Integration into Current Practice
The users of our device will be physicians, nurses, and other healthcare technicians, and their needs and abilities shaped our design. However the customers we will be pitching our device to our hospitals and insurance companies, because they are the ones who will truly see the savings of this technology. Hospitals will be able to offer a higher standard of care, and insurance companies will save money by not having to pay for unnecessary treatment and testing.
Our direct competitors are the traditional and electronic stethoscope. AUSCULTAID provides more information than either of these systems, but we don't predict it will replace these current modes. Our goal is to offer a more comprehensive alternative for high-risk patients. Given that all adults over the age of 65 are considered high-risk for lung diseases like pneumonia, the high-risk patient still offers a significant market.
To lower barriers to adoption, we modeled our system on the equivalent process of performing an electrocardiogram. Like an ECG, AUSCULTAID comprises disposable chestpieces and reusable electronics. Doctors we spoke too were pleased by the familiar feel and form of this novel technology. The device will be offered at a competitive one-time, capital cost of $100, with the disposable diaphragms costing $5 per patient per use. In comparison, an electronic stethoscope sells for at least $300.
We anticipate our device falling under the Ambulatory Payment Classification New Technology Policy, which will allow our product to be added on to an existing reimbursement code - dramatically shortening the time to get approved for reimbursement to as few as four months after clinical benefit is shown.