Custom Health Company Profile

Background

Mission: To improve patient outcomes by organizing and acting on real-time health data and insights.

Vision: To transform the care experience for people at home.

Overview: Founded in 2021, Custom Health is a healthcare technology company dedicated to enhancing medication management and patient outcomes. The company integrates personalized medication management, continuous clinical oversight, remote patient monitoring, and home-based care to ensure medications are taken as prescribed and are effective. With a team of over 200 in-house pharmacists proficient in more than 25 languages, Custom Health offers comprehensive support to patients across North America.

Key Strategic Focus

Custom Health's strategic focus centers on serving poly-med patients with chronic conditions, a demographic comprising approximately 78 million adults in North America. The company aims to address the significant challenge of medication non-adherence, which costs the North American healthcare system an estimated $550 billion annually. By leveraging proprietary technology and a vertically integrated business model, Custom Health provides personalized in-home services, including medication delivery, adherence monitoring, and clinical management programs. This approach has resulted in a 98% medication adherence rate among its patients in the U.S. and Canada.

Financials and Funding

As of December 2024, Custom Health reported annual revenues of approximately $35 million. The company has undergone four financing rounds, including a $20 million raise to accelerate its transformation journey. In December 2023, Custom Health announced a definitive Business Combination Agreement with Berenson Acquisition Corp. I, a special purpose acquisition company (SPAC). This transaction, expected to close in the second quarter of 2024, is anticipated to result in Custom Health becoming a publicly listed company on the NYSE, with a pre-money equity value of $185 million. Proceeds from this transaction are intended to fuel organic growth and support the company's acquisition strategy.

Pipeline Development

Custom Health's service offerings include:

Medication Therapy Management: Evaluating patients' health literacy and medication regimens to identify therapy gaps and adverse drug reactions.

Chronic Care Management: Coordinating care for patients with chronic conditions outside regular office visits.

Remote Patient Monitoring: Utilizing Bluetooth-enabled devices to collect real-time health data, such as weight, blood pressure, and blood sugar levels.

Population Health: Collaborating with patients, caregivers, and providers to reduce hospitalizations and emergency room visits.

Transitional Care Management: Managing patient care transitions between different healthcare settings and home.

Mental Health Management: Providing personalized care and real-time data monitoring for patients with mental illnesses.

These services are designed to improve health outcomes and decrease the total cost of care.

Technological Platform and Innovation

Custom Health's operations are powered by proprietary software that integrates:

Automated Pharmacies: Fully automated owned and network pharmacies for efficient medication dispensing.

At-Home Medication Management Solutions: In-home medication dispensers that facilitate adherence and enable real-time monitoring.

Clinical Oversight: A team of over 200 pharmacist-led clinicians providing continuous monitoring and support.

Real-Time Data Collection: Gathering real-world data and insights to inform personalized care plans.

This integrated, technology-enabled approach allows for the efficient creation and real-time maintenance of personalized care plans for patients.

Leadership Team

Shane Bishop: Co-Founder, Chief Executive Officer, and Board Member.

Rahul Chopra: Co-Founder and Chairman.

Paul Burns: Chief Commercial Officer.

Kasumi Oda: Vice President of Marketing.

This leadership team brings over 30 years of experience in central-fill pharmacy operations and management, driving the company's mission to transform home-based care.

Leadership Changes

In January 2023, James M. Sweeney was appointed to the Board of Directors, bringing additional expertise and industry connections to support Custom Health's growth and strategic initiatives.

Competitor Profile

Market Insights and Dynamics:

The healthcare technology market is experiencing significant growth, driven by the increasing prevalence of chronic diseases and the need for efficient medication management solutions. The focus on improving patient outcomes and reducing healthcare costs has led to the adoption of digital health tools and remote monitoring services.

Competitor Analysis:

Custom Health's primary competitors include:

PillPack: A company that offers medication delivery services, focusing on simplifying the medication management process for patients.

HelloPackage: Provides package management solutions for apartment communities and delivery drivers, though not directly in the healthcare sector.

GetMyRx: A mobile application enabling consumers to order and purchase prescription medications.

These competitors focus on various aspects of medication management and delivery, contributing to the evolving landscape of healthcare technology solutions.

Strategic Collaborations and Partnerships

Custom Health has engaged in several strategic collaborations to enhance its service offerings and market reach:

Health in Motion Network Acquisition (October 2022): This acquisition introduced Parawell technology, centralizing and securing patients' vital health information, thereby enhancing patient care.

Partnership with Health Plan of San Mateo (November 2022): An agreement to provide personalized health services and medication adherence support for high-risk, chronically ill members.

Business Combination with Berenson Acquisition Corp. I (December 2023): A definitive agreement expected to result in Custom Health becoming a publicly listed company, providing access to additional capital for growth and acquisitions.

Operational Insights

Custom Health's vertically integrated business model, combining proprietary technology with owned and network pharmacies, positions the company to manage the full cycle of a patient's medication and care journey. This approach differentiates Custom Health from competitors by offering a comprehensive, technology-enabled solution that addresses medication adherence and patient outcomes. The company's focus on real-time data collection and personalized care plans enhances its ability to meet the needs of poly-med patients with chronic conditions.

Strategic Opportunities and Future Directions

With the anticipated public listing through the business combination with Berenson Acquisition Corp. I, Custom Health is poised to access additional capital to fuel organic growth and execute its acquisition strategy. The company's commitment to leveraging technology for personalized medication management and remote patient monitoring aligns with the broader healthcare industry's shift towards value-based care and home-based services. By continuing to innovate and expand its service offerings, Custom Health aims to solidify its position as a leader in the healthcare technology sector.