FinovateSpring 2015 / Someone With Group
Presenter Profile:
How they describe themselves: Someone With Group develops fraud resistant, banking compliant crowdfunding solutions for healthcare systems and related markets.
In addition to creating patient goodwill, the platform reduces the amount of unpaid medical bills by offering patients another source of funds – family and friends who want to do something to help. With over $40B in uncompensated care each year, this solution is vital for healthcare systems.
Unique to the healthcare market, this patent-pending solution presents a significant barrier to entry for competitors. Someone With Group derives revenue from hospital sponsorship fees and a percentage of the contribution made to patients.
How they describe their product/innovation: Someone With Group’s white label crowdfunding platform provides hospital-sponsored patients, struggling to pay their medical bills, a new source of funds. Using our online toolkit and live coaching, patients create fundraising campaigns and broadcast those campaigns via social media and email.
The Someone With Group solution verifies patients’ identities, is HIPAA and banking regulation compliant, and adheres to anti-money laundering practices. Contributions are loaded onto a GPR MasterCard debit card. Spending is restricted to medical bills and medical supplies.
Product distribution strategy: Direct to Business (B2B)
Contacts:
Bus. Dev.: Matt Pomrink, President & COO, matt@someonewith.com, 301-304-3033 x702
Press: Jill L. Kerr, VP Marketing & Membership, jill@someonewith.com, 301-304-3033 x703
Sales: Clay Chase, VP Sales, clay@someonewith.com, 301-304-3033 x705
Website: someonewithgroup.com
Twitter: @Some1WithGroup
HQ: Frederick, MD
Founded: October 2013
Product Demoed: HOPE (Helping Others Pay Expenses) Card – pinnaclehealthhope.org
Product Launch: January 2015
Metrics: Someone With Group has raised over $3M from its founder, with modest friends and family support. First revenue in November 2014. Nine employees, eight outsourced technologists.
Presenters: Paula Jagemann-Bane (CEO & Co-Founder), Matt Pomrink (COO & President)
- Key Executives
Paula Jagemann-Bane (Founder & CEO), Matt Pomrink (President & COO), Robert Gray (CFO), Major General (retired) Elder Granger (MD, FACP, FACPE, CMQ, Chief Healthcare Advisor, former head of Tricare), Jill L. Kerr (SVP Marketing & Membership), Clay Chase (VP Sales)
Key Stats
- Key Investors
Largely self-funded by serial entrepreneur Paula Jagemann-Bane, $500,000 loan from Richard Adams (Founder, UUNet)
- Key Partnerships
Transcard (Prepaid Card), Access National Bank (Banking Institution, Nasdaq: ANCX), Zigron (Technology Development), Sage (Payment Processing), The Columbia Bank (Direct Pay Banking Institution)
- Key Customers
PinnacleHealth System (Harrisburg PA), three year contract, committed to 1000 end users. Potential customer pool includes 4,974 US hospitals and $40B in unpaid medical bills.