Entrepreneur Spotlight: MedSure Systems [originally published by The Rockwall Times]

Starting a business is never easy, and MedSure Systems faced its share of challenges. The two biggest hurdles were raising capital and identifying who would be willing to pay for their innovative product. The pandemic made fundraising even more difficult, as in-person meetings were replaced by virtual ones, making it harder to build the trust needed to secure investments. Monger turned to friends and family, ultimately assembling a small group of core investors who believed in his vision.

Another significant challenge was the lack of Medicare reimbursement for medication management services before 2023. To address this, MedSure Systems developed a go-to-market strategy focused on convincing payers and value-based care entities of the product’s value. Simultaneously, they launched a campaign to persuade the Centers for Medicare & Medicaid Services (CMS) to reimburse for these services. After 2.5 years of persistence and finding the right consultant, their efforts paid off. As of January 1, 2023, Medicare now reimburses MedSure’s medication management services.

The Evolution of MedSure Systems

MedSure Systems has evolved significantly since its inception, with three key products marking their journey:

Smart Lockbox: The company’s first product was a smart lockbox designed to store prescription medications securely. This initial product was a technology demonstrator, allowing the team to refine their design, optimize production, and develop the necessary cloud services to control the lockbox via an app.

Secure Opioid Dispenser: Building on their success with the lockbox, MedSure Systems developed a secure opioid dispenser connected to the cloud and equipped with a biometric sensor. This device dispenses controlled substances in a strip-packaged format, adding a layer of security and control.

Strip-Packaged Medication Management System: The company’s flagship product is a comprehensive medication management system designed for vitamins, supplements, and prescription medications. This system integrates both digital and human interventions to ensure patients adhere to their medication regimens.

A Unique Value Proposition

What sets MedSure Systems apart from competitors is its holistic approach to medication management. By networking with patients, doctors, pharmacies, caregivers, and relational care experts from MedSure Systems, the company offers unparalleled value and convenience to every stakeholder in the medication ecosystem. Their innovative system combines complementary digital and human interventions to achieve medication adherence rates exceeding 90%. The results speak for themselves:

• Better Patient Outcomes: Patients can remain independent longer, aging in place with peace of mind.
• More Efficient Medical Practices: MedSure Systems reduces unbillable hours associated with medication management, allowing practices to operate more efficiently.
• New Revenue Streams for Physicians: With Medicare reimbursement, practices can generate significant additional revenue—up to $40,000 per month for 1,000 patients enrolled in the program.
• Simplified Caregiving: Caregivers benefit from the app, which provides real-time updates on their loved ones’ medication adherence. The monthly delivery of strip-packaged medications, including vitamins and other necessary items, further simplifies caregiving.
• Cost Savings for Payers: By reducing hospitalizations and emergency room visits, MedSure Systems lowers overall healthcare costs.

A Milestone Achievement

MedSure Systems recently completed a 12-month evaluation with a group of patients from a large practice in North Dallas. The results were nothing short of impressive: 99.9% medication adherence month over month, full Medicare and Medicare Advantage reimbursement, and the company’s first revenue. These successes have paved the way for a broader rollout to all Medicare-eligible patients in the practice, marking a significant milestone in MedSure’s journey.

Looking Ahead

As MedSure Systems looks to the future, the company has ambitious goals. They aim to enroll over 1,000 patients in their program by the end of the year and are in the process of closing a $5 million funding round to scale production, expand sales, and market their products across Texas, Alabama, Oklahoma, and Nevada.

Innovation and Resilience

Monger’s approach to business is deeply rooted in innovation and resilience. He draws from 35 years of experience in aerospace, where he learned the value of agility and the importance of learning from failures. His advice to aspiring entrepreneurs is straightforward: conduct a thorough product-market fit analysis, surround yourself with a great team, and never underestimate the power of networking.

A Personal Journey

Monger’s journey as an entrepreneur is shaped by his personal experiences, values instilled by his family and a lifelong passion for creating products that make a difference. His dedication to his mission is unwavering, and he attributes much of his success to the support of his wife, Eva, and the motivation he finds in his faith and the talented team at MedSure Systems.

MedSure Systems is not just about creating innovative technology—it’s about making a meaningful impact on people’s lives. With their unique blend of smart technology, human factors, and relational care, MedSure Systems is leading the charge in transforming the future of healthcare.

4424 State Hwy 276,
Rockwall, TX 75032

phone: (800) 239-0847
email: info@MedSureSystems.com

web: https://medsuresystems.com/