HPEC Frequently Asked Questions:
To restore physician autonomy through self-sovereign digital identity (SSI) technology,
This technology will allow us to create a Decentralized Autonomous Organization of physicians – where each physician who is verified will get a digital identity that automatically validates and authenticates their credentials in the digital world. In doing so we plan to:
1.)Streamline the verification and credentialing process for physicians, eliminating uncompensated administrative burdens, and minimizing the security risk that the current licensing and credentialing process places on a physician’s professional identity. This tool will improve practice and employment mobility, and will allow physicians to interact with patients directly without third party interference through many avenues including but not limited to telemedicine applications. HPEC aims to reduce waste and redundancy in the healthcare system while also alleviating physician burnout and abuse which contributes to the current physician shortage.
2.) Give each physician with a secure digital identity an ability to communicate with fellow physicians and participate, and vote in a secure, confidential and decentralized digital democracy. This gives physicians a voice- improving communication around healthcare policy and practice. Physicians can weigh in from a consumer reports perspective, and collectively advocate for patient safety. Physicians will be able to use their points to spend the revenue that is generated on the network, giving their voice actual monetary value. When applied collectively or legislatively to policy or practice it will provide means for actionable change around system inefficiencies, redundancies and barriers to high quality patient care.
To create an open, censorship free healthcare marketplace with the participation of the physicians who choose to participate in the network. To improve healthcare outcomes and quality of life, while also decreasing healthcare costs. Making it easy to care for and advocate for patients free from third party interference. The technology will use the “power of the crowd” to democratize and monetize the skills of the physician community- and will do so while keeping it physician owned and run.
first the network effect; every member will have an interest in this technology growing, because the more physicians that sign up and participate in network the more the participants will get rewarded though future participation. Initial physician investors will have an equity partnership, but once the technology built we aim to give away the digital identities (free of charge) to any physician member. Our plan is for physicians to not have to pay to utilize the service, but if they utilize the service they will receive rewards that can be exchanged for services as outlined in the diagram in the executive summary and in the explainer video.
We also plan to have a very strong marketing campaign, especially in the beginning, however we hope that as we grow the network effect will be the most important way to get the word out.
On the Fundopolis Crowdfunding Platform we have an opportunity for anyone to join the movement starting at a minimum of $250 meant for medical students and resident physicians. We ask that Attending physicians come in at the $1000 level or above if they are able to, but the purpose of the crowdfunding portal is to give everyone a chance to invest.
Off the Crowdfunding Portal we have a minimum of $25,000 for accredited investors. Information on price of shares is outlined in the term sheet.
We have had a tremendous response thus far. After only 2 months of outreach during the friends and family round 77% of those who have responded are coming onboard as early investors and founding partners. The Founding Partner Physician Investor invitations were curated from a select group of open-minded forward thinkers. As you decide if you also want to become a part of this movement remember this; as the founder I, Leah Houston, MD am committed to running a lean startup and making fervid decisions in the best interest of the company. Having already invested tens of thousands of my own money and over two years of my time I feel strongly that this is worth perusing, and ask for your trust in me to make the right decisions. As a company however, we cannot promise to return funds if we do not move forward, because some things are out of our control. For example, if we hire a CTO, and spend a large portion of the seed money on employee salaries, and a new government regulation restricts the product from being deployed that money will have been lost. It is a risk we are all taking. At HPEC we will do our best to make the right decisions, hire the right team, research and consider potential risks, budget appropriately, and follow the law, but there are occasionally unforeseen risks, and these are risks we all take when we make any investment.
Our healthcare system is a $3.6 Trillion dollar system- and we, as physicians control 80% of that industry, but in the current model we barely see a tiny fraction of that come directly to us. The executive summary attached explains more, but in short:
We will take a 2% transaction fee every transaction that happens on the network. Some examples:
- You charge a system to view and utilize your credentials.
- You charge $8,000 dollars for surgery.
- You sell your data that you’ve generated.
- You do some curbside telemedicine or consulting through HPEC during your off hours.
- HPEC physicians invest in your idea.
- HPEC wins a class action law suit for it’s physician members.
Take into consideration that traditional employment unions charged 3 to 5%, and it’s a mandated amount, what HPEC plans on charging is a significantly less because we want the barrier to participation and engagement to be low. We also only collect if the physician participant chooses to utilize the platform making this 100% voluntary at every stage.
It is estimated that this will cost about $5 million annually to run once it is built, after that amount a predetermined portion,- proposed to be 50% will go back to the investors, and another portion – preferably the other 50% will be sent to the HPEC community to be utilized by physician members as they see fit, as outlined in the explainer video.
The HPEC community will be governed by the physician HPEC passport holders, meaning those who have a digital identity. The plan is for them to decide how to spend the money through a secure digital voting system accessed through their identity. Decisions will be made through a cryptographically encoded democracy, without hierarchy. There’re lots of thoughts I have about the details of the governance structure, and we will ask for community input on how this cryptography will be built.
Physicians are the product of healthcare. Without the stroke of a physician’s pen (or today keyboard,) a patient does not receive care. The most important data that is documented in healthcare is done so by the physician at the time of, or shortly after every patient encounter. Most current electronic health records (EHR) platforms do not offer an opportunity for physicians to keep their patients protected health information private. Recent regulations give us an opportunity to fix that, because there is now a push to give healthcare data privacy and control back to the patients.
The 21st Century Cures Act (section 4003 and 4004) demands interoperability, and penalizes information blocking in order to make electronically stored protected health information accessible to the patient. We believe, in order to comply with this new regulation health records companies and hospitals must adopt and deploy entirely new systems. This will be difficult, expensive, and will destroy a large part of their business model, which is centered around owning, controlling, and at times selling the patient’s private health data.
HPEC is building a new system that will follow these new regulations, and will put control of the data back into the hands of the patients and the physicians who care for them. With self-sovereign identity technology, the physician will be able to transfer a digital copy of the patients note directly to the patient. This new process will make the patient physician relationship private and secure again while inherently complying with this new regulation. This is something that can be achieved with the support of the physician community- who have always put the patient first.
Dr. Mc Autonomy first heard about HPEC through a friend from med school who she hadn’t spoken to in a while… she got a message via text that invited her to verify that her friend was in fact really a doctor… She was being asked if he actually graduated with her… She knows he did because he sat next to her at graduation. At first Dr. Mc Autonomy didn’t understand it, but after signing up she realized this is a way she could also restore her professional autonomy and reduce uncompensated administrative burdens. The theft of services she had been increasingly experiencing since he started practicing had been getting worse, so this was something she really needed. After a few months on the platform she has now invited 15 other physician friends and colleagues to join the network and has accumulated over 178 HPEC points for her work on the network which includes but is not limited to validating physician credentials and inviting others to the platform.
1.) is accepting telemedicine consults through the platform
2.) quickly and easily picked up a few extra shifts at the clinic down the block, has
3.) contributed to practice guideline updates within her specialty and has
4.) found a subspecialist for one of her patients who has been suffering with a complex issue, which now is finally being addressed by the right person.
She feels informed, engaged and connected with her fellow colleagues. She feels like she is able to be a better doctor because all of the things that made her frustrated with the practice of medicine are now alleviated… The platform has brought her additional income on the side, and she is thinking about moving full time to this model, as it has been much better than any employment agreement she has ever been a part of.