sermo: physicians social network

Sermo

Physicians Social Network Business Concept Modeling & Strategic Storytelling


Contents

Project Overview 4

Project Process 10

Project Deliverables 46

About Humantific 85

InsightLab | StrategyLab | UnderstandingLab Copyright © 2009 Humantific Inc. All Rights Reserved.

Project Overview

InsightLab | StrategyLab | UnderstandingLab © 2011 Humantific Inc. All Rights Reserved. 6

Launched as the first professional social network platform this is the story of

how Sermo worked with Humantific to create its

strategic story.


How might we help a startup... •  Solidify and refine their value proposition?

•  Communicate the value of a new kind of professional social network for physicians?

•  Explain how their online platform for physicians works?

•  Create reusable storytelling tools?

The Challenge


Sermo Business Concept Modeling & Strategic Storytelling Humantific worked closely with Daniel Palestrant, the CEO of Sermo, to conceptualize a new kind of professional social networking platform that tapped into the power of prediction markets bringing outside communities to the table.

We started working with Daniel when he was building the company and having early discussions with potential investors. Moving from an abstract idea to a tangible business proposition, Humantific created a series of business concept models assembled into a strategic story that allowed Sermo to raise 40 million dollars in funding.

Sermo is now the leading Physician online network in the USA, with 120,000 members. See related Time Magazine article following.

www.sermo.com

The Solution


Client Feedback

“Part therapy session, part focus group, and part round table discussion, the sessions with the team from helped me convert an early idea into a viable company... They have the experience, expertise, and process to make the complex seem simple, the nascent seem refined, and most certainly the far fetched seem plausible.” Daniel Palestrant CEO Sermo

InsightLab | StrategyLab | UnderstandingLab © 2011 Humantific Inc. All Rights Reserved. http://www.time.com/time/magazine/article/0,9171,1736729,00.html

Humantific Press


Project Process Business Concept Modeling & Strategic Storytelling


Strategic Story Process Overview

1 Existing

Story Analysis

2 Story

Concept Strategy

3 General

Story Design

4 Detailed

Story Design


Project Deliverables

Value Proposition & Strategic Story


TODAY – TOMORROW CONCEPT MODEL

©Copyright 2006, Sermo Inc. - CONFIDENTIAL

48 KNOW MORE. KNOW EARLIER.

Daniel Palestrant, MD"Sermo, CEO"

"University of Miami - Humana "

March 2, 2006"

STRATEGIC STORY



Sermo"

"Sermo Medical is the first online knowledge ecosystem for physicians. """"Being launched in July of 2006, Sermo is designed to accelerate physician’s research, knowledge sharing and discovery."



Sermo Medical"

Sermo enables physicians to:"–  share their medical observations in real time"–  seek medical community input on unanswered questions "–  accelerate their discovery process"

""Sermo enables industry to:"

–  observe medical observations in real time"–  capture medical trends ahead of the traditional research curve"–  have a new window into a global medical prediction markets platform"



Sermo Opportunity"

Understanding the Physician’s World"



The Physician’s World TodayPersonal Knowledge Resources"

Dr. Smith is concerned about his patient.

He looks for answers here:



The Physician’s World TodayPersonal Knowledge Community

Limited reach Unconnected

Slow One-to-One One-to-Few

Dr. Smith looks for answers amongst his colleagues

Response"To Problem"

Dr. Smith’s"Immediate"Colleague"Network"

Isolated"Physician"Network"



Challenges & Opportunities"

How might we:""

– exponentially expand the typical knowledge tool and sharing community available to practicing physicians?"

"

– significantly accelerate the discovery and research process of practicing physicians?"



Sermo for Physicians"

Online Physician Knowledge Ecosystem"



The Physician’s World TomorrowAdditional Personal Resource: An Online Physician Knowledge Ecosystem"

Dr. Smith is concerned about his patient.

He looks for answers here:



The Physician’s World TomorrowOnline Physician Knowledge Ecosystem"

Expanded reach Connected

Real-time (24/7) One-to-Many

Dr. Smith looks for answers in

Sermo! Response"To Problem"



Physician Feedback"

88% of physicians would

participate in Sermo when it is launched

80% of physicians would tell a colleague

about Sermo

Source: Longwood Physician Survey XYZ, 10/12/2005



Sermo Benefits"



Sermo for Industry"

"Online Tracker of Clinical Insights"

""

[ THE Sermo BUSINESS MODEL ]"



How Medical Information Evolves…"



When are insights more valuable?"

KNOW LATER

?



When are insights more valuable?"

KNOW EARLIER

!



Today: ‘Outsider’ AccessGaining Insights into Physicians’ Observations"

Know Less"Know Later"



Today: ‘Outsider’ AccessGaining Insights into Physicians’ Observations"



Tomorrow: ‘Insider’ AccessGaining Insights into Physicians’ Observations"

Know More"Know Earlier"



Tomorrow: ‘Insider’ AccessGaining Insights into Physicians’ Observations"



Client Feedback"

88% of clients would

participate in Sermo when it is launched

80%

of clients would recommend Sermo

to others

Source: Client Survey, 2005



Sermo How it works"



The Journey of a Physician’s Idea How Sermo works"



The Journey of a Physician’s Idea How Sermo works - in detail"



Physician Motivations"



Client Motivations"

Government/ Academia

Finance Healthcare

PATIENT SAFETY & BIOTERRORISM

DETECTION FINANCIAL

PROFIT CLINICAL

RESEARCH



Clinical Scenario Example

Signal Strength: 5-500 observations Author: Physician in private practice Interested Parties: Manufacturer, Wall Street, and Patient Safety Organizations Market Value: $???

Description: A physician in private practice in Des Moines has been noticing that more and more of her patients on the Ortho-McMillan Estrogen replacement patch are having cardiovascular complications. These types of problems are a known risk of estrogen replacement, however, the new patch technology was supposed to overcome this limitation. The physician is becoming increasingly alarmed, because there is no published data on the patch, but she feels an unacceptable number of her patients are having problems. The physician feels like she is in a bind, because many of her patients are strong believers in the patch. When pressed, she has no data to support her feelings. More and more she is wondering if other physicians are starting to see this phenomenon. With no access to an academic environment, she has no colleagues to discuss the problem, nor does she have the time or inclination to author a letter to the editor in a major journal. She decides to go to Sermo and spend the 5-10 minutes needed to author the observation as a ticket. She forwards the ticket to several of her colleagues from medical school and residency.

Thrombosis Rate with Estrogen Patch



Clinical Scenario Example

Signal Strength: 2-12 observations Author: Physician in the ICU Interested Parties: Manufacturer, Wall Street, and Patient Safety Organizations Market Value: $10,000-$50,000

Description: This was in fact an actual incidence. Ironically, another physician, Lowell Schnippert, by coincidence, related the same incident on the phone to Sean. In the ICU we had a patient whose kidneys had stopped working.

To allow the patient to undergo artificial dialysis, they needed to have a special catheter placed (a long tube leading to a large blood vessel in the neck). The tube is usually placed in radiology, and has two separate holes or “lumens”, one for the blood coming from the patient, the other returning to the machine. After returning from radiology, the patient was hooked up to the dialysis machine. Shortly after starting the dialysis run, an alarm on the machine kept signaling that there was a dangerous “high pressure” situation. After several attempts at finding the problem, the dialysis cycle had to be aborted.

This problem was eventually isolated to the catheter itself (a $50-200 disposable device). The patient was sent back down to radiology for a replacement catheter. After replacing the catheter, dialysis proceeded smoothly. Upon examining the catheter, it was discovered that there was a hole in the wall separating the two lumens, essentially short-circuiting the machine. The group of doctors standing around immediately checked both UpToDate and PubMed (two of the leading sources for published medical information). There were no documented cases of the defect.

Later follow-up with the company (over several weeks), turned up at least 4 similar episodes, and a product-line recall was triggered.

This scenario would have been easily picked up by Sermo. There would have been tremendous financial value to this observation, not to mention, an incredible benefit to patient safety and care.

Intra-Luminal Defect



Sermo Background"



Sermo Details"•  Based in Cambridge, MA

•  Fully venture backed. Longworth Ventures

•  $2MM Funding, $1MM LOC, $1MM in revenue commitments

•  $1.5BB in healthcare equities represented.

•  Collaboration with:

–  Penn Center for Ethics

–  Northwestern’s RADAR



Daniel PalestrantFounder &CEO"

•  Johns Hopkins University: Undergraduate degree in Biology & History of Science

•  Duke University School of Medicine

•  Beth Israel Deaconess Medical Center: Surgical Residency (Boston, MA.)

•  CIBUR System: Conceived, proposed, and launched the the first insurance web portal for MDs (CIBUR: Cigna Internet-based Universal Resource).

•  Azygos, Inc.: Launched, funded and sold.

•  Healthcare BNX Inc. (formerly BioNetrix): Director



Sermo Development"

1st Physician

Registrations

Sermo Launch

with Humana

1st Tickets

Solidify Story

Build Pilot Application

Blog

We are here!

Email Campaign

1st Promotion

May 15 July 15 June 15 March April 15 July 1 August



Thank you!"Daniel Palestrant, MD"[email protected]"


About Humantific


Humantific is a new breed of SenseMaking-based Transformation Consultancy.


Before meaningful change can be

created, one must understand as

many aspects of the present state

as possible.

ChangeMaking in an organizational context is the strategic activity of moving from an existing state to a co-created future state.

SenseMaking in an organizational context is the strategic activity of making sense of ambiguous complex situations.


Consulting Labs

StrategyLab We help teams co-create new strategic pathways through fuzzy complexity. UnderstandingLab We make complex ideas and concepts understandable to people. InsightLab We help organizations create new opportunities based on deep understanding of humans.

Humantific Academy

Complexity Navigation Program & Workshops We help organizations build complexity navigation capabilities.

Humantific Services


American Human Development Project Novartis

Bristol-Myers Squibb Organon

Carlsberg Pfizer

EDS Group Sermo

FXall Telefonica

Liquidnet UNIFEM

Majestic Research VHA

Markets For Good Vodafone

Morgan Stanley Wells Fargo

Humantific Major Clients

Before Change Happens


New Seeing Happens

New Understanding Happens New Thinking Happens

Humantific SenseMaking for ChangeMaking®

www.humantific.com

Questions? Send an email to [email protected]

sermo: physicians social network

Documents

rights res

story concept strategy

ceo of sermo

general story design

existing story analysis

project deliverables

contents project overview

tangible business proposition