Sermo: Physicians Social Network by HUMANTIFIC

Sermo

Physicians Social Network Business Concept Modeling & Strategic Storytelling

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Contents Project Overview

Project Process

Project Deliverables

About Humantific

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Project Overview

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Launched as the first professional social network platform this is the story of how Sermo worked with Humantific to create its strategic story. InsightLab | StrategyLab | UnderstandingLab

The Challenge How might we help a startup... •  Solidify and refine their value proposition? •  Communicate the value of a new kind of professional social network for physicians? •  Explain how their online platform for physicians works? •  Create reusable storytelling tools?

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The Solution Sermo Business Concept Modeling & Strategic Storytelling Humantific worked closely with Daniel Palestrant, the CEO of Sermo, to conceptualize a new kind of professional social networking platform that tapped into the power of prediction markets bringing outside communities to the table. We started working with Daniel when he was building the company and having early discussions with potential investors. Moving from an abstract idea to a tangible business proposition, Humantific created a series of business concept models assembled into a strategic story that allowed Sermo to raise 40 million dollars in funding. Sermo is now the leading Physician online network in the USA, with 120,000 members. See related Time Magazine article following. www.sermo.com

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Client Feedback “Part therapy session, part focus group, and part round table discussion, the sessions with the team from helped me convert an early idea into a viable company... They have the experience, expertise, and process to make the complex seem simple, the nascent seem refined, and most certainly the far fetched seem plausible.” Daniel Palestrant CEO Sermo

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Humantific Press

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Project Process Business Concept Modeling & Strategic Storytelling

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Strategic Story Process Overview

1 Existing Story Analysis

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2 Story Concept Strategy

General Story Design

Detailed Story Design

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Project Deliverables Value Proposition & Strategic Story

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TODAY – TOMORROW CONCEPT MODEL

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STRATEGIC STORY

Daniel Palestrant, MD" Sermo, CEO" " University of Miami - Humana " March 2, 2006" KNOW MORE. KNOW EARLIER.

Sermo" "Sermo Medical is the first online knowledge ecosystem for physicians. " "" "Being launched in July of 2006, Sermo is designed to accelerate physician s research, knowledge sharing and discovery."

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Sermo Medical" Sermo enables physicians to:" –  share their medical observations in real time" –  seek medical community input on unanswered questions " –  accelerate their discovery process"

"" Sermo enables industry to:" –  observe medical observations in real time" –  capture medical trends ahead of the traditional research curve" –  have a new window into a global medical prediction markets platform"

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Sermo  Opportunity" Understanding the Physician s World"

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The Physician s World Today  Personal Knowledge Resources"

Dr. Smith is concerned about his patient. He looks for answers here:

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The Physician s World Today  Personal Knowledge Community Dr. Smith looks for answers amongst his colleagues

Response" To Problem"

Dr. Smith s" Immediate" Colleague" Network"

Limited reach Unconnected Slow One-to-One One-to-Few

Isolated" Physician" Network"

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Challenges & Opportunities" How might we:" "

–  exponentially expand the typical knowledge tool and sharing community available to practicing physicians?" "

–  significantly accelerate the discovery and research process of practicing physicians?"

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Sermo  for Physicians" Online Physician Knowledge Ecosystem"

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The Physician s World Tomorrow  Additional Personal Resource: An Online Physician Knowledge Ecosystem"

Dr. Smith is concerned about his patient. He looks for answers here:

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The Physician s World Tomorrow  Dr. Smith looks for answers in Sermo!

Online Physician Knowledge Ecosystem"

Response" To Problem"

Expanded reach Connected Real-time (24/7) One-to-Many 57 KNOW MORE. KNOW EARLIER.

Physician Feedback"

88%

of physicians would

participate in Sermo when it is launched

80%

of physicians would

tell a colleague about Sermo

Source: Longwood Physician Survey XYZ, 10/12/2005

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Sermo Benefits"

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Sermo  for Industry" " Online Tracker of Clinical Insights" " " [ THE Sermo BUSINESS MODEL ]" 60 KNOW MORE. KNOW EARLIER.

How Medical Information Evolves…"

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When are insights more valuable?" KNOW

LATER ?

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When are insights more valuable?" KNOW

EARLIER !

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Today: Outsider Access  Gaining Insights into Physicians Observations"

Know Less" Know Later"

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Today: Outsider Access  Gaining Insights into Physicians Observations"

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Tomorrow: Insider Access  Gaining Insights into Physicians Observations"

Know More" Know Earlier"

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Tomorrow: Insider Access  Gaining Insights into Physicians Observations"

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Client Feedback" 88%

of clients would

participate in Sermo when it is launched

80%

of clients would

recommend Sermo to others

Source: Client Survey, 2005

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Sermo   How it works"

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The Journey of a Physician s Idea  How Sermo works"

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The Journey of a Physician s Idea  How Sermo works - in detail"

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The Journey of a Physician s Idea  How Sermo works - in detail"

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The Journey of a Physician s Idea  How Sermo works - in detail"

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The Journey of a Physician s Idea  How Sermo works - in detail"

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The Journey of a Physician s Idea  How Sermo works - in detail"

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Physician Motivations"

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Client Motivations" PATIENT SAFETY & BIOTERRORISM DETECTION

Government/ Academia

FINANCIAL PROFIT

CLINICAL RESEARCH

Finance

Healthcare

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Clinical Scenario Example Thrombosis Rate with Estrogen Patch Signal Strength: 5-500 observations Author: Physician in private practice Interested Parties: Manufacturer, Wall Street, and Patient Safety Organizations Market Value: $???

Description: A physician in private practice in Des Moines has been noticing that more and more of her patients on the Ortho-McMillan Estrogen replacement patch are having cardiovascular complications. These types of problems are a known risk of estrogen replacement, however, the new patch technology was supposed to overcome this limitation. The physician is becoming increasingly alarmed, because there is no published data on the patch, but she feels an unacceptable number of her patients are having problems. The physician feels like she is in a bind, because many of her patients are strong believers in the patch. When pressed, she has no data to support her feelings. More and more she is wondering if other physicians are starting to see this phenomenon. With no access to an academic environment, she has no colleagues to discuss the problem, nor does she have the time or inclination to author a letter to the editor in a major journal. She decides to go to Sermo and spend the 5-10 minutes needed to author the observation as a ticket. She forwards the ticket to several of her colleagues from medical school and residency.

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Clinical Scenario Example Intra-Luminal Defect Signal Strength: 2-12 observations Author: Physician in the ICU Interested Parties: Manufacturer, Wall Street, and Patient Safety Organizations Market Value: $10,000-$50,000

Description: This was in fact an actual incidence. Ironically, another physician, Lowell Schnippert, by coincidence, related the same incident on the phone to Sean. In the ICU we had a patient whose kidneys had stopped working. To allow the patient to undergo artificial dialysis, they needed to have a special catheter placed (a long tube leading to a large blood vessel in the neck). The tube is usually placed in radiology, and has two separate holes or lumens , one for the blood coming from the patient, the other returning to the machine. After returning from radiology, the patient was hooked up to the dialysis machine. Shortly after starting the dialysis run, an alarm on the machine kept signaling that there was a dangerous high pressure situation. After several attempts at finding the problem, the dialysis cycle had to be aborted. This problem was eventually isolated to the catheter itself (a $50-200 disposable device). The patient was sent back down to radiology for a replacement catheter. After replacing the catheter, dialysis proceeded smoothly. Upon examining the catheter, it was discovered that there was a hole in the wall separating the two lumens, essentially short-circuiting the machine. The group of doctors standing around immediately checked both UpToDate and PubMed (two of the leading sources for published medical information). There were no documented cases of the defect. Later follow-up with the company (over several weeks), turned up at least 4 similar episodes, and a product-line recall was triggered. This scenario would have been easily picked up by Sermo. There would have been tremendous financial value to this observation, not to mention, an incredible benefit to patient safety and care.

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Sermo  Background"

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Sermo Details" •  Based in Cambridge, MA •  Fully venture backed. Longworth Ventures •  $2MM Funding, $1MM LOC, $1MM in revenue commitments •  $1.5BB in healthcare equities represented. •  Collaboration with: –  Penn Center for Ethics –  Northwestern s RADAR

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Daniel Palestrant  Founder &CEO" •  Johns Hopkins University: Undergraduate degree in Biology & History of Science •  Duke University School of Medicine •  Beth Israel Deaconess Medical Center: Surgical Residency (Boston, MA.) •  CIBUR System: Conceived, proposed, and launched the the first insurance web portal for MDs (CIBUR: Cigna Internet-based Universal Resource). •  Azygos, Inc.: Launched, funded and sold. •  Healthcare BNX Inc. (formerly BioNetrix): Director

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Sermo Development"

March

April 15

May 15

June 15

July 1

July 15

August

Solidify Story

Blog

1st Physician Registrations

1st Tickets

Email Campaign

Sermo Launch with Humana

1st Promotion

Build Pilot Application We are here!

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Thank you!" Daniel Palestrant, MD" daniel@Sermo.com"

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About Humantific

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Humantific is a new breed of SenseMaking-based Transformation Consultancy. InsightLab | StrategyLab | UnderstandingLab

Before meaningful change can be created, one must understand as many aspects of the present state as possible.

ChangeMaking in an organizational context is the strategic activity of moving from an existing state to a co-created future state. InsightLab | StrategyLab | UnderstandingLab

Humantific Services Consulting Labs StrategyLab We help teams co-create new strategic pathways through fuzzy complexity.

UnderstandingLab We make complex ideas and concepts understandable to people.

InsightLab We help organizations create new opportunities based on deep understanding of humans.

Humantific Academy Complexity Navigation Program & Workshops We help organizations build complexity navigation capabilities.

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Humantific Major Clients American Human Development Project

Novartis

Bristol-Myers Squibb

Organon

Carlsberg

Pfizer

EDS Group

Sermo

FXall

Telefonica

Liquidnet

UNIFEM

Majestic Research

VHA

Markets For Good

Vodafone

Morgan Stanley

Wells Fargo

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Before Change Happens

New Seeing Happens New Understanding Happens New Thinking Happens

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Humantific SenseMaking for ChangeMaking速

Questions? Send an email to engage@humantific.com