Plum Health at DNewTech Q&A

We were invited to pitch at DNewTech on Wednesday night, and after our pitch, we had 5 minutes to answer questions about Plum Health DPC. Here's the video of the event! 

You can see the original Pitch Video here, and you can see our original blog post here. 

One of the biggest barriers for people learning about our model is the difference between health care and health insurance. You need health insurance to protect you against the unknown or unforeseen: cancer, stroke, heart attacks and car accidents. Your health insurance should not cover your primary care services, because it introduces a middle man (or several middle men) between you and your doctor, driving up the price of those services. 

Health care is what we deliver at Plum Health. As your primary care doctor, I'm not that expensive and you're really paying me for my time. This allows me to answer your phone calls, texts, and emails in a timely fashion. It also allows me to get you in for an appointment when you need it, rather than having you wait for weeks just to be seen. 

Health care delivers the basics, like office visits, meds, labs, stitches when you cut yourself, and advice/counseling on lifestyle changes when you need it. Health insurance covers the unforeseen circumstances that are beyond our control. 

An analogy is auto insurance. We all have auto insurance, but we almost never use it, unless we're in an accident or our car is stolen. However, we don't expect our auto insurance to pay for the routine maintenance of our vehicles, like oil changes, tire rotations, and gas at the pump. If we did require our auto insurers to pay for these things, it would drive up the prices and make these basic services a hassle. Could you imagine long lines at the pump, prior authorizations to drive to Chicago, and auto insurance that only covers the basic oil, not the Valvoline. 

This would be an absurd way to take care of our cars. And I know that cars and people are different, but the way we've structured our health insurance coverage has caused very similar stress points to the imagined scenario above: long wait times to see your doctor, prior authorizations to get imaging studies like CT scans, and health insurance coverage that only covers some medications, but not others. 

In Direct Primary Care, we get rid of all of these middle men to deliver excellent, affordable services without the hassle. 

Thanks for reading and watching,

- Paul Thomas, MD

Plum Health at DNewTech

Plum Health was invited to pitch at the March 1st DNewTech event. We were one of four small businesses to pitch our idea at the DNewTech event, which brought together roughly 35 people from the small business community in Downtown Detroit. There were some great ideas shared, which are outlined below.

First to take the stage was Sidney Coleman, Co-founder of Aradie, A Technology And Design Company, which began in late 2016. They aim to tackle the social media echo chamber. This can cause some real problems, including a loss of empathy, misinformation, and a loss of constructive debate. Their solution is Pective, a collaborative information platform that can allow people to contribute different perspectives on a specific topic. 

Second was Sean Carroll, the Co-founder of Enbiologics, which is Advancing Healthier, Intuitive Burn And Wound Care. Sean talked about his product, HoneyCure, which reduces healing time and drug use like oral antibiotics. Currently, it's approved for veterinary medicine, but they are working on approval for human medical uses. 

Then, I was able to give our pitch for Plum Health, which is Delivering Affordable, Accessible Health Care Services in Detroit. Mostly, I focus on telling the story of the business and why it's useful in this economy and in this environment. Throughout the pitch, I try to address the frequently asked questions

Finally, Doron York the Co-founder of SidePitch took the stage. He is connecting tech entrepreneurs and startups with investors and corporate ventures worldwide. They created a Venture Management System and entrepreneurs can start a "Pitchfolio". They have a unique offer until August 31st, where Michigan-based start-ups can pitch for free.  

Erin Grant with the Detroit Development Fund, a private, non-profit fund, spoke before the event began. The Detroit Development Fund (DDF) provides small business loans in and around Detroit. They look to loan to small businesses that have been in business for the last 1 year and have generated $100,000 in revenue, but their parameters can be flexible on a case-by-case basis. 

DDF have been funding small businesses since 2003 and they have 100 active loans currently. They seek to support small businesses and entrepreneurs. Their minimum loan amount is $50,000 and they can continue to loan up to $500,000 throughout the life of the business. Their goal is for business to become self-sufficient or to receive a more traditional loan.

Loan terms are typically 5 - 7 years and interest rates are roughly 7%. The key attributes of a business owner receiving the loan is their integrity and preparedness. The process of funding takes about 6 - 8 weeks, and there is a significant amount of vetting involved. 

Thanks for reading!

- Paul Thomas, MD