- Investment sought:
- Equity offered:
Qure want to revolutionise the patient experience of primary care in the UK. Qure’s aim is to provide individual healthcare that is both affordable and highly convenient, becoming the platform of choice for both patients and practitioners. Qure offer 24/7 private healthcare, without the huge price tag that is usually associated with these kinds of services. Qure’s market research makes it clear that there is real demand for this, across income segments. Qure practitioners can come to a patient’s home or workplace and the service couldn’t be more convenient, providing immediate access to appropriate medical advice and prescriptions. Qure primary care services are similar to what patients get through their local GP, but without the hassle of trying to secure an appointment and get to the surgery.
In early 2016, co-founders Charlie & Alex had both recently become parents and had found that accessing convenient and timely healthcare for their families was difficult, time-consuming and frustrating. In Charlie’s case, his six-month-old son had minor health issues which weren’t serious enough to go to A&E for or to be able to secure an emergency GP appointment. The whole process took weeks.
This all served to illustrate both the pressure primary care services are under, with GPs no longer having the time to address all of their patients’ needs, and how inefficient it can be having your overworked NHS GP as the only gateway to other types of healthcare, whether they are NHS or private specialists. At the same time, friends & family we have spoken to who have worked in Accident & Emergency departments all spoke of how a large percentage of those they saw presenting themselves to A&E could be treated by a doctor or nurse away from a hospital environment.
Substantial accomplishments to date
July 2016: Hempsons law firm commissioned to deliver regulatory report validating use of additional practitioner types.
October 2016: Health Technologies Limited is incorporated with 'Qure' trademarked.
December 2016: Dr Ed Hatley joins Qure as Chief Medical Officer.
March 2017: Closed £195,000 pre-seed funding round for 10% equity.
March 2017: Insurance solution agreed with specialist Lloyds syndicate.
May 2017: Team expands with Ops & Marketing Manager hires. Qure moves into new office space in Oval, London.
June 2017: CQC registration approved.
- Advisory board completed with Dan Warne (UK & IE MD Deliveroo) & Tim Ringrose (doctors.net/M3).
- Qure launches in Clapham for two weeks before rolling-out to Zone 1 and all of SW London.
August/September 2017: Begin marketing for seed round. Qure looking to raise £1m for 20% equity across different investor segments.
October 2017: Over 300 doctors registered with 3,500 downloads and 500 registered patients.
Qure charges £70 for a home visit Monday - Friday (8am - 8pm). During night time hours and on weekends, we charge £90. Qure also offers telephone consultations, and for this we charge £15 Monday - Friday (8am - 8pm) and £20 for night time hours and on weekends.
Qure also charges for ancillary products, such as:
- Prescriptions: £10.
- Sick Notes: £20.
- Referral letters: £25.
Qure takes a 20% commission from the appointment and then takes 100% of the prescription and 50% of the other ancillary products.
We estimate that the average appointment value will be £88 and this helps us estimate our sales projections. Over time, we believe that our average appointment value will increase as further products are introduced to the platform that will increase average appointment spend.
Use of proceeds
40% to be spent on a marketing campaign for a 12 month London-wide roll-out.
50% to be spent on staff costs, most notably bringing our technology capability in house by hiring developers.
10% to be spent on office and further admin costs.
Please note that the Company has an overdraft facility of £20,000, secured against the Company's assets. None of this has been drawn down.
Please note that the Company has outstanding directors' loans of £130,000. £50,000 of this loan will be paid back using external, non-EIS eligible funds that have been invested in this fundraise.
There are an estimated 370 million patient consultations in the UK each year, with an estimated 1 million people each week unable to get a GP appointment.
Combined, this equates to six GP appointments per person, per year in the UK. A recent YouGov survey found that 62% believe the private sector has a role to play in reducing waiting times and 53% of those in the same survey said that they would pay for care, if they could afford to do so. Qure did its own market research and found that over 75% of those earning more than £45k a year would pay for a primary care visiting service.
While top-down addressable-wallet calculations can often be overly optimistic, they can serve to give context for the total market opportunity: with Qure’s projected average appointment value of £88, taking 0.1% of 410 million met and unmet appointments would equate to gross revenues of £36.1 million.
Characteristics of target market
In a departure from how private primary care has traditionally been marketed, Qure are targeting the top 50% of the population and not just the top 5%.
Within the B2C market, Qure will be focusing on the ABC1 demographic. Within this segment, Qure is focusing on engaging existing users of on demand platforms such as Uber & Deliveroo, as well as families and time-poor professionals, with an emphasis on first-time users of private healthcare. We believe that if people are now used to paying £100 for a dental check-up and polish, or to call a plumber out, then they will happily pay £70-£90 for the convenience of seeing a doctor immediately, especially if it means avoiding a long wait at A&E.
Qure also believe the B2B opportunity to be significant. Health insurance companies have already started using companies similar to Qure as the feeder to private healthcare.
For the soft launch in Clapham, Qure followed a localised, multi-channel approach with a focus on digital, including Facebook and Pay Per Click (PPC) advertising. Online channels allowed a highly-targeted investment, ensuring that Qure’s test phase was as cost-effective as possible. This was complemented by PR activity with a London focus, as well as offline activity, including direct mail door drops using branded plaster packs and a pop-up clinic to drive brand awareness.
Using the learnings from the soft launch phase activity, we plan to extend the marketing efforts for the wider London expansion. Not only will we increase the budget for those successful channels that have been validated, but we also plan to employ more marketing channels that are wider in reach, including press inserts, experiential activity and out-of-home (OOH) advertising. Qure will also be reaching out to partner brands and ambassadors to ensure engagement with high volumes of relevant consumers within London.
On demand private primary care services fall in to three broad categories: telehealth providers, visiting services and bricks-and-mortar drop-in clinics. We decided to focus on physical for a variety of reasons, as we believe, based on conversations with doctors, that there is still no replacement for a physical face-to-face consultation.
We see GPDQ as our main competitor. They have been around for more than two years and only use GPs. They are also expensive and charge £120 per 25 minutes on weekdays, £150 on weekends and £200 on bank holidays.
How is Qure different?
PRACTITIONER SUPPLY: As well as GP’s, we also use appropriately-qualified GP Registrars (GPR’s), Hospital Doctors & Advanced Nurse Practitioners (ANP’s).
INSURANCE: We have our own bespoke product that covers our practitioners indemnity.
VALUE: The above allows us to offer appointments at prices that are up to 40% cheaper than our closest competitor.
FLEXIBILITY: Our practitioners are free to choose when they work & for how long.