Why you must Invest in Patientory today

In this write up I will be taking a look at project that I think has a chance to disrupt an industry that is ripe for change and could be one of the top crypto projects long term. I’m excited to put this analysis together and share why Patientory is one of my favorite projects.

Before we get started, please do not take this or anything I say as investment advice. I’m just sharing my thoughts and please do your own research before making any investments.

What is Patientory?

From the Patientory website:

Patientory is a cybersecurity blockchain-based distributed electronic medical record network. Think of us a bridge that connects siloed, centralized EMR systems. Healthcare entities can secure private health information, rent computing power, servers and data centers and make their unused resources available through a unique private infrastructure on the Ethereum blockchain.

They are trying to eliminate the current issues of having your medical records scattered across various centralized systems located in hospitals, healthcare and other medical record systems. Patientory is attempting to coordinate all of this scattered information onto the blockchain so all of the information can be found in one place and can be fully secure.

Patientory is going to be the bridge that connects all of the centralized electronic medical records (EMR).

Without doing any research into this, just being “the bridge between EMR systems” doesn’t seem like it would be very valuable. However, I want to share some quick stats that will show you exactly why Patientory could be a HUGE project eventually and provide immense value.

The stats below were provided by Patientory:

2,597 hospitals face $500+ million USD in penalties under the CMS readmissions reduction program in 2016 alone.

If all that weren’t enough, healthcare data breaches totaled over 112M in 2015, costing >$6B in damages.

Global healthcare cybersecurity spending is expected to reach $10.84 billion by 2022

1 in 13 people will experience their personal medical history compromised by a hack by 2021

As you can see, the current way of doing things in the population health management sector are not working as well as they should be. These are the issues that Patientory is aiming to fix and if they can get it right, it pretty obvious how valuable they would become.

My Research Criteria

Now that you have a basic understanding of what Patientory is, we can now start to dig into the nitty gritty details about the project. The following categories are what I will be using to evaluate this project.

• Project Basics: Basic project information and details
• Why Patientory is a Good Investment: What makes this coin unique?
• Team: Determine the quantity and quality of the team
• Transparency and Communication: Do they keep investors in the loop?
• Community: Determine if there is a active community around the coin
• Competitor Comparison: How does the coin compare to its competitors?
• Investment Potential: How big could this coin be in the future?

Project Basics

• Incorporated in 2015
• Crowdsale started May 31st, 2017
• Began trading in June 2017
• Current market cap is $25.8 million
• Runs on a private Ethereum blockchain
• Offices located in Atlanta, Georgia

Why Patientory is a Good Investment

There are a lot of things that I like about Patientory and some of the main ones are explained below.

Solves Major Issues worth a lot of Money

According to Patientory, there are 3 main benefits that they provide over current systems.

1. Reduced patient readmissions
2. More secure medical records
3. Lower health IT costs

All three of these issues are huge in the health care industry and if they can be solved, it will save them millions (and billions) of dollars. This is a convincing argument that people would be dumb to ignore.

That is one major reason why I think Patientory will win in the long run. They just provide too many cost saving benefits for people to pass on.

90 Day Pilot Program with 8 Pilots

Once Patientory releases their software they already have 8 hospitals lined up to test out the program for 90 days. After the 90 days they will get feedback and try to convert them into paying customers.

This will be a extremely important 90 days for them and it’s crucial that everything goes smoothly. Even if 1 of the 8 hospitals comes on as a paying customer I would consider that a win.

It’ll be interesting to see how this goes. I would expect the price to pump during this time in anticipation of one (or a few) of the hospitals turning into a paid customer. Expect a dump if zero turn into paying customers.

Nonetheless, it is really awesome to see actual pilots for the program and them making progress. All very encouraging things!

Easy Integration with Current Hospital/Health Care Systems

One of the major drawbacks for most blockchain solutions is the difficulty of changing the current way of doing things. Patientory does a good job of removing this difficulty and makes it very simple to integrate their system with whatever system the hospital or health care program is using.

They accomplish by integrating the APIs of all of the major EMR systems into Patientory and makes it very simple to integrate and get practically immediate benefits. This is a major selling point that a lot of other blockchain projects can’t replicate.

HIPAA Complaint

Another hurdle that Patientory was able to solve and that will be a major selling point is being HIPAA complaint. They accomplish this by using a private Ethereum blockchain.

This makes it both legal and much easier for hospital to adopt Patientory.

Free Patient Health Record App Coming Soon

They are planning on releasing a free patient app at the end of September that will allow patients to create their own health records. This will be a major catalyst and I’d expect the price to reflect this release.

Important Partnerships Locked In

Patientory has done a great job of locking in partnerships with major players and this should provide many benefits moving forward. Below are some of the key partners Patientory currently has:

• Colorado Permanente Medical Group: Provides assistance and 2000+ customer interviews. They also have 1,100 physicians and over 600k members. This is a huge market where Patientory has an inside track.
• Startup Health: Organization trying to transform health
• Hyperledger: Open source project with over 152 members including Oracle and Samsung. This partnership will help implement cross industry blockchain solutions and provide possible partnerships with major players.
• Dash and BlockCypher: Received a grant for development and will be able to accpept payments in Dash

All of these partnerships will begin to pay off over time and I wouldn’t be surprised to see even more of these types of partnerships in the future. Patientory is doing a great job of connecting with groups and companies that will help further their vision.

Attends Many Medical Related Conferences

Chrissa and the Patientory team attend a lot of medical related conferences where they can make connections and spread awareness. They also get invited to speak at a lot of these conferences as well, which goes to show that people are interested to learn more.

These conferences rarely have immediate results, but over time I’d expect relationships to be built that could take Patientory to the next level.

Final Thoughts on Why I Like Patientory

There is a lot to like about what Patientory has done so far and what they plan to do next. They are tackling a major problem in the health industry and if they can get a foot in the door they could become a very valuable project.

The Team

I’m a big fan of coins that have more than just one member and are publicly known. This lends a lot of credibility to the project in my eyes. Patientory is one of these coins.

According to their website, there are currently 6 members on the team and all of them are publicaly known. You can see all of the members below:

The team is led by the CEO and founder, Chrissa McFarlane, who has 10+ years of experience in the healthcare industry and seems to be the perfect person to be able to take Patientory to the next level. She also has past experience with EMR software which is super important because that is the sector of the market Patientory is trying to disrupt. Overall, I’m a big fan of Charissa and feel confident in her ability to successfully lead Patientory.

The rest of the team looks good as well and I like seeing one of the positions being someone that is focused on marketing. Marketing is one aspect that is often not focused on enough in Crypto, but it is so important. So good to see they have a marketing person on board.

Another thing about this team that I like is that they have won multiple startup competitions where they have pitched Patientory to people in the medical field. This tells me two things:

1. Chrissa and the Patientory team know how to pitch investors. This skill set will be super important when it comes to convincing hospitals to use Patientory.
2. People in the medical field recognize the value that Pateintory brings to the industry. This is huge.

One issue that I found was that they don’t have any developers on the team that are experts in blockchain development. This is a little worrisome and I hope to see them bring on someone in the near future that can fill this role.

Final Thoughts on the Team

Overall, the team looks solid and it’s great to see the CEO have experience in the health industry. I’d like to see more blockchain experts on the team (aside from the advisors) in the future.

Transparency and Communication

With Patientory being a B2B company, their main audience and customers are not us investors. This means they get a little bit of slack in this regard, but in the early stages they need the investors to sustain them and the price.

For that reason, it’s important to look at how well they communicate and are transparent with their community.

Monthly Q&A Livestreams

Patientory holds monthly live streams on their Youtube channel where they answer questions from the community and give an update on what they are working on.

These types of consistent communication with the community go a long way to instill confidence in investors.

They never had a live stream in August, so I’m hoping to see another one soon. However, I’m not too worried about it because they communicate frequently with the community in their weekly newsletters. Which brings me to my next point.

Weekly Newsletters

Along with the monthly Q&A live streams, they also send out a weekly newsletter with dev updates and any other important info.

You can find all of the past newsletters here if you are interested in reading through them.

Team Members Active on Slack/Telegram

Team members, including the CEO Chrissa, are active in the Slack/Telegram groups and are open to answering questions. They do a good job of being transparent with hard questions and are usually quick to respond.

It’s good to see a team that is open and willing to answer questions for the community.

Great Job Handling Controversy

A few months ago someone asked a handful of really good questions in the subreddit and they ended up going unanswered for a week. This ended up causing some people to freak out and assume that Patientory was avoiding the questions.

According to Patientory, they DID actually respond on Reddit but their answer didn’t post for some reason.

Instead of just ignoring the questions and issues at hand they did a few things:

1. Wrote a full response to all of the questions and posted them as a medium post. Read here.
2. Contacted the Subreddit owner and had them approve their answer on the subreddit

Both of these things did a great job of answering all of the questions and removing the doubt that some people had. This is just one small example, but it shows what kind of company Patientory is. These are the types of things that separate mediocre companies and great companies.

Final Thoughts on the Transparency and Communication

I’m very impressed with the transparency and communication of Patientory, especially considering they are a B2B company and their target audince aren’t us investors.

They go above and beyond to keep in touch with the community and make sure all of the investors know what’s going on at all times.

Community

With Patientory being a B2B company, the community does not play a huge role in the long term success of the project. However, I still think it is important to look at. I would still consider it a red flag if the project had a non existent community, so we will take a look at Patientory’s community now.

Social Media Stats

• Twitter Followers: 9.9k
• Slack Members: 1,878
• Telegram Members: 1,148
• Bitcoin Talk Announcement Pages: 106

Slack and Telegram Groups

These two channels are where the bulk of the community hangs out. Both groups are active and the conversations are civil. Team members are also active in these channels and have no problems answering any questions that people may have.

Unless there are specific questions, the team members tend to stay quiet for the most part. I don’t really knock them for this, but having a super active team in Slack/Telegram is always nice to see.

Bitcoin Talk

This is the second most active place for the community behind Slack/Telegram. The Patientory team remains active when needed, but for the most part communicates via Slack/Telegram now. Bitcoin Talk was mainly used for the crowdsale and now that it’s over, the conversation has moved to other places mostly.

No Subreddit

Patientory doesn’t have an official subreddit, which is odd in the crypto space, but you have to remember that their target audience are not consumers. They are hospitals and other businesses in the medical field. They don’t need to be extremely active on a ton of different social media sites.

Not having a subreddit is unusual, but I wouldn’t worry too much about it.

Final Thoughts on the Community

Patientory doesn’t have the best community, however, they do have a solid group of supporters on the Slack and Telegram group. As for the activity levels of the Patientory team on social media, I’m actually happy to know that they are spending their time building something and creating partnerships instead of being on social media all day.

It’s also worth mentioning again that Patientory is a B2B project. Having a community full of consumers does not have a huge benefit to them. The community will grow solely from the fact of it being a solid project with a real world case.

Competitor Analysis

Blockchain solutions that target the health care sector are fairly rare as of right now and there aren’t a whole lot of direct competitors. The competitors that I see as the biggest challenge for Patientory are below.

Sequence (SEQ) and Dynamic (DYN)

I’m combining these two together because they are a part of a dual blockchain setup, but they are separately traded. The main objective with this project is to provide Blockchain-as-a-Service (BaaS), but with a focus on healthcare and identity. For this reason they would be considered a competitor.

They currently have a project called NoID, which acts as abridge between the patients identity and healthcare accessing it. They currently have a partnership with a health care platform called HarmonIQ, which provides analytics and workflow information. HarmonIQ is very similar to what Patientory will become so SEQ and DYN are very interesting competitors to keep an eye on.

At a $6 million market cap for Sequence and a $3.8 million market cap for Dynamic, they are smaller than Patientory. Even though I think Patientory has the advantage and will eventually win out, Sequence/Dynamic are both interesting projects that deserve a look.

The biggest advantage Patientory has is that it is solely focused on the healthcare sector and providing a solution. Sequence/Dynamic is a project that is working on a handful of projects and waiting for one to stick.

Factom (FCT)

Factom is a very interesting project that I am very, very bullish on and I think will end up being one of the most valuable within 5 years. With that being said, I still like Patientory over Factom when it comes to the healthcare industry.

Currently, Factom is focusing on a few different markets (mortgage and document authenticating) and isn’t focusing on healthcare. At some point Factom may get into the same market but I don’t see that happening any time soon. This gives Patientory a long runway to become the leader in this market.

Factom is also much bigger at around a $200 million market cap.

Final Thoughts Regarding Competitors

There aren’t a whole lot of blockchain based solutions that are going after the same market as Patientory. There are some projects similar, which I mentioned above, but none with the sole focus on healthcare.

This is a major reason why I really like Patientory over the competitors. I think by focusing on a niche in the market they give themselves the best chance at success. It’s really hard to change an entire industry with new technology, but when you focus on a smaller niche your chances go up. For this reason I think Patientory is head and shoulders above any other competitor.

Investment Potential

As of writing this, Patientory is currently valued at slightly over $25 million. Within 6 months I wouldn’t be surprised to see the market cap close to $200 million. There are a few things that would need to happen in order for this to happen:

1. The pilot program has to go well and lock in at least one hospital as a paying customer
2. Release the free patient app and have it well received
3. Release the beta version of their main software on time
4. Lock in at least one major deal (outside of the pilot programs) as a pying customer. This is by FAR the most important factor. The more partners Patientory gets, the more the price will go up.

If the above mentioned things occur expect close to a 10x return on your investment within 6 months. Remember, this is just my opinion and you need to do your own research before investing.

Conclusion

I am a big fan of Patientory and think there is a lot of potential here. If they can lock in some paying partners and continue to grow awareness within the health care industry there is no telling how valuable they could become.

They have done everything right so far and I’ll be watching them closely as they move forward.

Thanks for reading and I hope you enjoyed this write up.