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Jan 24, 2018
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Introduction
Well is the healthcare platform that allows patients with healthcare professionals using Blockchain technology. Well reduces the professional’s cost (including billing and back office personal) and allows patients to have an easier access to healthcare services. In this way, Well aims to democratize the access to healthcare, all over the world.
Problems and Solutions
As we may experience, the healthcare system is expensive, cumbersome and unavailable for most individuals in the world. Furthermore, it is difficult to access the best doctors and transfer the health history from one clinic to the other. In addition to it, charity mechanisms are usually ineffective, inefficient and not transparent.
Healthcare professionals around the world need to deal with very high costs. They have to pay for heavy billing costs, back office employees and many other hidden costs.
Well is the global healthcare platform that aims to eliminate the country borders to connect healthcare specialists and patients worldwide. The service works 24 hours, 365 days a year, in any place in the world. As the network is global, the patient has access to health care support in their native language and important doctors. Everything can be performed with a low cost business model that is able to reduce 30% costs.
Let’s have a deeper look at these problems and solutions:
Problem 1:
There is a very expensive access to medical services or it is inaccessible for several individuals. Sometimes patients must travel important distances, or fill unnecessary documents in order to have access to medical systems.
Solution:
With Well, clients are able to have access to healthcare 24/7 wherever they are. As the system transcends boundaries. With this network, patients have the possibility to avoid hospital’s health risks, reduce time waiting for high-demand specialists and receive assistance in their native language.
Problem 2:
Some countries do not allow citizens to make payments out of the country. If they are allowed, payments sometimes take days to arrive and have high fees. Additionally, payments can be stopped and professionals have the risk to not receive the payments.
Solution:
With Well Tokens, users are able to send and receive payments in just minutes. This eliminates the risk of non-payment and costing just a fraction of the total.
Problem 3:
Some healthcare insurance payers have complicated billing requirements and often deny and delay claim payment. Furthermore, other healthcare providers have significant cash flow difficulties due to claim denials.
Solution:
Well will facilitate immediate fund transfer into escrow accounts. Constituents can manage escrow accounts through smart contracts, immutably releasing payments upon completion and approval of milestones.
Problem 4:
There are many countries in which patients have just a few minutes with healthcare specialists. It is very difficult to find a correct diagnosis with just a few minutes.
Solution:
Well allows patients from any country to be connected with healthcare specialists in any other country via a global telemedicine and local concierge service.
Problem 5:
Healthcare has a significant recordkeeping requirement. When we talk about cross-country healthcare there are more documentation issues. Sometimes, these documentation gets lost, it is incorrect or it is just incorrect.
Solution:
With the recordkeeping app, individuals will be able to have a simplified electronic record creation and store the data on a decentralized anonymized network.
Problem 6:
The extreme fragmentation and decentralization of the healthcare sector makes it costly and create frictions for patients and companies.
Solution:
Well will eliminate points of potential breakdown. With Well smart contracts will ensure that transactions occur smoothly and that they keep immutable records of actions taken by all the constituents.
Problem 7:
In the healthcare sector there is an important amount of fraudulent activities. That’s why governments are trying to tackle them. Just in the US, the Justice Department discovered $900 million dollars in false billing in 2016 alone.
Solution:
Well requires proof-of-work, time/location stamping of actual care. The documentation eliminates the fraud as well as Stark and Anti-Kickback Law violations and abuses.
Problem 8:
Global healthcare suffers from lack of verifiable reputation. It is easier to suffer from reputational consequences. And it tends to happen more in big cities than in smaller towns.
Solution:
The network will record transactions and positive actions will improve the user’s reputation. The risk of a negative review motivates al the parties to remain honest. The main difference with other reviews used in Uber, AirBnB or ZocDoc, the technology used in Well is powered by blockchain. Furthermore, Well system will use machine learning to reward the best clinicians for their quality services and good health care results.
Roadmap
Well has a clear Roadmap in which they explain step by step which are the coming developments. Until now, they have achieved an important part of the basic requirements to be able to operate. As it is registered in the United States, Well has already received the Medicare license in order to operate. The next important at the moment of writing this article will be in February 2018. The company will release the telehealth platform.
The Roadmap is clear, and it has most of the information required in order to have a clear outlook of what the company is planning. It will be important to track how the telehealth platform and the crowdsale will evolve in the coming months.
Token Distribution and Budget Allocation
There will be issued 1.5 billion Well Coins. 40 percent of them will be issued for the crowdsale. The unsold amount will be burned a week after the crowdsale ends.
40 percent of the tokens will be reserved for business and network developments. Besides that, these funds will also be used for future financing needs, coin liquidity and to support timely access to healthcare network members.
The team will be provided with 20 percent of the tokens. But it is important to mark that the team has prohibited to liquidate Well tokens at a rate more than 25 percent of their position within the first calendar year. In this way, the team demonstrates that they are in the industry for the long run.
The team seems to have an important amount of tokens compared to other ICOs. For example, the Fabric Token ICO will distribute just 12 percent of the Fabric Token to the core team. Another example can be the Giftz ICO that has decided to allocate 14 percent of the tokens to the team.
Should I Invest in Well ICO?
In this section we will analyse the different aspects of the ICO. We will take into account the team, the white paper, the business model, the website and the token. At the end, we will include a short conclusion to summarize these aspects.
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Team
The Well team is conformed by individuals with experience in the healthcare and fintech industries. In addition to it, the group of developers has a deep knowledge of Blockchain technology and software expertise.
The members of the group are Ildar Fazulyanov, Alex Prokhorov, Dmitry Semenov, Matthew Lefferman, Josh Fonger, Yetkin Timocin, Istvan Cstari. The advisors are Paul Brown, Harry nelson and Robert Zimmerman.
Ildar Fazulyanov:
Ildar Fazulyanov is an entrepreneur with more than 20 years of experience in the healthcare and fintech sector. He is the founder of Well, Inc. He has started a mission two years ago in order to provide access to high-quality care to everyone.
He has been working in different fintech companies. We can mention Bain & Company, vSpring Capital and others.
He has been studying at Moscow Bauman University where he received a Master Degree in Chemical Engineering. Later he graduated with a Master’s Degree in business administration (MBA) from the Tuck School of Business at Dartmouth. LinkedIn Profile
Ildar Fazulyanov
Alex Prokhorov:
Alex Prokhorov is the Co-founder and Chairman of Advisory Board. He has experience in different industries like fintech, enterprise and software. He has been investing in LendingClub, DianRong, and Earnest. Besides that, he has more than 15 years of experience in direct investments and financial services. LinkedIn Profile
Alex Prokhorov
Dmitry Semenov:
Dmitry Semenov is the Development Team Leader. He is an Ethereum lover with blockchain experience that includes building a cryptocurrency exchanges named Qvolta. He has over a decade of experience working in different platforms, including with the Upwork Enterprise team. LinkedIn Profile
Dmitry Semenov
Dr. Matthew Lefferman:
Mr. Lefferman is the Clinical Director. He has practiced medicine for over 16 years and is the CEO of Access Healthcare Associates. He holds a doctoral degree from Midwestern University and a degree in Economics from the John Hopkins University. LinkedIn Profile
Dr. Matthew Lefferman
Josh Fonger:
Josh Fonger is the process architect in Well. For over 10 years, he has implemented the Work The System methodology into businesses and helped owners smooth their operations and grow profits. He has been working in the healthcare and software sector. Josh Fonger holds an MBA from Arizona State University and a degree in architecture and urban planning fro the University of Michigan. LinkedIn Profile
Josh Fonger
Yetkin Timocin:
As a developer, Yetkin has 10 years of software developer experience. He was a lead software developer at Bilyoner.com. He has a computer science degree from Koc University. LinkedIn Profile
Yetkin Timocin
Istvan Csatari:
He will be the designer in Well ICO. With ten years of experience working on different multidisciplinary project he has achieved great results for large and small corporations and businesses. He has a Master’s Degree and a PhD in environmental science from the University of Debrecen. LinkedIn Profile
Istvan Csatari
Team 5/5
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Whitepaper
The white paper should be taken seriously at the time of evaluating an ICO. It is important to understand that it is the business plan that the company is presenting to the investors. The information that individuals find on it is very relevant and should be analysed carefully.
The white paper of Well is correctly written and the information provided is able to be understood. There is a technical part for those who are analysing a little bit more. It is clear enough for the average investor to understand it and it. Besides that, it is simple and far from being complex and complicated to read it.
It is important to mark, that additionally to the white paper, there is a one page summary. This way of dividing the things makes simpler the task to analyse the white paper without knowing what the ICO is about.
White Paper 5/5
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Business
Well ICO presents an important solution for several problems that individuals have and that the healthcare industry faces. Professionals as well as patients are now included in a low-cost business scheme that will make their life easier.
If the problems that the Well presents are solved with the ICO, it could have an important growth in the industry. It would be interesting to see how people from other places without basic needs (internet, water, electricity) are able to use the system. This is what I would complain the most about the ICO.
The success of the project will be linked to the effectiveness of being able to deal with the problems listed. If the ICO is able to tackle them, then it will have a prosperous future.
Business 3/5
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Website
Well’s website is one of the strongest points of the ICO. It has a clear interface, with the most important information included. The roadmap, demo videos about how the platform works, the team and advisors, and the white paper.
The website presents in a clear way the intention of this ICO. Most of the topics are covered there, giving a nice first impression of this company.
Website 5/5
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Token Evaluation
The Well Token is thought to be used by the network members in order to get the most from them. It has several characteristics including low fees and a growing audience for the future (depending on the success of the ICO). Besides that, investors that are interested in this ICO would be able to diversify their assets buying a cryptocurrency that has the value to make their health better at any moment anywhere.
The token will be delivered from a standard Ethereum ERC20 token and will be tradable in different exchanges.
The currency future and price will depend on the success of the whole project, as most ICOs on the market. The price of the currency will be related to the amount of individuals using the platform. The ideal world for this cryptocurrency would be one in which the healthcare industry will be based in Well’s platform. This situation is far from being achieved in the short or middle term, meaning that the full potential of the currency is not expected to be in a short period of time.
Token Evaluation 4/5
Conclusion
Well ICO seems a very well prepared business. The team is working hard in order to change the way in which the healthcare industry works. The plans are good and realistic. Most of the ICO is properly built, the business model, the platform token, the team and the white paper. The idea is something that calls the attention and that may be world-changing, but in our opinion, a little bit far from being achievable in the middle term.
We do not mean that the ICO is a bad one. Indeed, it can be taken as a good example of how to build a correct ICO with very few details to mark more than the achievability. But, if the ICO receives an important support, it could be an important competitor to mainstream healthcare services. And this is something that is complicated to achieve, but not impossible. The team is able to do it taking into account all the relevant things that they have been developing in the last 20 years.
Total 4/5
Bonus – Interview With Well’s CEO Ildar Fazulyanov
At CoinStaker we were able to contact Well’s Chief Executive Officer Ildar Fazulyanov who kindly accepted to answer some questions.
CoinStaker (CS): How did you come up with the idea for Well?
Ildar Fazulyanov (IF): I started the company after breaking my leg following a ski accident. I had surgery, and after discharge, I required physical therapy and rehabilitation, like many others do. The process was very difficult and inefficient. I was unable to find a physical therapist for four weeks, and by the time of that first appointment, I had re-broken my leg.
CS: We know that Blockchain is changing the way enterprises and businesses are conceived. How did you match your past in the health sector with blockchain technology in order to create Well?
IF: I realized that payment is the biggest friction that blockchain can solve.
CS: How did Well achieve to work with Optum, Medicare, Century Pacific Medical, Inc and others?
IF: Our readmission rate is 50% below industry average (that’s the best indicator of quality service in health care).
CS: Tell us a little bit more about the Team. How did you build such a professional team in order to build Well?
IF: Our team is very strong on healthcare: our Chief Medical Officer is MD with 20+ years of healthcare software experience, our Clinical Director is Dr with 15 of running successful healthcare business, former general counsel of Blue Cross Blue Shield and co-creator of AncestryDNA are investors and advisors, and fintech (co-founder Alex is early investor in Lending Club), I’ve started and sold a fintech startup, adding some great crypto and software talent.
CS: How would Well have helped you if it had existed the time you broke your leg?
IF: I would have been able to find therapist quicker and start a treatment faster without injuring my leg again.
For more information about this ICO, please have a look at our review.
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