MORE Health Files IPO Prospectus: Building a Global Virtual Hospital to Connect Patients with World-Class Medical Experts

McKinsey’s analytical report, “The Rise of China’s Middle Class and Its Impact on the Chinese and Global Economies,” points out that China’s mass middle class has reached 54% of the urban population, and the upper-middle-class segment is projected to account for 54% by 2022. As the number of upper-middle-class individuals grows, demand for overseas medical treatment continues to rise alongside increasing incidence rates of major diseases such as cancer. It is estimated that the total addressable market for patients with critical illnesses (including cancer, cardiovascular and cerebrovascular diseases, neurological disorders, and pediatric conditions) will reach as high as $22 billion.

There are only a few thousand top-tier medical experts worldwide. Their numbers are fixed, and each individual’s working hours are limited. Moreover, most of them cannot leave their posts for extended periods to provide medical services globally, and their reach is further constrained by language and cultural barriers. How, then, can we enable more people to access these leading experts and effectively benefit from their expertise?

Hope Lewis, CEO and Co-founder of MORE Health

Hope Lewis, CEO and co-founder of MORE Health (Ai Yi Chuan Di), told VCBeat (WeChat ID: vcbeat): In 2010, a close friend of his tested positive for HIV—a diagnosis that in China was tantamount to a death sentence. However, after receiving treatment in the United States, he was able to live a normal life. As is well known, U.S. medical research leads the world and adopts a more patient-centered approach to precision medicine. In the United States, AIDS has become a chronic condition, with doctors, hospitals, and society demonstrating considerable inclusivity.

Coincidentally, the child of another close friend was diagnosed with liver cancer at 18 months of age. Deemed untreatable in China, the child was successfully cured in the United States and has now grown into an adorable five-year-old girl, with tumor marker levels returning to normal.

Recalling the loss of a close friend who passed away from leukemia at the age of 18, he remained firmly convinced that patients and their families deeply desire patient-centered treatment plans tailored to their specific needs. To this end, he joined forces with two other co-founders, Hu Bo and Dr. Robert Warren, to establish MORE Health.

MORE Health is an internet healthcare services company headquartered in Silicon Valley, USA, founded in 2011. The company’s independently developed international expert consultation platform complies with the U.S. Health Insurance Portability and Accountability Act (HIPAA). Leveraging its consultation platform as a foundation and capitalizing on Silicon Valley’s innovation and high-tech advantages, MORE Health integrates premium U.S. medical resources to provide the most advanced healthcare services to users in China, the United States, and around the world.

As an internet company providing top-tier medical services, they need to engage with leading experts and the upper-middle class at the apex of the socioeconomic pyramid. Consequently, their team is by no means ordinary.

Key Members of the MORE Health Team

Hope, CEO and co-founder of MORE Health (who holds degrees from the University of Oxford, New York University, and UC Hastings College of the Law, and previously practiced as a financial lawyer), toldVCBeat (WeChat ID: vcbeat)Reporters, the management team at MORE Health comprises graduates from prestigious universities worldwide, with extensive experience in law, technology, operations, and marketing. Hu Bo, CTO and co-founder, graduated from the Special Class for the Gifted Young at the University of Science and Technology of China. Chief Medical Officer Robert Warren serves as Director of Surgical Oncology at UCSF Medical Center and has been named a “Top Doctor in America” by U.S. News & World Report. The advisory board includes leading experts across various fields, such as Barbara Ralston, Vice President of Stanford Health Care, and Robert Knowlton, Director of Epilepsy Surgery at UCSF Medical Center.

MORE Health holds a California state license for online consultation and prescription privileges. By leveraging its proprietary high-tech telemedicine platform, it integrates premium U.S. healthcare resources to deliver health services to Chinese clients. These services include international multidisciplinary expert consultations, independent second medical opinions, multi-specialist joint consultations, medical travel facilitation to the United States, and encrypted electronic medical records in both Chinese and English.

I. International Expert Joint Consultation Service Process

1. The patient or their attending physician in their home country issues a consultation appointment request, providing basic information and a brief summary of the medical condition;

2. MORE Health recommends U.S. specialists in relevant fields to patients, responds to consultation appointment requests, and confirms the appointments with patients;

3. The patient signs the documents and submits relevant medical records, which are then organized and translated by MORE Health;

4. The patient’s attending physician and the U.S. specialist shall conduct thorough discussions and joint analysis based on the patient’s individual condition via the MORE Health Physician Collaboration Platform, formulate a diagnostic and treatment plan, and issue a consultation report; where necessary, the U.S. specialist may prescribe electronic prescriptions that are legally binding under U.S. law;

5. Upon completion of the consultation, the attending physician explains the treatment plan to the patient, who then undergoes a follow-up period of one to three months, depending on the tier of product selected.

II. Independent Second Medical Opinion Service Process

1. The patient submits a request for an independent second medical opinion, providing basic information and a brief summary of their medical condition;

2. MORE Health recommends U.S. experts in relevant fields to patients, responds to and confirms with patients the appointment requests for independent second medical opinions;

3. The patient signs the documents and submits relevant medical records, which are then organized and translated by MORE Health;

4. U.S.-based experts on the MORE Health platform formulate personalized diagnostic and treatment plans based on individual patient conditions, issue independent second medical opinion reports, and, when necessary, prescribe electronic prescriptions with legal validity in the United States;

5. Service completed; patient follow-up conducted.

III. Multidisciplinary Expert Joint Consultation Service Process

1. The patient or their attending physician issues a consultation appointment form to request a multidisciplinary expert joint consultation;

2. MORE Health issues a consultation proposal to the patient, recommending chief experts relevant to the patient’s condition;

3. The patient signs the documents and submits relevant medical materials;

4. The lead expert selects multiple specialists from relevant fields based on the patient’s detailed medical records to conduct thorough discussions and collaborative analysis of the patient’s condition on the MORE Health Physician Collaboration Platform, formulate diagnostic and treatment plans, and issue a comprehensive consultation report; when necessary, U.S.-based experts may prescribe electronic prescriptions with legal validity in the United States for the patient.

5. Upon completion of the consultation and initiation of treatment, the patient may, with the assistance of MORE Health, conduct follow-up consultations with the lead specialist from the multidisciplinary team within six months after the consultation is completed.

IV. Process for Seeking Medical Treatment in the United States

1. Completed international expert joint consultation and confirmed the need for medical treatment in the United States;

2. MORE Health will arrange discussions with the patient or their family to confirm the specific schedule and arrangements for treatment in the United States;

3. Provide concierge services, including transportation, accommodation, and meal arrangements, upon the patient’s arrival in the United States;

4. Provide translation services during patient consultations with U.S. specialists;

5. Provide comprehensive medical assistance and health management services throughout the patient's treatment period;

6. The patient completed treatment and departed from the United States;

7. MORE Health assists U.S. experts in conducting follow-up visits with patients regarding their condition;

8. Dispense additional medications to patients as needed.

V. Service Process for Chinese-English Encrypted Electronic Medical Records

1. The user contacts to submit an application for establishing an electronic medical record;

2. MORE Health contacts the user to confirm the request for establishing an electronic medical record, creates an account for the user, and guides the user in providing medical documentation, including: outpatient medical records, inpatient medical records, laboratory test reports, pathology reports, genetic testing reports, treatment records, surgical or biopsy records, discharge summaries, as well as electronic or high-resolution scanned copies of pathology slides and other medical imaging data (such as X-rays, CT scans, MRI scans, PET-CT scans, bone scans, etc.).

3. Organize and translate users' electronic medical records to generate bilingual medical records that comply with U.S. hospital formatting standards;

4. Users can log in to their accounts anytime and anywhere to view their personal electronic medical records and monitor their health status in real time;

5. MORE Health securely stores and maintains user medical records. Should any new medical information arise, users may contact MORE Health at any time to update their records.

Hope Lewis stated,Currently, there are services and products with similar functionalities available in both the Chinese and U.S. markets, such as Grand Rounds and Best Doctors in the United States, whose business operations in the U.S. market are comparable toMORE HealthSimilarly, both operate in the field of corporate benefits; however, the key distinction between MORE Health and them lies in its physician collaboration platform.MORE HealthIts medical imaging module has obtained FDA clearance, and the entire platform complies with the U.S. HIPAA regulations. Additionally, MORE Health purchases comprehensive global medical malpractice insurance for all physicians conducting online consultations. Furthermore, MORE Health delivers final medical reports for international patients within five business days.

Cloud-based solutions represent a major future trend, and given the unique nature of the healthcare industry, security is receiving increasing attention. This aligns perfectly with MORE Health’s development goals. Currently, MORE Health’s physician collaboration platform is cloud-native and integrates modules such as multi-party video conferencing, medical information sharing, case analysis, and cloud-based radiotherapy planning (under development), significantly enhancing the platform’s usability and comprehensiveness. To ensure security, all data servers and server communications adhere to the highest-level standards. The entire system employs a cloud-based distributed architecture, allowing users to access MORE Health’s system via internet connection without needing to download any software.

Since raw image data typically ranges from hundreds of megabytes to over one gigabyte, the technical team developed a new data format and proprietary algorithms to enable physicians to view images without latency. This technology has now been submitted for patent application.

Moreover, MORE Health holds a distinct advantage over other U.S. medical platforms and domestic Chinese internet healthcare providers: its superior medical resources. All collaborating physicians are ranked within the top 1% in their respective specialties. Since its inception, MORE Health has adhered to the principle of partnering with elite physicians, and currently, its contracted collaborators includeOver 400Physicians are specialists in their respective fields. This advantage is unmatched by some domestic companies engaged in overseas medical services. For U.S. physicians to collaborate with foreign companies, the latter must first be properly qualified, comply with U.S. laws, and carry medical malpractice insurance covering international consultations. Only under these conditions will U.S. physicians feel confident providing services on such platforms. This requirement creates a certain barrier for Chinese companies seeking to enter the U.S. healthcare market.

MORE Health’s platform is multilingual, allowing users to switch languages with a single click; Chinese-language services have already been launched. Hope told VCBeat that they are currently developing Spanish and Arabic language services, with plans to add more languages in the future. Their ultimate goal is to establish a global virtual hospital.

Currently, MORE Health provides services to patients in China across five specialties: oncology, cardiology, neurology, pediatrics, and obstetrics and gynecology. The U.S.-based specialists collaborating with MORE Health are affiliated with top-tier American medical schools and hospitals, including renowned institutions such as The University of Texas MD Anderson Cancer Center, Memorial Sloan Kettering Cancer Center, Johns Hopkins Hospital, Stanford Health Care, UCSF Medical Center, and the Mayo Clinic.

Currently, MORE Health primarily collaborates with hospitals/physicians, as well as healthcare companies, medical device manufacturers, and pharmaceutical companies. In addition to its paid services, MORE Health has partnered with insurance providers to launch an insurance division, having already signed a cooperation agreement with Ping An Health. Furthermore, MORE Health offers employee benefit plans, working with insurance brokers across North America and other U.S. states to provide health-related employee benefits.

In light of the differing healthcare environments in the two countries, MORE Health adopts a B2B model in the United States and a B2B2C model in China. Looking ahead, MORE Health looks forward to collaborating with more medical institutions in China and companies also engaged in internet-based healthcare, leveraging their respective strengths.