My Coverage Plan, Inc. - The Growth of a Business
Bobby Peterson tells the story of My Coverage Plan, Inc., to students at the University of Wisconsin-Madison. Watch the video.
Timeline
Click here for a pdf version of this timeline.
March 2010
Robert Peterson, Executive Director of non‐profit Advocacy and Benefits Counseling for Health Inc. (ABC for Health), forms My Coverage Plan Inc. (MCP) as a for‐profit subsidiary of ABC for Health. Peterson serves as MCP’s majority owner and President.
May 2010
MCP wins a NIH research grant of up to $1.5 million over five years to create a software solution that will reduce health care disparities in Wisconsin. MCP’s goal is to improve population health by increasing access to healthcare while providing economic stimulus to local and state economies as patients secure available coverage and avoid medical debt and uncompensated care.
June 2010
The Milwaukee Journal Sentinel profiles My Coverage Plan!
July 2010
MCP meets with vendors to develop and implement the software portion of the MCP tool. After discussions with multiple developers, MCP enters into negotiations with Chicago‐based Objective Arts, Inc., to develop and test an advanced prototype of the software. In the meantime, staff complete a Patent and Know‐ How License Agreement between ABC for Health and MCP. This allows MCP to access the intellectual property of ABC for Health and its staff. This vital link provides MCP with the knowledge base necessary to create a ground breaking software solution to reduce avoidable health care disparities.
August 2010
MCP meets with credit experts TransUnion to discuss TransUnion’s Revenue Manager, which focuses on verifying patient financials and credit, and aiding hospitals in prioritizing accounts receivable. While MCP and TransUnion representatives noted some areas of cross‐over, MCP is directed at maximizing public and private healthcare coverage for a variety of patients.
MCP staff forms workgroups, including algorithm, compliance, security, design, and patent groups. Focusing on pregnant women and children, the algorithm workgroup drafts MCP software algorithms. The algorithms translate ABC for Health’s knowledge of health care coverage into a refined data acquisition and rules engine format.
MCP meets with legal counsel to continue the processes of securing IP for the MCP software tool. MCP counsel files the appropriate documentation with the United States Patent and Trademark office. While the process is not finalized, staff continue to pursue a patent on the MCP process, further strengthening the business potential and viability of the software.
September 2010
In September 2010 MCP develops a new corporate logo. Additionally, MCP continues discussions with Objective Arts. Staff continue to research other software solutions in the market that may fill similar niches as MCP. This research confirms that, while there are many software solutions for hospitals that focus on patient financial or credit verification, there are no solutions that help patients navigate through red tape associated with public and private coverage options, medical debt, charity care, and other health coverage issues.
November 2010
MCP secures a Niche Analysis from NIH, to be conducted by Foresight Science and Technology. A Niche Analysis positions a technology for market entry by developing a market entry strategy and launch tactics.
December 2010
MCP works with Madison‐based developer Metavue to develop a web‐based data acquisition health benefits screening tool. Metavue formats the user‐interface in anticipation of third party use. This transitions the tool to a web platform that can help orient and train end‐users on a first generation MCP prototype.
January 2011
MCP’s Peterson partners with David Snyder of Foresight to
complete a niche analysis that outlines the market potential and
commercialization opportunities for MCP.
Mr. Snyder contacts the
leaders in the healthcare
software industries to gauge
interest in a product like MCP.
Foresight’s report confirms that
MCP is a unique software product
for the health care industry. MCP staff attend the Gilson
Bootstrapping Series "Guide to New Ventures" and "Operational
First Steps.".
March 2011
MCP completes development of a web‐based data acquisition prototype and initiates a contract to develop a "next-generation" web‐based screening tool specific to the health coverage rules for pregnant women.
MCP advances to the second round in the Wisconsin Governor’s Annual "Business Plan Contest."
April 2011
Peterson attends "SBIR Licensing and Commercialization Bootcamp" and the annual SBIR/STTR conference, "Growing the Innovation Ecosystem." Meetings resume with legal counsel on intellectual property issues to secure a patent on the MCP software.
May 2011
MCP submits a NIH proposal to develop a Knowledge and Training Portal. The Portal will reduce avoidable health disparities by increasing access to coverage through an initial knowledge assessment and ongoing training and competency measurement of healthcare service providers. Training healthcare service providers to maximize healthcare coverage options for patients will also reduce the risk of patient medical debt and increase compensation to healthcare providers.
June 2011
MCP tests a prototype of the MCP software focusing on pregnant women. The NIH approves MCP for second‐year funding. MCP’s Peterson attends the 13th Annual SBIR/ STTR Conference: Translating Medical Discoveries into Health Products.