RoloDoc Social Media App
NO DEAL
EPISODE SUMMARY
🕓 Air Date: September 20, 2013
Asking For:
$50,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
RoloDoc is a mobile app designed to revolutionize communication in the medical field by facilitating secure e-mail and instant messaging between patients, physicians, and other medical professionals.
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Background Story
RoloDoc, a medical communication platform, was founded by brothers Dr. Richard Amini and Dr. Albert Amini, both physicians based in Tucson, Arizona. With their extensive experience in the medical field, the Amini brothers recognized a glaring issue: the outdated communication methods prevalent within medicine. Despite advancements in technology, healthcare communication still relied heavily on antiquated tools like pagers, hindering efficiency and collaboration. Driven by their firsthand experiences in communicating with peers and patients, the Amini brothers sought to modernize medical communication.
They envisioned a solution that would streamline communication processes while prioritizing security and confidentiality, ultimately leading to improved patient care. Drawing from their backgrounds in medicine and their desire to innovate, the Amini brothers embarked on the journey of developing RoloDoc. Their shared passion for leveraging technology to address critical needs in the healthcare industry fueled their efforts. Through rigorous research and development, they conceptualized a mobile app that would revolutionize communication in the medical field.
The idea for RoloDoc emerged from the brothers’ frustration with the inefficiencies they encountered in their daily practice. They saw an opportunity to leverage their expertise and technological savvy to create a platform that would empower healthcare professionals to communicate seamlessly and securely. With a clear vision and determination, the Amini brothers embarked on the journey of bringing RoloDoc to life, aiming to bridge the gap between traditional healthcare communication methods and the demands of the modern digital age.
The Product
RoloDoc is a cutting-edge mobile application designed to revolutionize communication within the medical field. Through its intuitive interface and robust features, RoloDoc facilitates secure and efficient communication between patients, physicians, and other healthcare professionals.
The app allows users to create personalized profiles, providing essential information such as medical history, specialties, and contact details. Patients can securely message their healthcare providers, inquire about appointments, and receive updates on their treatment plans. Physicians can collaborate with colleagues, share patient information securely, and access medical records on-the-go.
One of RoloDoc’s key features is its ability to connect users with healthcare providers based on various criteria, including location, specialty, and insurance provider. This streamlined search process saves time and ensures patients find the most suitable healthcare professionals for their needs.
RoloDoc prioritizes security and confidentiality, employing encryption protocols to protect sensitive medical information. This ensures compliance with healthcare regulations and enhances trust between patients and healthcare providers.
The app is available for download on both iOS and Android devices, making it accessible to a wide range of users. Pricing details may vary based on subscription plans and usage tiers, with options for both individual users and healthcare organizations.
How It Went
The company’s position before Shark Tank
RoloDoc was in the early stages of development, with the app undergoing alpha testing and garnering feedback from a small user base consisting primarily of personal connections of the founders, Dr. Richard Amini and Dr. Albert Amini. The company’s position was one of potential, yet uncertainty, as they aimed to validate their product and attract a wider user base. RoloDoc had not yet established formal partnerships or identified wholesalers, as the focus was primarily on product development and testing.
As a startup, RoloDoc likely relied on a combination of personal investment from the founders, grants, and potentially angel investors to finance its early development stages. The company’s available capital would have been limited to the funds raised from investors, personal investments from the founders, and any revenue generated from early adopters of the app. RoloDoc’s current structure likely involved a small team of developers, possibly supplemented by consultants or contractors as needed to support product development and testing efforts.
The Negotiations:
During the negotiations on Shark Tank, the founders of RoloDoc, Dr. Richard Amini and Dr. Albert Amini, sought a $50,000 investment for a 20% equity stake in their company. However, the Sharks raised concerns about the clarity of the company’s business model and revenue-generating strategies. The founders emphasized the potential for targeted advertising and branding opportunities for physicians on the platform but struggled to convince the Sharks of its feasibility.
Despite their passion and belief in their product, the Sharks ultimately felt that the business lacked a clear path to profitability. Mark Cuban expressed frustration with the presentation, criticizing the founders for not adequately explaining how they would acquire users and monetize the platform. Other Sharks echoed similar sentiments, with Kevin O’Leary noting the importance of understanding how investors would make money from the venture.
As the negotiations progressed, it became evident that the Sharks were not convinced of the company’s viability. Robert Herjavec and Lori Greiner both expressed doubts about the business plan and the founders’ ability to execute their vision successfully. Ultimately, none of the Sharks made an offer, and RoloDoc left the Tank without securing an investment. The negotiation highlighted the challenges RoloDoc faced in articulating its value proposition and convincing investors of its potential for success in the competitive healthcare technology market.
