Two trends define this week's startup:
- Telehealth is booming - doctors are also working from home! According to the CDC, telehealth visits have increased by 154% at the start of 2020.
- Pet ownership has grown - humans need a WFH companion! So well, in fact, online food retailer Chewy ($CHWY) is up 250% since March
It's no surprise that this week's start-up, HelloRalphie, is on the rise - telehealth for pets.
⚾ The Elevator Pitch:
Telehealth is nothing new. However, even with insurers reimbursing the service, and the rise of start-ups such as Doctor On Demand, telehealth has failed to secure mainstream adoption. Until now. People are double-taking at the thought of visiting a hospital. As such, telehealth has emerged as a ripe category for growth, especially for patients with less-than-urgent reasons to visit. Pets are one of the consumers in such a category.
Enter HelloRalphie, "Pet Care from Anywhere". HelloRalphie connects pet owners with licensed veterinarians for check-ups. First, you create an account and select your pet type. Next, you schedule your appointment through the app or website. Finally, you are connected with a fully licensed veterinarian. Promisingly, the start-up has been able to secure coverage by insurance companies and has integration for managing prescriptions
👇 The Drop Down
Tech trend: Telehealth
Traction: Multiple veterinarians and insurance companies on the platform; winner of Wharton Entrepreneurship Challenge 2020
Team -Wharton MBA, former BCG consultant, cat owner
Felicity Johnson - Founder and CEO
🔍 Why we like it
- 🤯 Value for pets AND vets Often, virtual platforms struggle to gain adoption from either party. In this case, both owners and veterinarians have a value prop to join the platform. With owners, telehealth for pets provides ease. However, we like the flipside: veterinarians, with 15-minute onboarding, are able to fill empty slots by using the service and start earning money immediately.
- 📈 Health records - easy storage These days, managing health care records seems to be a nuisance for humans and furry friends. Often, transferring these records are a pain when switching providers. For HelloRalphie, all records are easily stored on the app for documentation and use.
- 🎳 Paw in the door: other verticals Pet care is a $30bn market. HelloRalphie has growth potential into other large pet markets, including pet food, which is $37bn and growing. If HelloRalphie builds up a reputation for pet health, it’s a logical step to being a leading voice on food and other categories.
🎤 Founders Corner
🤝 Get involved with HelloRalphie
- Check out their product or meet the vets at helloralphie.com
- Read about their time at the Wharton Startup Challenge
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