American Medical File (dba…OnFile) Case Study
"Built and Executed a Cohesive Corporate Strategy"
American Medical File was a failed startup that burned through $8.6 million in cash over its short life. Investors sank money into Personal Health Record technology. The problem is that underlying systems in the health care industry had not yet reached the sophistication required to securely and efficiently deliver online health information. To complicate the situation, doctors, hospitals and government agencies were not comfortable with the prospect of patients having unfettered access to sensitive data. The technology was before it’s time. Investors had limited options and needed an infusion of new ideas and alternative ways to reach potential customers.
Peritus I Asset Management, the investment advisors for American Medical File, foreclosed on American Medical File and captured all the assets relating to their investment. Mr. Bailey, who was experienced with Health care IT was hired as the interim CEO. Mr. Bailey performed a complete audit of the company finances and made recommendations to develop a nation-wide channel partner strategy to gain access to top health care companies. Within a year, American Medical File had gained an audience with UnitedHealth Care in Tampa, Florida, who asked for software to automate and manage Population Health and Prior Authorizations for Medicare Advantage Plans and other Community and State initiatives.
Mr. Bailey built a new company strategy, business plan and budget related to the new technology and raised an additional $2.3 million to build and deliver a revolutionary Prior Authorization Software as a Service. American Medical File recapitalized its business, conducted a debt-to-equity swap, hired new staff and delivered on its promises to UnitedHealth Care.
American Medical File connected over 9200 medical providers, 59 hospitals and 7 UHC Medicare Advantage plans over 6 months. The average time to process a medical prior authorization went from 3 days to just 18 minutes! American Medical File successfully closed the contract with UHC, successfully met HIPAA and HITECH compliance, recruited and trained new staff and co-located servers in two geographically dispersed data centers. Patients received faster service and better health care in the Miami area.
"I enjoyed my time with Shawn at OnFile. I enjoyed participating with him as he built and executed a cohesive corporate strategy, managed investors and worked with people from all walks of life. He designed new processes and technology that moved people to action. It was a stressful time, but Shawn was steadfast, and we succeeded under very difficult circumstances. He is a true visionary!"
Scott Soelberg Director of Solutions and Support