitioners, carers, researchers, hospitals and insurers. For example it can link medical studies with trial research and factor in impacts on healthcare insurance.
The third product is called social mesh and it keeps people in touch to encourage each other to gain better fitness or health.
Brixx features an option of a one to two-month delay for example if you’d like to understand the impact of a key new member of staff not being available or a sale delay.
“Planning and analysis is something I’ve done all of my working life. I’ve talked to CFOs about Brixx and they’re impressed. I never feel I can’t get what I need. The only module we haven’t used is the VAT element as it’s not relevant to our tax system in the States,” says Joshua. “Brixx allows us to be agile.”
With their software adaptable for a multitude of health-related applications, the future certainly looks bright for Lifemesh.