Thompson Aderinkomi of RetraceHealth. Photo Courtesy of Thompson Aderinkomi.
Concept: Everyday medical care should be convenient, personal, and affordable. “Instead of making patients come to us, we come to them in their homes and workplaces, on their schedule,” Aderinkomi says. “We can do anything a regular clinic can do.”
Genesis: “My son got sick when he was one year old and on top of the $664.28 we were billed for a simple diagnosis, my wife and I wasted at least 10 hours getting him the care he needed,” Aderinkomi explains. “It did not need to be that time consuming, complex, or expensive. So I started the company with a few others who also believed in the same thing I did.”
Target Demographic: Anyone who wants to save time and make their life less stressful: parents and their young children, adult children and their senior parents, executives, stay at home parents, young professionals, and those with chronic conditions.
Why Now? People dread having to go to the doctor today more than ever because of how complex and time consuming it is.
OMG Moment: Six months before launching, 30 families paid $300 per person to get lifetime access to RetraceHealth. When they started treating those families and positive feedback rolled in, Aderinkomi knew he was on to something.
Startup Costs: $45,000 Funding: RetraceHealth has raised a total of $1,000,000 from McKesson Ventures, Blue Cross and Blue Shield of MN, and HealthEast Care System, along with some notable angel investors.
Competition & Risks: No direct competition in the Midwest, but there are similar companies in California, New York, Colorado, and Texas. The company’s biggest challenge is a lack of strong distribution. “Most people thankfully only get sick one to three times per year, so this is not the kind of service one uses every week or month,” Aderinkomi explains. “Even if someone tells their friend how great we are, their friend may not have a need for us for another 12 months at which point the friend may have forgotten about us.”
Competitive Advantage: “There is just no easier or faster way to get medical care in the Twin Cities than to have us come to your house or treat you via online video,” Aderinkomi says.
How do other Minnesota start-ups compare? Learn about businesses The Herbivorous Butcher and Lucy & Co.
