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WELL

WELL is a healthcare Blockchain platform that aims to connect healthcare specialists and patients worldwide. WELL will create a token of on-demand healthcare that solves the current problems of cross-border payments, data accessibility and payment risk, while allowing the areas with the worldwide highest quality of healthcare to serve the entire world.

Rating: 2.2

Official contacts
Location: N/A
Web-resources:   Whitepaper Website
Social networks: N/A
Product source tracking: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
In 2017, WELL introduced а demo version of its telemedicine platform, servicing multiple healthcare organizations in the U.S., and provided over 40,000 telemedicine sessions with more than 110 medical doctors, nurses, and other medical specialists. The use of blockchain and the proceeds from the token sale will further enhance these technological capabilities.


Token description
ICO date
16.04.2018 - 15.05.2018
Token price
Jan 1 - Jan 31: 40% Bonus - 1USD = 14 WELL tokens
Feb 1 - Feb 24: 30% Bonus - 1USD = 13 WELL tokens
Feb 25 - March 11: 25% Bonus - 1USD = 12.5 WELL tokens
March 12 - March 26: 20% Bonus - 1USD = 12 WELL tokens
March 27 - April 10: 15% Bonus - 1USD = 11.5 WELL tokens
April 11 - April 25: 10% Bonus - 1USD = 11 WELL tokens
April 26 - May 2: 5% Bonus - 1USD = 10.5 WELL tokens
May 3 - May 15: No Bonus - 1USD = 10 WELL tokens
Platform
N/A
Blockchain
Ethereum
Token distribution date
15.05.2018
Consensus method
Proof of Stake
Escrow
N/A
ICO currencies
ETH , BTC
Bounty camping
https://bitcointalk.org/index.php?topic=2699257
Markets
N/A
Token functions
The WELL token provides for multiple features within the WELL platform: Form of payment, Currency exchange, Gamification of healthcare, Social and gaming functions, Encouragement and rewards, Partnership access, Data share, Payable access to de-identified health histories
Tokens distribution
Core Team (20.0%)
Issued Tokens (40.0%)
Reserve Fund (35.0%)
Bounty (5.0%)
Risks
MARKET

The main competitors of WELL are local players, such as Teledoc in the US, Chunyu Yisheng in China, or Doc+ in Russia, with a long-lasting local market expertise. There are many potential legal issues regarding telehealth that have to be considered during the global expansion.

PRODUCT

As WELL aims to expand globally it has to pay significant attention to potential legal issues with local authorities regarding processing sensitive patients' health data. As telehealth is a relatively new method of healthcare assistance, its standards and boundaries has not yet been defined in every country, so this regulation aspect has to be considered. The legislation of online prescribing is not clearly regulated, and this legal risk has to be considered. The Roadmap only highlights the main steps and does not give detailed information about product development.

BUSINESS MODEL

The business model is only conceptually described so there are no figures that can clarify the commercial viability of the platform.

FINANCES

The Use of Funds is not given in a detailed way and there is no financial plan for anticipated expenditures. Including pre-sale, the ICO will last for 5+ months. That means freezing investors' money for almost half a year and definitely has to be taken into consideration. Moreover, there is no information about the token delivery date in WP. The company aims to raise 28 million USD via selling 40% of tokens. This gives us post-money valuation of WELL at the level of 70 million USD. This figure is significantly above the valuation of comparable companies on the US market, according to Gartner. WELL does not provide financial forecasts for the company growth. As of now, there is no information about potential listing of tokens. As WELL will give generous bonuses for early-contributors, the pump and dump risk right after the end of ICO should be considered.

TEAM

The founder and CEO of Well - Ildar Fazulyanov - has strong experience but it is mainly related to the area of finance, not healthcare. Co-founder's of the company experience is also mainly focused on finance, fintech and private equity, not medicine. According to Development TL's experience on Linkedin, he is not currently employed at Well. Moreover, he resides in Bankok, Thailand, not in Los Angeles as the rest of the team. To sum up, the business development part of the team is quite strong, while it seems that WELL lacks technical and industry expertise.

Full analysis
Market

WELL enters the market of home healthcare services. The global home healthcare market is growing with a compound annual growth rate (CAGR) of 8%, and will exceed 517 billion USD by 2025, according to GrandView report. A growing geriatric population and the rapid rise of conditions requiring long-term care are driving this growth. Primary care is shifting to telehealth at an unprecedented pace. The global telehealth market may reach $113 billion by 2025 (18.3% CAGR), according to a report by Grand View Research, Inc. The main competitors of WELL are local players, such as Teledoc in the US, Chunyu Yisheng in China, or Doc+ in Russia, with a long-lasting local market expertise.

Product

WELL started in 2015 as an on-demand healthcare platform connecting physical, occupational and speech therapists with healthcare organizations and patients. By 2017, it had the largest therapist network in California. WELL has conducted over 13,000 patient therapy visits, serving more than 1,600 patients. Since its inception, WELL has generated nearly $1 million in billable services. For comparison, at the beginning of 2017 in the Russian MedBox 60,000 private patient rooms were already registered, more than 50,000 doctors were available, more than 1.5 million records were received through the service (site and mobile application) to the medical staff. Given that in Russia the telemedicine market does not yet have a clear legislation, unlike the US market, such indicators of WELL indicate that the company occupies only a small part of the US market and will have severe competition with large local players not only abroad, but also in the USA. In 2017, WELL introduced MVP of its telemedicine platform and started servicing multiple healthcare organizations in the U.S. The use of Blockchain and the proceeds from the token sale are aimed to enhance these technological capabilities. In the near future, WELL aims to expand its services, adding more languages (5 current), more payment options, Blockchain integration, and International expansion.

Business model

WELL aims to earn from several areas: Transactions: A small fee on each transaction covers the marginal cost of that transaction and commitment to our charitable mission. Ancillary Services: As a global healthcare marketplace, WELL will earn fees from services such as translations, pharmacy orders, partnerships, trials, access to training, de-identified data, and access to de-identified health histories. WELL will share these fees with patients and doctors who opt to participate in data-sharing programs. Remote Patient Monitoring: WELL offers its solution for chronic conditions and pain management. We provide connected devices like iPads and other sensors and have medical practitioners on call. Clients pay monthly or annual subscriptions for themselves or their loved ones. Network Access: Base access to the platform will be free or minimum cost. Larger and more complex medical organizations will pay for software implementation and customization.

Finances

The minimum contribution during ICO is 1000 USD. Including pre-sale, the ICO will last for 5+ months. That means freezing investors' money for almost half a year and definitely has to be taken into consideration. Moreover, there is no information about the token delivery date in WP. As of now, there is no information about potential listing of tokens. As WELL will give generous bonuses for early-contributors, the pump and dump risk right after the end of ICO should be considered. There is no information about escrow in case something goes wrong the collected funds. The Use of Funds is not given in a detailed way and there is no financial plan for anticipated expenditures The company aims to raise 28 million USD via selling 40% of tokens. This gives us post-money valuation of WELL at the level of 70 million USD. This figure is significantly above the valuation of comparable companies on the US market, according to Gartner. WELL does not provide financial forecasts for the company growth. WELL will reserve 20% of tokens for the core team using 48 month vesting scheme.

Team

The founder and CEO of Well - Ildar Fazulyanov - has strong experience but it is mainly related to the area of finance, not healthcare. Co-founder's experience is also mainly focused on finance, fintech and private equity, not medicine. According to Development TL's experience on Linkedin, he is not currently employed at Well. Moreover, he resides in Bankok, Thailand, not in Los Angeles as the rest of the team. The only industry expert in the core team is Dr. Matthew Lefferman who has 16+ years of practicing experience To sum up, the business development part of the team is quite strong, while it seems that WLL lacks technical and industry expertise.

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