Big venture challenge winner 2013-14
Professor Paul O’Brien : Elaros 24/7
Legal Status: CLS
Date Incorporated: 12/2011
Elaros 24/7: the world’s first virtual lower urinary tract symptoms (LUTS) assessment clinic provides an innovative new way of carrying out initial assessment, diagnosis and triaging, as well as the long term management & monitoring of patients.
The Elaros 24-7 service is centred on a hand-held recording device (the UroDiary®) that enables patients to monitor their own health at home and on the move. Information gathered from the UroDiary® is then uploaded remotely to our UROCONNECT™ that provides an immediate clinical diagnosis and recommended clinical action.
At some point in their life, 2 out of 3 adults will have a bladder related problem that may leave them feeling isolated, self-conscious and disempowered. Evidence suggests that these problems increase with age and can prevent people from living active and fulfilled lives. The current service provision is undignified, wasteful, time consuming and inaccurate. Elaros 24-7 enables patients to be more rapidly assessed & diagnosed in the comfort of their own homes and/or on the move.
Elaros 24/7 has conducted 2 trials (clinical/technology testing) which have proved the demand for the service and commissioned two independent health economic studies that have mapped the economic benefits. These studies indicate that the market in the UK is worth £400 – £600 Million.
This service has first mover advantage with clinical trials demonstrating clear benefits and cost savings.
Elaros 24/7 is embarking upon 5 pilots with 4 early adopters of the service over the summer of 2013 to develop pricing structures based upon gain sharing.
- Year 1: £370k
- Year 2: £5.4m
- Year 3: £11.3m
The results are: 35% reduction in appointment & diagnostic costs, 30% reduction in inappropriate referrals into hospitals and a 10% reduction in pharmacology costs.
£1.5m mix of phased equity and debt in yr 1 &2. Already locked down a first round of £150k of investment.
“I was glad to grasp the opportunity to back an impressive CEO and an exciting new company which will benefit both clients and the Health System.” David Capps, Investor in Elaros 24/7